Edward Felsenthal sent the following note to TIME staff on Tuesday:
Team TIME,
From the beginnings of our new company, we’ve focused on the incredible opportunity before us to combine the power of a great legacy institution with the entrepreneurial culture of a start-up. In our first years since leaving Meredith, we’ve seized that opportunity, launching powerful new products and accelerating our transformation while increasing the impact and relevance of our world-class content.
In 2021, TIME’s revenue increased nearly 30%, our highest year-over-year growth in well over a decade, reversing years of revenue declines under previous ownership. I hope you all take pride in this accomplishment. While there is much more to do as we build our business for the long term, the past year is testament to the hard work and creativity of this team and to our owners’ commitment and investment in our mission and our future.
Our growth in 2021 came from a combination of new ventures and continued prioritization of our digital future.
- TIME Studios, which barely existed two years ago, has become our fastest-growing business and today accounts for more than 25% of our revenue. We expect its share of our revenue to grow this year.
- Digital subscriptions, launched less than a year ago, are showing increasingly rapid growth with more than 120,000 people now paying for unlimited access to Time.com, via digital and digitally-activated bundled subscriptions.
- Digital advertising is gaining momentum with a record-breaking fourth quarter and the biggest month in our history as an independent company in December. It was also a year of growth for us outside the U.S., with 200% year-over-year growth in some regions, a long-held objective that reflects the immense power of our brand globally.
- Red Border Studios launched in 2021 and became a force in branded content with industry-leading programs including Audi, LEGO, Ally and White Castle and gross revenue more than doubled to $7M.
- web3 and NFTs have emerged as exciting new businesses from our initial foray into the space in March 2021, building a new creative community and establishing TIME as a first mover and innovator in the next phase of the Internet. Within a few months, we’ve grown our community to include well over 10,000 artists, collectors and enthusiasts and had over 4,500 TIMEPiece holders connect their digital wallets to Time.com for frictionless access to the site.
To lean into our recent successes and biggest opportunities going forward, today we are announcing new roles and areas of focus for four of our senior executives.
Ian Orefice will become President & Chief Operating Officer for TIME and TIME Studios, responsible for TIME’s business operations and revenue streams across the company, including consumer, advertising and Studios. Ian is a true entrepreneur whose creativity and vision have helped build Studios, along with our remarkable team, to more than $70 million in revenue in just two years. We see significant opportunity not only in continuing that phenomenal growth, but in leveraging Studios opportunities to help fuel TIME’s overall growth.
TIME President Keith Grossman, will shift his focus, after a transitional period, to continuing our organization's growth within the web3 ecosystem. Keith has become a global leader in this rapidly evolving space. In the past nine months, our organization has done in excess of eight-figures of revenue and we are excited to invest in the growth of TIMEPieces, NFTs, Studios partnerships with NFT creator IP and other areas within web3. Keith's vision, passion and entrepreneurial talents have positioned us to lead the web3 evolution and create transformative opportunities for TIME.
Maya Draisin will become TIME's Chief Brand Officer, expanding her current role to bring together all of TIME’s worldwide marketing efforts including brand, advertising, consumer and communications. She will continue to oversee the business divisions for TIME subscriptions (print & digital), retail, licensing / accolades, and TIME for Kids, as well as marketing and community for TIMEPieces / web3. Now in addition, she will bring her 17 years of integrated marketing experience to support Radhika Prakash and her team in building on their success in creating exciting opportunities for advertisers. Maya is a collaborative force who has always been at the forefront of innovation as the co-founder of the Webby's, head of marketing for major Conde Nast brands, and now at TIME, where she also serves as Executive Sponsor of our Women@TIME ERG.
Bharat Krish will become President, TIME Digital, responsible for full oversight of our digital business which is crucial to our future success. He and his team will manage the Digital P&L, focusing on accelerating the evolution and growth of our digital products including TIME.com, Video, Newsletters, Digital Advertising, Digital Subscriptions, and TIMEPieces, NFTs and innovation in the web3 space. He will continue to lead the product, software, data, digital revenue ops and infrastructure teams that are crucial in powering our digital transformation. Prior to TIME, Bharat led successful digital transformations at world-class companies and built innovative tech startups in the AI and Video space. He has been a champion of equality and inclusion throughout his career and at TIME, and currently serves as Executive Sponsor of our B.E.A.T. ERG.
These changes will enable all of us to more effectively “put our wood behind one arrow,” leverage opportunities across departments, increase collaboration and move faster. We’ll continue to tell the story of the people shaping and improving the world, with big ideas and deep focus on topics from Leadership and Climate to Innovation and Equality. Our success will continue to depend on the leadership of many individuals across our teams, as demonstrated in 2021.
As we turn to this next chapter of TIME’s evolution, we believe these changes will allow us to move quickly and powerfully ensuring the next 100 years are as bright and as impactful as the first.
Best,
Edward
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