Meredith CEO Says Revenue Now Only Half Ad-Based
It’s been a year since Meredith Corp. acquired Time Inc. and while the latter no longer exists, the former is pleased with how things have turned out.
In a memo to staff, Tom Harty, who has also been chief executive officer for about a year, boasted that Meredith’s much expanded portfolio now counts roughly 45 million subscriptions and drives around $500 million in annual retail sales for advertisers through affiliate marketing and e-commerce deals, as well as through Meredith’s own brand licensing efforts.
Consumer-driven revenue and e-commerce now apparently account for half of Meredith’s business, as Harty noted advertising generates “approximately half” of Meredith’s annual revenue. Many other publishers, legacy and digital alike, are still working to cut ad-dependent revenue down from the current range of 60 percent to 70 percent, if not more.