Condé Nast fell short of its 2022 revenue target—but only by 1%, CEO Roger Lynch told The New York Times in an interview on Friday in a rare discussion of the company’s finances.
The firm’s ecommerce business grew by almost 20% YoY. However, the goal was slightly higher than that, which may have been “a little unrealistic,” Lynch told the Times.
Advertising grew year over year, although a number was not proffered. Lynch stated, “we grew our revenues, grew our advertising business — I don’t think there are very many companies like ours that can say that.”
Video views rose by double digits, Lynch added, according to the Times.
Overall Condé Nast posted revenue of almost $2 billion in 2021, and failed to surpass the $2 billion mark in 2022, the Times continues.
Last year Lynch told Hollywood Reporter that print advertising, formerly two thirds of the firm’s revenue, “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.”