Harvard, a Media Company | The Generalist

Media can turn expenses into revenue. Plenty of businesses devote time to content marketing. But by building a media arm worth paying for, companies are able to turn marketing expenses into a revenue stream.

In 2020, Harvard Business Publishing brought in $262 million in revenue, flat from the year prior. Though disappointing in isolation, that unglamorous performance looks much better when compared to the beatings many other media outlets suffered during the coronavirus lockdown. Over a five year period, revenue grew at a 3.8% CAGR.

In some respects, this is the holy grail of institutes of higher learning: earning more without actually accepting more (and losing their rarified luster). Over the past forty years, most universities seem to have solved this problem by radically increasing pricing — a move that both relies on and fortifies brand power.

HBP’s figures put the organization within the orbit of luminaries like The Economist while simultaneously positioning peers like Forbes, Fortune, Axios, and others in the rearview mirror. Remarkably, HBP has managed this with a considerably leaner staff, employing just 450.

The next HBR could be built by a startup. Edtech companies and fundraising platforms look well-positioned to run the Harvard playbook and create a durable, valuable media arm.

There are different paths to success. The Harvard Business Review (HBR) was founded in 1922 and struggled to breakeven for more than 25 years. Today, it’s one of the world’s most impactful media organizations.

On Deck may be able to attempt this move, too. Though its broader scope may complicate matters, the cohort-based course company has succeeded in creating a brand known by most in the industry, and trusted by many.

Credit should be given to Adi Ignatius for HBP’s performance, but of course much is owed to its business model. Like few others, HBR has nailed a “make once, sell infinitely” approach. Case studies and courses are able to command a high price (can you imagine spending $18 for a single NYT article?), require little to no added maintenance, and are o... See more

Of those, Reforge is arguably best positioned. Though narrowly focused on growth, the company has established itself as an impressive educator, attracting many medium-to-high level tech workers, and earning a favorable reputation. It’s easy to envision a “Reforge Growth Review” spinning out of that, with content sufficiently valuable to merit payme... See more