CEO, Bonnier Corp.
Â Takeaway: Video is the way forward for Bonnier after a series of tough decisions focused on the future.
Just a few months into his tenure as CEO, David Freygang was forced to pare down Bonnier Corp. by almost a third. The company was active this spring as it went from 45 brands to 32 and from about 950 full-time employees to 650.
Even some successful titles that didnâ€™t show promise in digital products were jettisoned, looking to the future.
â€śIn Parenting [Parenting was sold to Meredith for an undisclosed sum], we had great stats [in print],â€ť Freygang says, noting that the brand was second in the print marketplace, but just fifth in digital. â€ś[We] just didnâ€™t see an opportunity to get that brand toward the top of the pack [in digital]. With limited resources to invest, we felt it made more sense to divest of that brand and that allowed us to invest in other areas.â€ť
The continual churning of Parentingâ€™s audience makes it a unique situation, but overall, Freygang says itâ€™s indicative of the changing reader habits Bonnier will need to cater to.
From here, theyâ€™ll have to focus on building organic revenue. Video is one of the ways Bonnier will try to do that.
Theyâ€™re training editorial staff, building edit bays and hiring videographers to grow inventory, but monetization is another challenge. Freygang hopes to sell at least a quarter of their inventory in-houseâ€”an â€śexponentially more profitableâ€ť solution than selling through third-party networks.