Four years after launch, Semafor is betting that gathering CEOs in person can help sustain its news business. Cofounders Justin Smith and Ben Smith said the company expects its second profitable year, fueled by what they described as a growing "convenings" business, according to Nieman Lab.
The news startup reported its first profitable year last year on $40 million in revenue. Now it is looking to repeat that performance with an expanded roster of events aimed at top executives, an area that has become increasingly important for media organizations seeking revenue beyond subscriptions and advertising.
The announcement highlights how digital-native outlets are turning to live, high-end gatherings as a reliable income stream. Whether that model holds up over time remains unclear, but for Semafor, at least, convenings are now central to its financial outlook.