Refocusing the Refinery29 business
Refinery29 generates revenue through three primary businesses: its research and consultancy arm, R29 Intelligence; its R29 Content Studio; and its creator network, the R29 Talent Cooperative.
In 2023, the publisher brought in around $30 million, down from $50 million in 2022, according to The Wall Street Journal. It has a staff of roughly 100 full-time employees.
Its media business is centered primarily on direct-sold advertising and sponsorship, which is partially why the company plans to focus on expanding its events slate. The revenue it generates from programmatic advertising is “almost a rounding error,” according to Haik.
Beautycon, which takes place in November in Los Angeles, returned last year for the first time since 2019. Going forward, the publisher is looking to increase its frequency—the event will make its New York debut in the first half of next year—and potentially explore new cities, such as London, according to Haik. Refinery29 is also bringing back 29 Rooms, its marquee event, which will return in September 2025.
In addition to this focus on experiential, the publisher is also looking to produce more video, a channel for which advertising demand has remained strong. In particular, it will look to build out video offerings around its franchises, such as Money Diaries, Unbothered, Somos and Not Your Token Asian.
Coupled with this push into video, Refinery29 is hiring editors to expand its coverage of women’s sports and current affairs. The former has seen a surge in interest in recent months and will benefit from the attention generated by the upcoming Paris Olympics, while the latter will focus on topics like reproductive rights ahead of the presidential election.
Sundial Media Group is also looking to expand, both through internal investment and acquisition. Prime targets for acquisition will be those with strong convening power, according to Sundial CEO Kirk McDonald, who joined in April from GroupM.
Such titles will strengthen the Sundial commercial thesis, which aims to use editorial to build brand affinity and then drive consumers toward events that offer blockbuster sponsorship opportunities.
“We are looking for brands with strong intellectual property, whose draw is so powerful that they cause people to come together physically,” McDonald said. “You tie that to our ability to create online inventory, and you can offer a holistic integrated opportunity to marketers.”
