A source just sent along this end-of-the-year message from Vinay Mehra, the president and chief financial officer of Boston Globe Media Partners. It follows publisher John Henry’s statement earlier this week that the Globe is now profitable and is likely to remain in the black next year as well.
The main takeaways here are that the Globe, having passed the crucial 100,000 mark for paid digital subscriptions several months ago, is now closing in on 110,000. Globe executives have said that if they can hit 200,000 then the paper may be able to achieve long-term sustainability. Also of interest: The Globe is taking part in a three-month exercise with Harvard Business School “to define our business strategy.”
What’s missing: Any mention of the Globe’s contentious negotiations with the Boston Newspaper Guild, including management’s decision to bring in what the Guild has described as a “union-busting” law firm. One hopes that Mehra and the Henrys understand that the people who produce what he describes as “the many successes our journalism racked up this year” should be treated fairly.
The full text of Mehra’s message follows.
As we head into the holiday season, on behalf of [managing partner] Linda [Henry] and myself, I want to take a moment to share with you a few highlights of what we have achieved this year as well as an outline what we hope to achieve in 2019.
Our success in 2018 was no accident. It was a tough year that required a lot of work and I am pleased to say our efforts began to pay off. We started, of course, with powerful journalism across all our brands — The Boston Globe, STAT and Boston.com. On top of that, we found areas of real growth, while we aggressively targeted savings across all facets of our business and carefully managed expenses to stay ahead of the structural declines we are all seeing in our industry. For the first time in a long time, we are ending the year in black, and to remain there we must continue our vigilance in looking for efficiencies.
But financial results are just one measure of the many successes our journalism racked up this year. There are way too many to list here, so I’ll mention just a few:
- Spotlight was a Pulitzer finalist for its groundbreaking series in December  on race issues in Boston that inspired a region-wide discussion that has no precedent
- Our coverage of the State Police overtime fraud investigations, the Columbia gas explosions in the Merrimack Valley, the investigative pieces on Massachusetts secret courts and the TSA’s Quiet Skies program drove accountability and change
- The stories in STAT about IBM-Watson’s troubled health business led to a major leadership change at the company
We also extended the reach of our journalism by expanding into new platforms:
- The Aaron Hernandez Spotlight series in the Globe resulted in a podcast with over 4 million downloads, a trip to number 1 on the Apple charts, and considerable interest from Hollywood
- Last Seen, a true crime podcast examining the most valuable and confounding art heist in history from the Isabella Stewart Gardner Museum, hit over 3.4 million downloads and was in the top 10 on iTunes
- Season one of the Love Letters podcast launched earlier this year when Meredith took on the hardest question she gets: How do I get over it? Leveraging its success, season two will launch in early 2019
As incomparably talented as our journalists are, they don’t do it alone. Peel back the curtain, and what’s revealed is you … our employees across all departments of BGMP [Boston Globe Media Partners]. Day in and day out, your coordinated efforts — leveraging your relationships, expertise, passion and creativity are what have made this institution a leader in an industry that is starting to find its footing.
For growth on the digital side to be sustainable, we must remain focused, bold, and daring, and in 2018, we had no shortages of examples:
- We continued our digital growth, ending the year with close to 110,000 digital-only subscribers for the Boston Globe — more digital subscribers than almost any other major metropolitan news organization
- We invested in a new digital content management system, Arc, and launched a new mobile app for the Boston Globe, another step in our digital transformation
- STAT doubled down on coverage of life sciences, pharma and biotech, resulting in record revenue and subscriber growth
- We launched a new section on cannabis dedicated to covering and facilitating conversations around the politics, business, use and impact of cannabis in the Northeast
- Our events brought the community together to talk about important issues such as race, the future of work, the future of democracy, and the midterm elections
Impressive commercial results and remarkable engagement of our readers to our stories are not the only things that drive us. Being a leader in the news industry comes with responsibility. We take that role seriously and demonstrated it in August, when our editorial board led a coordinated effort that resulted in 450 newsrooms across the country joining us to defend the freedom of the press against harmful rhetoric labeling the press as “the enemy of the people.”
As important as it is to drive these conversations in the community, it’s important for us as an organization to reflect on how we can live up to what we shed a light on. One example was the Race Series, which prompted a degree of self-reflection. Leadership on diversity and inclusion starts at the top, so we have made an intentional effort to ensure our executive team represents a broad range of backgrounds. We will continue to move through our practices in recruiting, talent assessment, and measuring the leadership of this organization against a few core guiding principles, one of which is related to creating an environment that nurtures inclusion, and compensation goals will be tied to this important measure.
It’s not lost on me that there are many questions about the future of our business and our strategy. This past month, a cross-functional team of more than 30 leaders across all disciplines of our organization met with me and a team from Harvard Business School to begin a 3-month exercise to define our business strategy. We all left very encouraged and I will have more to share as we move forward.
As we reflect on a transformative and eventful year, the reality is this: when the business had been experiencing double-digit declines we didn’t dig a hole and hide, we invested — in new business models, new technologies, new talent. We didn’t lose faith. We continued to produce quality journalism, launch new products, and provide opportunities to convene our community around important issues.
All of us know that people who choose to spend their lives in the news business are special, they’re unique, and they are undeniably passionate about their work. This isn’t simply a job, it’s a mission — a mission motivated by our love of informing people. And that’s precisely what makes me so proud to work alongside each and every one of you.
We wish you and your loved ones a happy, restful and safe holiday and I look forward to seeing you in 2019.