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Illustration: Eniola Odetunde/Axios

Crypto giant Coinbase is launching its own media operation and looking to poach a top media editor to guide the effort, sources tell Axios.

  • Unlike a typical newsroom, that person would report into Coinbase's marketing team.

Why it matters: While sources say the media operation would act as a top-of-the-funnel marketing vehicle to draw more people to its cyptocurrency exchange, it also could be used to help the company drive its own narratives.

  • Silicon Valley giants, like a16z, have notably begun to develop their own content channels to bolster their investments and own their own narrative.

Between the lines: The idea, still in its early stages, is to hire an in-house team of roughly 30 to run a cross-platform media operation.

  • The operation would be led by a VP Content & Editorial, which the company is still searching for, according to two sources.
  • The idea would be to create content catering to both retail and institutional investors as a funnel to draw more people to its platform.
  • Coinbase declined request for comment.

The big picture: Crypto-focused media companies have gained enormous traction over the past year.

  • Rivals like CoinDesk, The Block, Decrypt, and Blockworks have hired journalists from top-tier outlets. Most of those crypto media companies launched two to three years ago, and are just now starting to get serious traction.
  • Blockworks anticipates $8 to 10 million in revenue this year, while being profitable, executives tell Axios.

The big picture: More broadly, many product-based companies, from casino operators to marketing software companies, are investing in building or acquiring media outlets to help boost sales and transactions.

  • For Coinbase, financing such an operation shouldn't be hard. The crypto giant reported a record profit last quarter, after going public in April.

Go deeper: Crypto media boom

Go deeper

May 18, 2021 - Economy & Business

Big media to get a lot bigger

Data: Yahoo Finance; Chart: Andrew Witherspoon/Axios

The megamerger of Discovery and AT&T media assets is likely to trigger a chain reaction of other media giants forming ever bigger combinations.

Why it matters: There was a time when most Americans got their news and entertainment from three broadcast networks, a handful of Hollywood studios and their local paper. Today, Americans get content from hundreds of different sources, but they're increasingly being gobbled up by the same owners.

May 16, 2021 - Economy & Business

AT&T in talks with Discovery to combine media assets

Illustration: Annelise Capossela/Axios

AT&T is in talks with media giant Discovery about merging its media assets, like CNN, TBS and TNT, according to two sources familiar with the discussions.

Why it matters: A potential merger could allow AT&T and Discovery to better compete with entertainment giants like Disney and Netflix in the video streaming wars.

Israeli-Palestinian fight spills over into social media

Credit: Data: Zignal Labs; Chart: Axios Visuals

As outrage about the conflict in Gaza and misinformation about clashes between Palestinians and Israelis snowball online, social media companies face yet another test of their capacity to manage their platforms.

Why it matters: Tensions between Israelis and Palestinians haven't been this high since the last round of combat in Gaza in 2014, and social media has become a much larger part of our everyday lives and media diets since then.

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