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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

Updated 29 mins ago - World

Death toll mounts as fighting between Israel and Hamas intensifies

Palestinian Muslims exchange wishes for Eid al-Fitr, marking the end of the fasting month of Ramadan, near a razed building in the northern Gaza Strip town of Beit Lahia, on May 13. Photo: Majdi Fathi/NurPhoto via Getty Images

At least 109 Palestinians and seven people in Israel have been killed since recent fighting between Israel's military and Hamas began Monday.

The big picture: Israel began massing troops on its border with Gaza on Thursday, launching attacks from the air and ground as Hamas continued to fire rockets into Israel.

By the numbers: Where the earmarks are wanted

Expand chart
Data: House Committee on Appropriations; Chart: Danielle Alberti/Axios

The Dallas-Fort Worth area is being targeted for the largest collective earmark request in the country, according to a detailed breakdown of overall requests released by the House Appropriations Committee.

Why it matters: House appropriators are trying to balance bipartisan momentum for infrastructure investment with "pork-barrel" spending's checkered political history. The data dump is an effort to provide transparency for what are now termed "community project funding" requests.

Democrats open to user fees for infrastructure deal

President Biden sits Thursday with Sen. Shelley Moore Capito (R-W.Va.) as they discuss his $2.3 trillion infrastructure proposal. Photo: T.J. Kirkpatrick/The New York Times/Bloomberg via Getty Images

Some Senate Democrats are open to paying for a compromise infrastructure package by imposing user fees, including increasing the gas tax and raising money from electric car drivers through a vehicle-miles-traveled charge.

Why it matters: By inching toward the Republican position on pay-fors, some Democrats are bucking President Biden's push to offset his proposed $2.3 trillion plan by focusing only on raising taxes on corporations and the wealthy.