Matthew Flamm of Crain’s New York writes about business news website Quartz, which has turned a profit after four years of operation.
Flamm writes, “Four and a half years later, the upstart has done something even more impressive for a publication financed entirely by digital advertising: It turned a profit.
“In 2016 qz.com earned more than $1 million from revenue topping $30 million, a 60% spike over the previous year, Crain’s has learned from a person familiar with the company’s finances.
“Quartz is projecting ‘significantly greater revenue and profits’ for this year, a company executive said, and plans to invest in further growth by adding 50 employees at its Chelsea headquarters, bringing its New York head count to around 180. The company is also looking to create new editorial products, like the interactive app it launched last year; get deeper into coverage of artificial intelligence; and expand its sales and creative services departments. An additional 18 staffers outside New York will bring the companywide staff to about 270.
“It’s a rare thing for media companies to make money primarily from digital advertising, which is one reason The Economist and the Financial Times have focused so heavily on building online subscription revenue.”
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