Magzter

Magzter Inc
Company typePrivate
IndustryDigital publishing
Founded2011 (2011)
FounderGirish Ramdas, Vijayakumar Radhakrishnan
Headquarters
New York City
,
United States
Area served
International
Key people
Girish Ramdas (Co-Founder & CEO)
Vijay Radhakrishnan (Co-founder and President)
Number of employees
80 (July 2022)
ParentVerSe Innovation
Websitewww.magzter.com

Magzter is a cross-platform, self-service, global digital newsstand with thousands of magazines and newspapers from 5,000+ publishers.[1] Girish Ramdas and Vijayakumar Radhakrishnan founded Magzter in 2011.[2] The company is headquartered in New York and since 2024, it is owned by VerSe Innovation.[3]

History

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Girish Ramdas, the company's CEO, and Vijayakumar Radhakrishnan, the company's President, founded Magzter in 2011.[4] In 2010, Radhakrishnan began the development of a platform to digitally publish magazines and the magazine store's app launch in mid-2011.[1][2] In 2012, Magzter completed its Series A funding round.[5] In September 2012, Magzter was listed as The Highest Grossing App in Asia on the Apple Store.[6][7]

In July 2013, the firm entered into collaboration with Amazon's Kindle Fire and introduced books to their publishing platform in September 2013.[4][7][8][9][10][11] The company also completed its Series B funding round that year, which raised $10 million.[12][13][14][15] In early 2015, Magzter launched Magzter GOLD, a subscription, that provides unlimited access to over 9,000 magazines and newspapers from around the globe.[16] The company also has Magzter GOLD Lite, that allows unlimited access to five titles.[17][18]

On 18 April 2024, VerSe Innovation, the parent company of the Indian news aggregator app Dailyhunt, announced its acquisition of Magzter. While the financial terms were not disclosed, Umang Bedi, VerSe's co-founder, described the acquisition as VerSe’s largest to date, highlighting their focus on reaching affluent audiences.[19]

Business operations

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Magzter distributes magazines and newspapers from several countries including the United States, the United Kingdom, Europe, China, Hong Kong, Canada, Australia, Sri Lanka, South Africa, Indonesia, India, Thailand, the Philippines, Malaysia, and Singapore. The company works with more than 5,000 publishers in more than 60 languages.[5][13][15]

In July 2022, the company had 80 employees.[20] The Magzter app is available on Apple iOS, Android (Google Play) and Amazon Appstore.[10][21] The company counts among its publisher customers some marquee names including Dotdash Meredith (USA), Condé Nast (USA), Hearst (USA), A360 Media (USA), Bloomberg (USA), Maxim Inc. (USA), Guardian News & Media (UK), Future (UK), Reach Publishing Services Limited (UK), Media24 (South Africa), Tatler Asia (Singapore), India Today Group (India), Worldwide Media (India), HT Digital Streams Limited (India), SPH Media Limited (Singapore), Are Media (Australia) and Grupo Expansión (Mexico).[22][23][24] Its headquarters are located in New York and sales offices and teams are in London, Mexico City, Amsterdam, Mumbai, New Delhi, Chennai, Bengaluru and Singapore.

Business model

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Magzter participates in a revenue share model with publishers on magazine and newspaper sales.[25][26][5][27][28]

