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Digiday

Digiday Media, the eleven-year old digital media trade publication, is adding a third brand called "Modern Retail," which will exist across all revenue streams, including advertising, events, newsletters, digital and subscriptions.

Why it matters: Digiday Media is good example of how a digital media company can scale while remaining niche. "You can be small but be big by staying focused," says founder and CEO Nick Friese. "We've been a profitable media company over the last seven years," says Friese.

The big picture: Modern Retail becomes the third major franchise within the Digiday Media family. It follows the 2016 launch of Glossy, a fashion and beauty media brand that focuses on the intersection of technology and fashion and luxury brands.

  • The company currently operates in the U.S. and the U.K., and has a content partnership with a Japanese news company that supports Digday's Japanese-language site.
  • The flagship Digiday brand focuses on digital media, advertising and publishing. Glossy covers on beauty and fashion. Modern retail will cover the intersection of commerce, social media and digital.
  • The company also has a content studio/agency that creates videos, papers, ebooks, podcasts, etc. called "Custom" and a high-level events business called "Gather."

Details: The new franchise will be lead by Hilary Milnes, who helped lead Glossy and has been leading Digiday's retail coverage for nearly a year. She will be joined by Digiday retail reporter Anna Hensel, and plans to hire more reporters as the vertical grows.

  • Modern Retail, like Digiday and Glossy, will focus on helping people working in and alongside a particular industry — in this case retail— to provide need to know to do their jobs and stay on the cutting edge of the industry’s ongoing overhaul, according to Milnes.
  • From the start it will feature a daily newsletter, as well as two industry summits and a full-day event, as well as digital coverage. Executives plan to build a subscription product around Modern Retail soon.

Between the lines: "A lot of dynamics we're seeing in modern retail are similar to those that we saw in the early days of digital publishing," says Digiday Editor in Chief Brian Morrissey.

  • "You have legacy players retooling their business because of digital. Then you have venture capital-backed newcomers, as well as these giant platforms that are completely wrecking business models. It's a new area but we’ve seen this movie before."

Be smart: Digiday Media is a rarity in today's rocky digital media climate. The company was initially self-funded, and hasn't raised any venture capital money. As a result, it's been able to grow strategically at its own pace.

By the numbers: According to Friese, all five of Digiday Media's business units (advertising, subscriptions, events, awards, custom content) are 7 to 8 figures in revenue.

  • The company's subscription business is expected to reach over $2 million projected for 2019 after launching roughly a year ago.
  • "Subscriptions is our highest growth area," says Friese. "Within twelve months, we've built a seven-figure subscription business."
  • Friese says that Digiday's goal is to reach 100,000 paying subscribers that will pay between $395 to $595 annually to regularly read content.

Editor's note: This piece was corrected to show Digiday's goal is to reach 100,000 subscribers who will pay $395 to $595 per year (not $3.95 to $5.95 monthly).

Go deeper

3 mins ago - Politics & Policy

Scoop: Anthony Coley to lead Justice Department public affairs

The U.S. Department of Justice building in Washington, D.C. Photo: Xinhua/Ting Shen via Getty Images

Judge Merrick Garland, President Biden’s nominee for attorney general, has tapped Anthony Coley, an Obama-era Treasury Department official, to serve as a senior adviser and lead public affairs at the Department of Justice, according to people familiar with the matter.

Why it matters: As the public face of the DOJ, Coley will help explain — and defend — the department's actions, from sensitive cases to prosecutorial decisions, including the investigation into Hunter Biden.

AP: Justice Dept. rescinds "zero tolerance" policy

A young girl waves to onlookers through the fence at the US-Mexico border wall at Friendship Park in San Ysidro, California in Nov. 2018. Photo: Sandy Huffaker/AFP via Getty Images

President Biden's acting Attorney General Monty Wilkinson issued a memo on Tuesday to revoke the Trump administration's "zero tolerance" immigration policy, which separated thousands of migrant children from their families at the U.S.-Mexico border, AP first reported.

Driving the news: A recent report by Justice Department Inspector General Michael Horowitz emphasized the internal chaos at the agency over the implementation of the policy, which resulted in 545 parents separated from their children as of October 2020.

Biden picks up his pen to change the tone on racial equity

Vice President Harris looks on as President Biden signs executive orders related to his racial equity agenda. Photo: Doug Mills-Pool/Getty Images

President Biden is making a down payment on racial equity in a series of executive orders dealing with everything from private prisons to housing discrimination, treatment of Asian Americans and relations with indigenous tribes.

The big picture: Police reform and voting rights legislation will take time to pass in Congress. But with the stroke of his pen, one week into the job, Biden is taking steps within his power as he seeks to change the tone on racial justice from the Trump administration.