As far as millenial media entrepreneurs go, Bryan Goldberg has pretty much shown-and-proved: old-time journalism is ripe for blowing up. Goldberg previously co-founded Bleacher Report, and pocketed substantial cash from the $175 million+ acquisition of the site by Turner Broadcasting.
Bleacher Report was also called “the worst thing in the history of journalism” by SF Weekly, and made an entire generation of sportswriters cringe at the heavy-handed SEO headlines, clickbait slideshows and pure, unedited noise that spewed amidst the site’s 1000+ daily posts, written by unpaid bloggers.
As a regular contributor to PandoDaily, Goldberg has since admitted his tactics for BR’s success were shameless, and today, he announced his Second Act: Bustle, a women’s focused content site which he claims will capitalize on the dearth of quality female journalism online, and succeed without the use of algorithm-trolling gimmicks. He has already raised $6.5 million in funding led by the Social+Capital Partnership and Time Warner Investments, with participation from Google Ventures, Rothenberg Ventures and others.
Goldberg provides a few basic numbers for his investment thesis: women’s media has not made the right shifts online. Vogue receives roughly 1 million unique visitors monthly — compared to online-only Business Insider’s 23 million monthly readers — and yet advertisers are willing to pay top-dollar for the women’s 18-34 demographic.
On top of that, he believes our nation’s young, idealistic female journalists are wasting away at old-line publishing houses and newspapers, fetching coffee when they should be writing front-page stories. The opportunity for disruption is so large, in fact, Goldberg says Bustle can become a “billion-dollar company” if they successfully conquer the millenial women’s vertical to the same extent Bleacher Report conquered sports.
It’s Goldberg to the rescue for America’s women liberal arts grads!
BetaBeat provides a pithy rebuttal: there are plenty of women’s content sites. Too many, in fact, because it’s the freakin’ Internet! You’ve got Jezebel, The Hairpin, The Jane Dough, Marie Claire, every celebrity gossip blog, every fashion Tumblr, every makeup vlog…Glam Media, which runs Glam.com and other popular female-centric blog networks, raised $25 million this week and is prepping for its IPO.
So the competitive field may not be as flat as Goldberg thinks, or is trying to convince us to think. But $6.5 million, in any case, will make for a heck of blog. Check out Goldberg’s interview about the funding with Alyson Shontell of Business Insider below.