Slate Group memo regarding the demise of The Big Money We regret having to share the news that we're ceasing publication of The Big Money as of today. This has been a difficult decision, in part because so many aspects of the project have worked as we hoped. Jim Ledbetter and his team have done a first-rate job on the magazine itself, cultivating a talented crew of young writers, coming up with terrific features like Recessionary Road and The Facebook 50, and responding with speed and style to business news. In his short time as Publisher, Brendan Monaghan has broken new ground for the Slate Group as a whole, most importantly by masterminding our recent Untethered Conference.
The problem, in a nutshell, is that the site is not pointed toward profitability on a fast enough timetable. We've struggled to grow the sites traffic to carry enough ad inventory to run a profitable business. There are some specific reasons for this slow growth which relate primarily to the category rather than to the quality of the magazine. Our timing also could have been better. TBM launched the week of the Lehman Brothers collapse in September 2008, and its existence has coincided with a deep trough in advertising market for business-oriented publications.
The decision to close TBM as a separate destination doesn't signal a move away from business as a category or a subject. To the contrary, we expect Slate's engagement with business to get much stronger as a result of folding in aspects of what the separate site has been doing. We are not planning to keep the separate TBM brand alive -- basically because we think "Slate Business" has more power in the marketplace. Existing TBM pages and links will stay live, and The TBM URL will redirect to a Slate Business landing page, which will include new Slate Business content plus highlights from the TBM archive. We have not yet figured out all of the details, but we are planning to merge some of TBM's most successful features into Slate.
Most importantly, Jim and Brendan are both staying on with the Slate Group. After dealing as quickly as possible with some transition issues, Jim is going to become a full-time, staff business writer for Slate. He's excited about this prospect, as is David. Brendan is going to take the lead in developing alternative revenue streams and partnerships as VP of Business Development. Our expectation is that "Untethered" will become a Slate-sponsored event, and that Brendan and Jim will continue to work together on the program and marketing of it. We hope to do other business/technology conferences as well.
The Slate Group had a strong first half (revenue for the first six months is up 26% over 2009) and is very much on track with our objectives. Slate, Foreign Policy, and The Root are all doing well. Slate.fr, in which we are partners, is going great guns. Our overall strategy is unchanged. We remain interested in launching sites and projects and are always available to hear your ideas for new ones. Part of being a quasi start-up means being unsentimental about sites we like that aren't working as businesses and quickly evolving our model in response to a fast-moving marketplace. We are experimenters. This was a great experiment, but not every experiment results in a breakthrough.
We'd like to take this opportunity to thank The Big Money staff for all the hard work they've done over the past two years. Jim, Brendan, Elinor, Chad, and Caitlin have all shown themselves to be stars and should close the books on the site proud of the work that they did for TBM.
Please pass along press queries to us or Alissa Neil. And let us know if you have any questions or concerns.
Thanks,
Jacob [Weisberg] and John [Alderman]