A source sent this to me a little while ago. It’s a message from Vinay Mehra, the president and chief financial officer of Boston Globe Media. Not a lot of news here. For my money, the most interesting revelations are that Stat, the company’s health and life-sciences vertical, continues to grow, and that Design New England magazine has been discontinued. (Confession: I’m not sure I’ve ever seen an issue.)
For more on the Arc content-management system and the latest on the Globe’s digital subscriptions, see the email interview I did with publisher John Henry last week for WGBH News.
The full text of Mehra’s message follows.
Happy summer! As we go into the second half of the year, the Senior Leadership Team and I would like to share with you where things stand midpoint of this year. Here are some highlights:
- The newsroom continues to hit it out of the park. The Spotlight Team was a finalist for the Pulitzer Prize for a series on race that spurred an unprecedented conversation in this region. Our recent TSA piece has made waves nationally. Day in, day out, there is uniquely compelling journalism on our site and print pages, including the launch of the latest reader advocacy initiative, the Help Desk.
- We continue to invest in the future of the Globe. Our latest investment in our digital future is ARC, our new publishing platform that will result in the redesign of our Globe.com website, and the launch of an ioS and Android Boston Globe app in August. There has been great collaborative work across the company to get to this point, and I am grateful for everyone’s help.
- We have been disciplined on reducing costs, from ensuring we establish a robust contract management process to more tightly managing expenses, and continue to push ourselves on creating new revenue opportunities and exploring new ways to meet readers where they are, leveraged by our entrepreneurial spirit.
- While advertising sales continues to experience industry disruption, we are excited about the potential of BG BrandLabs and sponsored content — we have completed 21 customer campaigns since the beginning of the year and have 14 more in our pipeline. Leading companies across the region appreciate and seek out partnerships with us and we will continue to build on that momentum.
- Subscription revenues are on budget with our digital subscriber base over 94,000, putting us #1 among U.S. major metros in terms of total digital subscription revenue. With Pete [Doucette]’s departure, I have made the decision to conduct a search for a new head of consumer revenues, and I am pleased with the initial results of the search and the caliber of candidates who are interested in the role.
- After months of negotiation, we have an agreement with the Pressman, Mailers and the Drivers unions. We appreciated the partnership with the bargaining committees and these new contracts give us the flexibility we need to continue to meet the needs of the market and industry.
- We made the difficult but necessary decision to discontinue publishing Design New England magazine in order to redirect resources into our growth. This was hard news for our colleagues affected by the change, but we were transparent with the decision making process and explored all options before coming to this decision.
- STAT, our bold life sciences initiative, continues to see impressive growth – year over year growth in advertising by 59% and growth in subscribers by 308%.
The constant change we are experiencing is what it feels like to be in transformation, and frankly, it will continue. While it is no doubt challenging to navigate in a business as dynamic as ours, I can tell you that we are not alone in this challenge and I believe that our organization will be positioned for success. Since starting at the Globe, I have spent a lot of time out in the field speaking with CEOs in the greater Boston area, familiarizing myself with the unique perspectives within the region and forging relationships that will ultimately allow our organization to help tell the incredible stories of growth, disruption and innovation in our backyard. The good (and bad) news is that I hear the exact same set of challenges in all of these discussions. Everyone, in every industry, is experiencing the very real ups and downs of transformation. The key for us is to stay focused on why we do the work we do, because what I also hear in these conversations is that we, the Globe, are critical to this city.
Success will require that all of us — and particularly the Senior Leadership Team — work across boundaries as one Boston Globe and in harmony with our partners. In the coming month, the Senior Leadership Team and I will be engaging in a strategic planning process to determine our plans for long-term growth. Expect to hear more from us after some of that work is done.
Finally, I truly believe that each of us must find meaning in our work. The best work happens when you know that it’s not just work, but something that will inform and improve other people’s lives. This is the opportunity that drives each of us at this company.
Thank you for your ongoing support and hard work. I recognize we wouldn’t be where we are without the contributions made by each and every one of you.