Twitter Files to Raise $1 Billion, Company Not Profitable, Will Trade Under TWTR (GigaOM)
Twitter had revenue of $253 million in the first six months of 2013 but it was not profitable, according to its S-1 prospectus, which was made public late Thursday. The company filed the official IPO documents several weeks ago under the new JOBS Act, which allows companies with a market value of less than $1 billion to keep their filing hidden from public view for at least three weeks. The company said it plans to raise a maximum of $1 billion in the offering. NYT / Bits The company’s revenue, according to its newly filed prospectus, jumped to $317 million in 2012, almost triple its 2011 revenue of $106 million and more than 11 times its 2010 revenue of $28 million. Twitter narrowed its loss to $79 million last year, from $128 million in 2011. In 2010 it lost $67 million. About 85 percent of the company’s revenue comes from advertising, with the remainder coming from data licensing. AllThingsD Its symbol will be TWTR, but Twitter did not say where its stock would be traded. BuzzFeed / FWD Based on figures from the S-1, we calculated Twitter’s revenue per employee to see how the fledgling company compares with its peers. As it stands, it’s got a long way to go. Twitter makes less than $160K per employee. By comparison, Google makes more than $1 million. Twitter’s average revenue per employee is also less than Facebook, Yahoo!, and Zynga. TechCrunch Twitter lists a number of risk factors in the filing, noting that the business could be harmed if “influential users, such as world leaders, government officials, celebrities, athletes, journalists, sports teams, media outlets and brands or certain age demographics” conclude that an alternative product or service is more relevant; it is unable to convince potential new users of the value and usefulness of its products and services; or it is unable to combat spam or other hostile or inappropriate usage on the platform. AllThingsD Twitter has a growth problem. The company reported more than 215 million monthly active users in its S-1 Filing on Thursday. At the bare minimum, that means that as of June 30, the company has added on average only 15 million monthly active users since the company hit more than 200 million late last year. GalleyCat In the IPO, the company counted “one million third-party” websites that share tweets (including our GalleyCat feed in the lower right hand corner).
Kentucky Station Catches Republican Senators Huddling Over Shutdown Spin (TVSpy)
Paducah, KY NBC affiliate WPSD caught a glimpse of two leading Republicans talking about how they were going to talk about the shutdown. WPSD news director Bill Evans told TVSpy the station had asked for an interview with Kentucky Senator Mitch McConnell. When he showed up in the right spot, “An NBC producer/camera team hooked the Senator up and the producer asked questions while we recorded the answers here in Paducah.” While he was hanging out after the interview and WPSD was still recording Rand Paul, the junior Senator from Kentucky, approached the Republican Minority Leader and asked, “You got a second?” Politico After a CNN news hit, Paul came over to a “wired up” McConnell, who was sitting in front of a camera for his own interview. During the brief exchange, Paul suggested that Republicans would sound more reasonable if they struck a conciliatory tone on government funding than Democrats, who maintain that they won’t alter Obamacare as a condition of reopening the government. Gawker “I just did CNN,” Paul said. “I just said over and over again, ‘We’re willing to compromise. We’re willing to negotiate.’ I don’t think [Democrats] poll tested ‘We won’t negotiate.’ I think it’s awful for [Democrats] to say that over and over again.” “Yeah, I do too,” McConnell said. “I just came back from that two-hour meeting with them and that, and that was basically the same view privately as it was publicly.”
Bill Eppridge, Iconic New Milford Photographer, Dead at 75 (The News-Times)
Bill Eppridge’s shocking 1968 photo of a dying Robert F. Kennedy for Life magazine became an enduring image of the 1960s. The violence and heroism of Vietnam; Latin American revolutions; the aftermath of murder during the Civil Rights movement; frolicking in the mud at Woodstock; the mop-topped Beatles; even New York drug abusers were subjects for his prolific work. But it was Eppridge’s charming personality and tenacious professionalism that won him access behind the scenes, from inside Kennedy’s ill-fated presidential campaign to the Beatles’ antic residency at New York’s Plaza Hotel. NPR / The Picture Show The night of RFK’s assassination, Eppridge covered Kennedy’s speech to a packed ballroom, then followed him back to the hotel kitchen, where he was shot in a nearby passageway by 24-year-old Palestinian Sirhan Sirhan. Eppridge’s photo of Kennedy on the floor being held by busboy Juan Romero is a stark, haunting image, where the senator is seen illuminated by a halo of light. NYT / Lens After his tenure at Life ended in 1972, he became a staff photographer for Sports Illustrated. Eppridge had a lifelong love affair with photography and never retired, his wife, Adrienne Aurichio, said Thursday in a phone conversation.
Bleacher Report CEO Departing (Adweek)
Brian Grey, CEO of Bleacher Report, the highly trafficked sports blog network that Turner bought a year ago, is leaving the company, Turner Sports EVP/COO Lenny Daniels said in a memo to staff Thursday. “As we began planning for 2014 and beyond, Matt Hong and I spent a considerable amount of time with Brian Grey discussing the future structure of Bleacher Report,” Daniels said in the memo.
FX Sued Over FXX Logo by Exxon (TheWrap)
ExxonMobil isn’t laughing over FX’s new comedy-centric offshoot network FXX. Or at least it doesn’t find the network’s logo very humorous. The oil giant has slapped FX Networks with a lawsuit seeking to block the use of the network’s logo, claiming that the brand infringes on Exxon’s own logo because it uses two interlocking X’s, according to court documents obtained by TheWrap. PRNewser We really hope the company’s reputation management experts warned them not to do this, but past evidence implies that they never listen to anyone else’s advice, so why bother paying for it in the first place?