References

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  1. ^ a b "'Zter'ing the pot". Business India. January 6–19, 2014.
  2. ^ a b Hans, Pritam P (August 2012). "Boot in Profits". Business Today. Retrieved 11 June 2014.
  3. ^ "Dailyhunt parent acquires Magzter, grows revenue from ads to subscriptions". The Economic Times. 2024-04-18. ISSN 0013-0389. Retrieved 2024-04-19.
  4. ^ a b "Digital magazine store Magzter thinks big, raises $10 mn". Firstbiz. 12 December 2013. Retrieved 11 June 2014.
  5. ^ a b c Gulati, Sonam (9 May 2012). "Excl: Digital magazine store Magzter raises Series A funding from IndoUS Venture Partners; To enhance offerings manifold". Techcircle. Retrieved 11 June 2014.
  6. ^ "Net Flux: Magazine Mania". India Today. 24 December 2012. Retrieved 11 June 2014.
  7. ^ a b "Magzter Is #1 On The Apple App Store!". EFY Times. 27 November 2012. Archived from the original on 28 May 2013. Retrieved 11 June 2014.
  8. ^ "Girish Ramdas of Magzter is CIOL Person of the Year". CIOL. 28 December 2012. Retrieved 11 June 2014.
  9. ^ "Digital magazine store Magzter raises $10 million". The Times of India. 12 December 2013. Archived from the original on 4 January 2014. Retrieved 11 June 2014.
  10. ^ a b Law, Abhishek. "Magzter trains its eyes on BRICS for more readers". The Hindu Business Line. Retrieved 11 June 2014.
  11. ^ "Tablets on the rise; app developers rejoice!". CIOL. 30 July 2013. Retrieved 11 June 2014.
  12. ^ "Digital mag store Magzter raises US$10M in Series B funding". Yahoo! Finance. 11 December 2013. Retrieved 11 June 2014.
  13. ^ a b Narasimhan, T E (11 December 2013). "Digital magazine store Magzter raises $10 mn from Singapore Press Holdings". Business Standard India. Business Standard. Retrieved 11 June 2014.
  14. ^ "SPH invests in global digital magazine store". Asia One Business. 14 December 2013. Archived from the original on July 14, 2014. Retrieved 11 June 2014.
  15. ^ a b Etherington, Darrell (11 December 2011). "Digital Magazine Startup Magzter Raises $10M To Fuel Global Growth". TechCrunch. Retrieved 11 June 2014.
  16. ^ "Magzter - World's largest digital newsstand with thousands of magazines and newspapers". Magzter. Retrieved 2022-07-14.
  17. ^ Anthony Ha (January 19, 2015). "Magzter Launches Magzter Gold, Offering Unlimited Access To 2,000+ Magazines". TechCrunch. Retrieved January 31, 2015.
  18. ^ Nathan Olivarez-Giles (January 19, 2015). "Magzter Gold Offers 2,000 Magazines for $10 a Month". Wall Street Journal. Retrieved January 31, 2015.
  19. ^ Singh, Manish (2024-04-18). "India's VerSe acquires Apple News+ rival Magzter". TechCrunch. Retrieved 2024-04-19.
  20. ^ "New-Age Kiosk". Outlook Business. 20 July 2013.
  21. ^ "Magzter Adds 20 Time Inc. Brands to Digital Newsstand". EContent Magazine. 2016-02-16. Retrieved 2020-03-13.
  22. ^ "Diverse Digital Newsstand"; Yahoo! Finance; February 11, 2016. Accessed September 16, 2019.
  23. ^ Wasserman, Todd (27 February 2013). "Magzter Wants to Be the YouTube of Magazines". Mashable. Retrieved 11 June 2014.
  24. ^ "Time Inc.'s Abe Cytryn Joins Magzter as Chief Technology Officer". Retrieved 28 October 2014.
  25. ^ Mascarenhas, Anil (27 June 2012). "Vijayakumar Radhakrishnan, Co-founder & President, Magzter". IIFL. Retrieved 11 June 2014.
  26. ^ Vijayakumar, Sanjay (29 June 2012). "Magzter: A digital magazine store & newsstand application for smart devices". The Economic Times. Archived from the original on January 27, 2013. Retrieved 11 June 2014.
  27. ^ Koetsier, John (30 May 2013). "Magzter passes 10M users, moves to NY, and signs up 20 new titles, including National Enquirer, Shape". VentureBeat. Retrieved 11 June 2014.
  28. ^ "E-publishing gets easier and easier with new models". Hindustan Times. 16 July 2012.
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