Data: SimilarWeb; Chart: Axios Visuals
A slew of new crypto media companies have gained enormous traction over the past year, thanks to the digital currency craze taking over Wall Street.
Why it matters: “For the first time ever, crypto has become relevant to the global macro-economic conversation, and therefore, the investment conversation," says Jason Yanowitz, co-founder of Blockworks, a financial media brand catered to investors.
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Details: Founded in 2018, Blockworks is one of several crypto-focused media companies with skyrocketing revenues.
The company anticipates $8-$10 million in revenue this year, Yanowitz tells Axios — up 3x from last year.
It plans to double in staff from 17 to nearly 40 by the end of the year, with the majority of new hires coming from the content side of its business.
The big picture: "Similar to how previous cycles in crypto saw the emergence of new exchanges, this current cycle has seen an emergence of several media firms all trying to win mindshare in a young market," says Mike McCaffrey, CEO of The Block, a cryptocurrency-focused media startup.
The Block recently bought out its non-employee shareholders, including its investors and co-founders (who have left the company).
Another sizable crypto media business is CoinDesk, which Axios reported makes a profit selling ads, as well as custom reports.
Be smart: For many of these companies, the advertising support base is rich.
Blockworks has listed two dozen strategic advertising partners on its website, including Fidelity Digital Assets, CME Group, Coinbase, Gemini, and BlockFi.
Roughly 70% of The Block's revenue comes from advertising, while the rest comes from subscriptions to its paid news content and research products, per Axios' Kia Kokalitcheva.
The big picture: The risk with these companies for a several years was that the crypto market could at any time fade away. But today, that seems unlikely. Nearly 15% of all U.S. adults own some form of cryptocurrency.
What to watch: Media companies supporting the trend will continue to rise and innovate to meet the latest crypto trends.
For example, McCaffrey tells Axios, firms are testing new business models with tokenomics, "attempting to align interests of readers and creators, subscriptions, and ad revenue sources."
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