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Axios Local is going bicoastal.
The city-based network of free, local newsletters announced Thursday morning that it is expanding to 11 new locations, bringing its total number of cities to 25, proving that a lean, centralized model to local news is viable.
The program, which began last December when Axios acquired the Charlotte Agenda, is on pace to net $5 million in revenue by the end of 2021, according to chief financial officer Fabricio Drummond. It plans to expand to another 25 cities and net $10 million in revenue by the end of 2022, Drummond said.
Axios Local, not yet one-year-old, has spread rapidly across the country: The 50-person team now has more than 500,000 subscribers and an open rate of between 30% and 55%, according to Ted Williams, gm of Axios Local.
“We’ve
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