New Yorker Festival Generates Second-Highest Revenue Ever

In its second year in a hybrid format, The New Yorker Festival generated its second-highest revenue ever. This trailed only its 2019 event, which was the 20th anniversary of the festival and attracted 20,000 in-person attendees. This success points to the future validity of hybrid events for publishers, despite some of the difficulties in the virtual format. The live activities of the three-day event concluded Sunday night, but The New Yorker will continue selling digital access passes, which let fans watch any of the recorded events on-demand, until Nov. 10. Although the publisher is still selling tickets, it is on pace to move fewer than it did in 2020, when it sold a record 23,000, said Eric Gillin, the chief business officer of Condé Nast’s culture division, which includes The New Yorker. Despite the decrease––Gillin said the totals were “within striking distance”––the 2021 New Yorker Festival will still generate more overall revenue than last year, due to increased advertiser interest. Ticket prices remained comparable from year to year, though the publisher declined to share the number of passes it sold this year or its advertising revenue. “With physical events, the amount of space you get is a function of how much you spend, so at some point, you run out,” Gillin told Adweek. “Whereas with virtual events, we can create unique experiences that scale, and we can listen to what our partners need and create custom concepts for them.” Subscribers receive 30% on ticket prices Tickets to The New Yorker Festival were available to anyone, though subscribers received a 30% discount. The price of the pass depended on several factors, including whether the attendee was virtual or in-person, as well as how many events they planned to attend and which ones. Digital access to a single event costs $19, whereas an all-access digital pass costs $69. Its experiential food offering, Dining In, where people received a meal delivery in tandem with on-demand access to an interview with the chefs, charged $50 per meal. Condé Nast Unveils 500 Virtual and In-Person Events for 2021 For in-person events, the cost changed based on whether the ticket was purchased individually or per vehicle, since the events took place at the Skyline Drive-In in Brooklyn; car tickets covered up to four people. A musical performance and Q&A with Dave Grohl cost $90 per person—or $180 per car—whereas a screening of the film The Humans, along with a director Q&A, cost $25 per person and $50 per car. This year, like last year, the hybrid nature of the festival allowed fans of The New Yorker from across the world to “attend” the event. The festival had ticket-buyers from countries such as Russia, Colombia, Hong Kong, Kenya and Iran, as well as attendees from all 50 states. 20 events over three days This year, The New Yorker Festival featured 20 total events––17 editorial events, three of which were in person, and three sponsored events, one of which was in person. That compares to last year, when the festival hosted 16 total events––15 editorial sessions, with one in person, and one sponsored event. For the first time in a number of years, the festival also attracted advertiser interest across different commitment levels, which Gillin attributes to the far-flung interests of New Yorker readers. The 2021 New Yorker Festival attracted five brand partners, including presenting sponsor Wagoneer, premier sponsors HBO Max, PwC and the Singapore Tourism Board, and its official sponsor The Nature Conservancy. Unlike other events with virtual components, The New Yorker Festival has not placed an emphasis on generating targeted leads for its brand partners, Gillin said. TechCrunch, for instance, has used sophisticated marketing to funnel prospects into virtual breakout rooms with aligned sponsors. Consumer-facing publishers like The New Yorker, however, have less ability to employ such a strategy. The New Yorker Unveils its Third Quiz Product in its Latest Bid to Build Habit Monthly sessions beyond the festival The New Yorker Festival will continue to incorporate a virtual component in the future, as doing so gives the publisher a way to expand its ticketing market and advertising reach, Gillin said. However, the publisher hopes to increase its in-person events as safety protocols allow it to do so, citing consumer desire to return to physical gatherings. The company has also found success with its virtual series New Yorker Live, which it began hosting monthly in the pandemic. It has orchestrated a total of 13 New Yorker Live events, including eight this year; the publisher will feature chef David Chang next week, as well as one event in both November and December. In 2022 however, the events will run less frequently, Gillin said. “This is a reader-driven magazine, and we've seen that readers have a real desire to come back to see things in person again, as long as it's safe and proper to do so,” Gillin said. “So we are really interested and hopeful that we can do that.”

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The New Yorker Festival Generates Its Second-Highest Revenue Ever

A musical performance and Q&A with Dave Grohl cost $90 per person

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