Condé Nast is hoping to become more of a force in Hollywood. But that requires integration of its editorial, social and video teams, CEO Roger Lynch said in an interview with the Hollywood Reporter.
To that end, Condé Nast hired Agnes Chu from Disney, and she brought in her own team. “Now some of our most important writers are seeking them out about ideas in film and television,” Lynch stated. “And the buyers on the other side are also doing the same.”
Lynch noted that “The editors of the future really have to be people who can work across video, print, digital, social media, and that’s why we’re really focused on driving that alignment between them.”
This is happening as digital has started to dominate in the company.
“Last year is when we sort of reached the tipping point where digital was the majority of our revenue, and it’s only grown more this year,” Lynch continued.
He added, “Video is one of the faster-growing parts of our business. It’s grown 30% or so in the past few years. And we sort of expect that over the next several years, that video will be roughly a third of our business, consumer revenue will be roughly a third of our business, and then a third will be traditional advertising areas.”
Print advertising, which had produced two-thirds of the company, is going to be “below 10% in the next five years, and that’s sort of by our plan; it doesn’t mean print goes away, but the advertising side of it becomes less important, which means we have to have strong consumer business to support titles like Vogue and The New Yorker and Vanity Fair.”