An Unacceptable Headline Atop A Questionable Article (NYT / Public Editor’s Journal)
It’s hard to know where to start with the lead article in Monday’s Times. In it, anonymous government sources — described in the vaguest possible way (for example, “one United States official”) — are unquestioningly allowed to play their favorite press-bashing hand, featuring the national security card. In so doing, they seem to take a swipe at a news organization that competes with the Times. Politico / Dylan Byers on Media New York Times public editor Margaret Sullivan blasted the paper for publishing an article that more or less pointed the finger at McClatchy for publishing leaked information that anonymous officials said did more harm than the Edward Snowden leaks. HuffPost / The Backstory The journalists questioning the article — who were not permitted to speak on behalf of their employers — suggested to HuffPost that the Times didn’t put McClatchy’s reporting in context, considering it came days after the embassies were shut down and amid several leaks from U.S. officials talking up a possible terrorist attack.
‘Should BuzzFeed And Business Insider Merge?’ (Business Insider / Henry Blodget)
Someone asked me a question on Quora: “Should BuzzFeed and Business Insider merge?” I can’t remember my Quora password, so I figured I would just answer the question here. My answer is “no.” Or at least, “Not yet.” This is not because I am not impressed with BuzzFeed — I am. BuzzFeed is a colossally successful publication. It’s generating about $50 million in annual revenue, is profitable, and is already read by more people than The New York Times. BuzzFeed’s critics, meanwhile, still misunderstand the power of the company’s innovative native digital strategy, which is to fund top-quality journalism and news in part with the production of highly commercial content with broad appeal (e.g., “cat pictures”).
Bit.ly Media Map Shows The Most Shared News in Each State (Mashable)
Ever wonder what stories or news outlets are being shared most by people in your state? Bit.ly has you covered. The popular URL shortening service unveiled a fascinating feature on Thursday called the Media Map, which ranks the most popular news sources in each state and displays real-time shares from those publications on the map.
‘A Sad And Difficult Time’ for Stars And Stripes (JimRomenesko.com)
Stars And Stripes publisher Max Lederer warns his staff that “Fiscal Year 2014 will be a difficult year financially, and that “Stripes is cutting muscle –- staff who are producing quality work and are dedicated to serving the military community and success of the Stripes mission.” He adds: “This is a sad and difficult time for the organization and for me personally, but I believe Stripes still provides a vital service and the future is a positive one.”
One Winner From The Shutdown: Netflix? (The Washington Post / WonkBlog)
Well, Netflix’s stock sure started looking good on the eve of the government shutdown. Yeah, it might have something to do with a sweet distribution deal with a Swedish cable company. But we suspect 800,000 workers suddenly being off the job, maybe catching up on old West Wing episodes, couldn’t hurt either.
ProPublica, This American Life And Acetaminophen: $750,000 to State The Obvious (Strange Attractor / Kevin Anderson)
ProPublica and This American Life, both which I love, are making some waves for a story highlighting the risks of taking too much acetaminophen (known as paracetamol in the UK). These are facts hidden in plain view: Don’t take too much acetaminophen, especially with alcohol. Taking more than recommended won’t do you any good, and it could wreck your liver. As a matter of fact, we’re going to recommend taking less of our flagship product. It took me 30 seconds to find the relevant info on WebMD, and another 30 seconds to quickly scan the Tylenol site. How long did it take ProPublica and This American Life? Two years and $750,000. As an editor, I keep saying to myself: Where’s the story here?
NPR Will Use Term ‘Obamacare’ Less (Poynter / MediaWire)
NPR standards editor Stuart Seidel asked reporters and editors to “avoid overusing ‘Obamacare'” after the Maynard Institute’s Richard Prince wrote him saying “the term can no longer be defended as neutral.” Seidel’s memo, Prince writes, says:”‘Obamacare’ seems to be straddling somewhere between being a politically-charged term and an accepted part of the vernacular.
News Corp: A Lot of Life in Print Yet (PR Week / People And Politics)
Print media remains utterly viable and a cheap way to reach large audiences. That might seem like the type of statement which was made in the middle of the last decade, with froth rising about the growth of social media and editorial eyebrows being raised about the rapid shift online. Yet it was the view of one of News Corp’s most senior executives when we met to talk about the future of media and the changing commercial models of the big publishers last week.
The Subtweet Is Dead (BuzzFeed)
The subtweet is out of fashion among the media elite who live on Twitter — and soon it’ll pass out of style for everyone else. The new rule: If you want anyone to pay attention to your beef, name names. (My working definition of subtweeting is talking behind someone’s back for the delight of your followers with the added benefit of not being explicitly rude because you don’t mention them by name.)
Arizona Republic Editors to Reporters: Do Your Work at Starbucks or McDonald’s (Phoenix Business Journal)
Top Arizona Republic editors met with reporters from the Mesa, Scottsdale and Phoenix community sections Thursday to tell the reporters they were getting laptops. They would become “mobile reporters” without any traditional desk in an office, according to multiple reporters who wished to remain anonymous.
Would you pay more for an ads-free version of your favorite magazine?
AmyGerbig not at all….the advertising is one of the best parts.
CareyOD Ad-solutely not. In print, ads are an intrinsic part of the magazine experience. Ask about TV and you get another answer.
NicoleSamuelsNJ I don’t mind ads, but sometimes I wish magazines had more actual content.
Jose Alfonso Villalobos I’m not sure…. I’ve never paid for any.
Alexander Quiñones No! So no fashion ads or cologne ads? Or gadget ads? I’ll gladly pay for ad-free tv but I like magazine ads.