Business news newsletter publisher Industry Dive is on pace to generate between $105 and $110 million in revenue this year, reports Mark Stenberg of Adweek.
Stenberg writes, “The publisher has a network of 53 business-centric newsletters serving 22 different industries. They reach 2.5 million free subscribers through its mix of 25 daily and 28 weekly email products, and the average open rate across the portfolio is 30%, according to chief executive officer Sean Griffey. The average open rate for newsletters in media and publishing is 22%, according to Mailchimp.
“The publisher, which turned 10 years old in January, launched in 2012 and has been profitable since 2014. Since 2019, revenue has risen from $29 million to $60 million to $85 million, Griffey said. Last year, it recorded a 30% profit margin before adjusting for income tax, depreciation, depletion and amortization.
“‘For us, the strategy was to find valuable people and aggregate them,’ Griffey said. ‘Even though they’re going to be smaller audiences, they will be valuable, and to achieve scale we just had to do that multiple times.'”
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