![]() ![]() These include Matthew Berry’s Fantasy Life and Daily Drop. ![]() It has a mix of large newsletter publishers today that have grown from the ground up on the Beehive, such as the crypto-focused Milk Road and a slew of AI-focused newsletters Combined with others who have bee swarmed to take their audience along from other platforms. “We didn’t spend a single dollar on acquisitions for the first 12 months.” Even now they said that about 90% of its monthly increments have not been paid. In fact, user growth on the platform, both in terms of its authors as well as those authors’ audiences, has been “primarily product and community-led,” Denk said. “I don’t see it as sustainable,” Denk said simply when I brought it up.Īnd it has no plans to cut Creators Subscriptions Doing Want to build paywalls? (Stripe fees still apply.) And it’s taking a careful approach to how and if it will make recommendations for searches in the same way that Substack currently offers. It will not pay any advance to the writers. Its focus at the moment is on newsletters rather than other types of media formats – although Denk doesn’t rule out newsletters that could happen down the road could contain much more than just text. The Beehive is taking a different approach, at least for now. ![]() While Substack is best known for its newsletters and published writing from some of the high-profile authors and networks, it also podcasts, which is something that looks like a Twitter competitor, and more. To bring in more types of writers that paid subs might entice, Substack has paid writers in advance and even turned that concept into a product. The latter is the focus of Substack’s newsletter business model: It takes a 10% cut on those subscription revenues. It was profitable on a monthly basis from April 2023 (this latest funding has now changed).įor some comparison, Beehive’s most obvious rival, Substack, says it has 35 million “active” customers, including 2 million paid subscriptions. It currently has a revenue run rate of $4 million with an ARR of $3 million based on the monthly fee it charges its customers (it currently has three usage tiers: free, $42/month, and $42/month). NYC-based Beehive launched in October 2021, and since then, on some $4 million in pre-funding, has built a network of 7,500 active newsletters that collectively have 35 million unique readers and 350 million monthly impressions lets see. ![]() He started the company with Benjamin Hargett and Jake Hurd (pictured above, l to r), and the three initially cut their teeth at Morning Brew, creating what else? Media company’s very successful newsletter business. Part of his confidence comes from experience. “It’s very early days for a big opportunity,” Denk told me this week. So, even with a crowded (and growing) field of existing newsletter services that don’t include traditional players like Mailchimp and newer juggernauts like Substack, advertising is still in the way of coming up with innovative approaches to do this through paywalls. And putting aside the fact that some of us have inboxes filled with a lot of junk, email gives us tools for greater curation, which is where newsletters can flourish. Overall with 4.4 billion users – remains the most attractive channel for communication and building more audience. The premise of the Beehive (styled with a lower “b”) is pretty simple: Co-founder and CEO Tyler Denk believes that the social media where writers and other creatives might have built their name, email - its approx. Lightspeed Venture Partners is leading the round, with Social Leverage, Creator Ventures, Blue Wire Capital and Contrarian Thinking Capital also participating. Beehive, a (nowhere) platform for writing, monetizing, and distributing newsletters, is announcing today that it has raised $12.5 million, a Series A that it will use to expand its product, bring on more authors, and grow its revenue. Now, another buzzing startup is looking to disrupt the disruptor. The world doubled the capacity for newsletters after Substack was launched a few years ago. ![]()
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