• by Ray Schultz , March 7, 2024

Condé Nast experienced flat revenue growth in 2023 YoY, falling slightly short of its goals.  

There were advertising losses, mostly in print, Axios reports. 

Consumer revenue grew by 7% and events by an even more impressive 19%, the report continues. In addition, new digital subscriptions rose by 100% in 2023 and ecommerce revenue jumped by 39%.

Almost 40% of Condé Nast’s revenue is now comprised of the consumer category, subscriptions and ecommerce. Digital now exceeds print, a recent development.  

Diversification of revenues has placed Condé Nast in a stronger position than many of its competitors, CEO Roger Lynch told Axios. 

Actual dollar numbers for 2023 were not reported. 

The company, which last year announced plans to reduce its staff by 5%, roughly 270 positions, sees no need for further cuts, Lynch said.  

Roughly 400 Condé Nast union employees walked off the job on Tuesday to protest planned layoffs, reportedly the first one-day walkout in the company’s history.