Dailyhunt acquires Magzter, eyes new revenue from subscriptions
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VerSe Innovation, the parent firm of online news aggregator Dailyhunt and short-video platform Josh has acquired New York-based digital magazine store Magzter.
In a press release, the company said the move marks its strategic foray into super premium content.
Launched as Dailyhunt Premium, this subscription-based offering will provide users access to premium content from international publishers in over 60 languages including English, French, Italian, Japanese, Russian, Spanish, and more. This includes globally acclaimed publications such as Time, Newsweek, Fortune, The Economist, Forbes, Reader’s Digest, Cosmopolitan, Vogue, Maxim, Elle, Vanity Fair, New Yorker, Bazaar among others across their respective India and international editions, the startup said in the release.
According to the company, this expansion addresses the demand for high-quality premium content, particularly catering to the discerning tastes of India’s elite and aspirational upper-middle-class demographic.
Furthermore, this acquisition also marks the evolution of the Dailyhunt’s revenue model, expanding from pure advertising to include a blend of subscription-based revenue streams, the company said.Commenting on the acquisition, Virendra Gupta & Umang Bedi, Co-founders, VerSe Innovation, said, “Magzter is a perfect fit for our ecosystem. The acquisition aligns seamlessly with our growth trajectory and enhances our ability to deliver premium content experiences to our ever-expanding user base. We will keep strengthening our capabilities and spreading our wings, leading the way in India’s digital content space.”
Similarly, management of Magzter said this move will help Indian consumers to get access to high quality content. “We are excited to join forces with VerSe Innovation and contribute to the evolution of content consumption in India. This partnership opens up new avenues for delivering high-quality content experiences to users across India, further strengthening our goal of providing unparalleled digital reading experiences to our readers,” said Girish Ramdas and Vijayakumar Radhakrishnan, Co-Founders, Magzter.
