Morning Brew, an email newsletter startup covering the news from Wall Street to Silicon Valley, has reached 4 million subscribers, which is one million up since last month, CNBC reports. As of press time, the startup founded by Alex Lieberman and Austin Rief now has over 230 employees working on newsletters.
Last year, Morning Brew made $50 million in sales, more than doubling 2020's $20 million annual revenue, Rief pointed out. The Morning Brew co-founder says almost all revenue was generated from advertising. He added:
We want to make business news more enjoyable to read. We view our competition as everybody and nobody. It's an attention economy, so we are competing with everyone. But in terms of direct competitors, we don't have one.
One of the main values of Morning Brew is its structure: in October 2020, the co-founders sold a majority stake of the startup to Insider, which is owned by German digital media Axel Springer. Moreover, Rief and Lieberman work independently within Insider and Axel Springer, CNBC emphasizes. They both have their own boards, which include executives from both Insider and Axel Springer.
Just as the company is on the rise, Rief says they want to acquire other media firms to expand even further. Particularly, Morning Brew is targeting new industries, and more creators on the platform who speak to money, work-life and business news.