Fortune magazine lost $10 million in 2020, primarily due to the effects of the pandemic, writes Steven Perlberg of Business Insider.
Perlberg writes, “In October, the magazine also launched Fortune Connect, a community for mid-career professionals offering weekly programming.
“An annual membership costs $2,500, and Murray said the new venture has brought in about $5 million in revenue. (Fortune last year hired the MediaLink consultancy to help fine tune its digital strategy).
“Now publishing six print issues a year, Fortune currently has about 30,000 paying digital subscribers, Murray said. The paywall — which costs $6 a month or $9 a month for the premium tier — underperformed internal targets, according to one source with direct knowledge. Murray would not say what that target was, but this year, he said Fortune will aim to double its digital subscriber count, increase its audience by 50%, and reach profitability.
“Murray said he is confident about Fortune’s future. The company is hiring again after seeing ‘the light at the end of the tunnel,’ Leaf said.”
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