Hollywood Newsletter "The Ankler" reaches $10Million in Ad Revenue
Hollywood news outlet Ankler Media is expecting to hit annual revenue of $10m next year.
The Ankler – the newsletter written since 2017 by Rushfield and around which Ankler Media has grown – has been on Substack since 2019. Ankler received an investment from Substack to remain on the platform when it launched at the start of 2022.
Min transformed The Ankler from a solo newsletter into a multi-faceted media business that now includes multiple newsletters and podcasts. By utilizing Substack, Min enabled The Ankler to launch quickly without the burdens of traditional media infrastructure. It has grown ad revenue by 500% year-on-year, Min wouldn’t share more specifics, but as a young company that’s likely from a low base.
Min said that revenue for 2024, as of 12 February, was “well into the seven figures” and up 75% on the same period last year.
How does Min plan on Sustaining Ad revenue?
Janice Min's leadership has been pivotal to The Ankler's success.
Building an audience-first subs business is “hand-to-hand combat every day”
"When I started looking at the subscriber numbers and who was subscribing, I was like ‘Oh my God, this is hand-to-hand combat every day."
Min emphasized the importance of cultivating a dedicated subscriber base rather than simply chasing large numbers. This focus on quality over quantity has attracted high-profile subscribers, including C-suite executives in Hollywood, thereby enhancing the publication's appeal to advertisers.
Recognizing that relying solely on Richard Rushfield, the original creator, was not sustainable, Min brought in new voices and writers.
Becoming an essential read takes relentless discipline
"There’s a word that people use a lot in pitching television right now: are you undeniable? For the Ankler, we think about how we are undeniable and is this something [readers] need. And if they don’t need this, then they’re not really working in the industry."
The Ankler's approach to content creation and audience engagement is to make "undeniable" content. Min critiques other outlets for becoming sidetracked by personal interests or "passion projects" rather than focusing on what is truly needed in the industry.
How The Ankler can stay in its pirate ship phase
"It’s really about leadership. I read almost everything that goes out still so we can say when [writers] need to push harder. We’re always encouraging people to say it like it is".
Min notes that advertisers are increasingly valuing the ability to reach a highly engaged and relevant audience over sheer size.
It benefits The Ankler that Penske owns so many titles
She states,
"This year was an inflection point where advertisers realized that they would rather reach 100,000 amazing people than spray it out to the universe"
With Penske owning numerous publications like The Hollywood, Reporter and Variety, there is a saturation of similar content across these platforms. Min argues that this creates an opportunity for The Ankler to stand out by offering distinct and insightful commentary that resonates with its audience, thereby attracting advertisers who want to be associated with original and impactful content.
People can tell when publishers are thirsty
"When media companies begin to feel thirsty, you can feel it and it’s just too sweaty. We’re doing what makes sense for us. If we try to be all things to all people, then are we diluting what makes it work as a B2B business."
Instead of aggressively chasing after subscribers and advertisers, Min suggests for a more measured approach that focuses on building genuine relationships and delivering quality content. She emphasizes that this desperation can undermine their credibility and effectiveness in the media landscape.
Final Thoughts:
The Ankler's projected revenue growth to $10 million reflects its successful business model centered around targeted advertising and a committed subscriber base.
