The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
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Parr: Dave Portnoy's retaliation makes him look weak and endangers employees
“Now, the reaction, I think, is totally inappropriate, and I think it totally makes him look butt hurt. I think it makes him look weak. I think it's a bad move. The reason why it's a bad move is because Dave has fans, and he could be like, well, you know, I'm o…”
Morning Brew was spending $500K per month on ads by late 2018
“If I remember, by the end of that year, we were spending like, 500 K a month on ads, right?”
BuzzFeed's media business model was never worth a $1B valuation
“And, you know, even in 2015, 20 17, we were like, yeah, PuzzFeed, it just doesn't make sense. It's not worth a billion dollars.”
Puri: Portnoy made a big mistake targeting junior Morning Brew staff
“I think it was a big mistake. To go pick on the little guy. He had it right at the beginning when he was picking on the big guy. Oh, business insider. You're trying to ruin my reputation. You're trying to hurt my business and my advertising, my revenues and my…”
Morning Brew generated $70M in revenue and $10M profit in 2022
“So 21, you did forty-six million in revenue and ten million in profit. 22, Seventy million in revenue, ten million in profit. 23 was the same numbers”
Experiential Businesses Scale by Pivoting From $50 B2C to $20K B2B
“You went B to B because that's where the money and all this stuff is right. Selling in, you sell to consumer for 50 bucks, you sell the morning brew for 20 grand and our HR team just sides off and approves it.”
Parr: Morning Brew is generating $80M to $90M in annual revenue
“Austin Reif, who founded Morning Brew, he only sold part of the business and still kept running it, and they're in the 80 or ninety million revenue, I think, range now.”
Morning Brew's seed round comprised 28 angel checks from $2,500 to $100K
“The first is we had 28 individual investors. So we had 28 people who wrote checks from 2500 dollars to a 100,000 dollars.”
Morning Brew's first ad deal was $3,000 for three exposures
“In 2016, we did our first ad deal. It was a watch brand called Emla Hart, I believe. It was about a 3000 dollar deal for three, we used to call them exposures.”
Morning Brew reached 100K subscribers and $300K in revenue in 2017
“We ended at a 100,000 subs. We did 300,000 dollars of revenue. We finally started taking a salary. We were taking 60 K each, but that was the first real year.”
Morning Brew's biggest regret was failing to hire an EOS implementer
“And that's my biggest regret is not hiring a, an implementer because I didn't want to be the bad guy. I didn't want to be the bully.”
Morning Brew's publicly reported acquisition price was $75 million
“Seventy-five million, I think is the public number.”
Morning Brew lost 30% of its booked revenue when COVID-19 hit
“And I can't remember the exact amount, but let's just call it like in a period of a few weeks. 30% of all revenue that we had booked vanished.”
Morning Brew reinvested $6M to $7M into paid acquisition in 2019
“And we were spending this year, we probably spent six to seven million dollars on paid acquisition. So we spent what you did in revenue almost just pumping growth back in.”