Execs said the company made $100 million-plus in 2018 and could double that if their plan to diversify away from advertising works.
Refinery29 has been through two rounds of layoffs and faces a tough ad market, but it has a plan to get profitable by 2020.It's also expanding its events and readership footprint outside the US.Visit BusinessInsider.com for more stories.
But two of Refinery29's cofounders and its co-CEOs, Philippe von Borries and Justin Stefano, aim to get the company into the black by 2020 by balancing advertising, now 70% of the business, with other sources of revenue. Refinery also has a lot of competition as other digital publishers like Vox Media and BuzzFeed are in the same boat, trying to sell long-form video to TV and streaming companies.
The execs at Refinery29 acknowledge this won't be easy. Having only shifted from social video last year, Refinery29 has only just started to establish itself as a high-quality video producer. This year, Refinery29 expects half of the original video it makes to be sold versus licensed, Stefano said. It's already sold"Strangers," a half-hour coming of age dramedy, and late-night talk show,"After After Party" to Facebook Watch. It sold a film out of its women-directed, short film series, Shatterbox, to TNT in 2018, and is developing three feature-length films from Shatterbox.Refinery29 is also expanding internationally with a French edition coming this month. Already, 38% of its site's audience — and less of its revenue, 20% — comes from outside the US.
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