Business Insider Inc. will change its company name to Insider Inc. come January, as it moves to expand its coverage beyond business and financial news, the focus of its site, Business Insider.
Business Insider will not change its name as part of the rebrand.
According to The Wall Street Journal, which first reported the news wants to create new verticals on social media with “Insider” in the names.
“Ultimately, this will allow us to do a lot more,” Henry Blodget, Business Insider CEO, co-founder and editorial director, told WSJ. “Our ambitions are way beyond business. And we feel like our strength is native digital storytelling.”
Next year, Insider Inc. is planning to launch InsiderCoffee, Insider Wine and Insider Toys on social platforms.
It has already launched Insider Cheese, Insider Picks, and Insider, which focus on cheese, product recommendations and lifestyle, respectively. The sites live on platforms like Facebook and Instagram.
Insider Inc. joins a growing number of publishers creating specific niche verticals for social platforms, hoping to draw in new audiences and advertisers. In November,Seventeen launched a social-first brand for the LGBTQ community called Here, andTime Inc. introduced Well Done, a social video food brand, in the spring.
Blodget told WSJ the company will bring in at least 40% more revenue in 2017 than it did last year, thanks to growth in advertising, subscriptions and licensing businesses.
Last month, Business Insider launched a subscription offering called “BI Prime,” for readers willing to pay to access its original financial news reporting.
However, the company is not yet profitable, according to WSJ.Berlin-based Axel Springer SE acquired 88% of the stake in Business Insider Inc. in 2015. The company launched a few standalone sites around that time, such as Tech Insider, and Markets Insider the next fall. Tech Insider was eventually folded back into Business Insider.