Media companies based around cryptocurrencies have grown significantly, in conjunction with searches and adoption.
One such example of a crypto media company with revenues benefiting from increasing crypto exposure is Blockworks. A financial media brand focused on catering to investors, Blockwords was co-founded by Jason Yanowitz in 2018.
Yanowitz says the company anticipates revenues up to $8 million to $10 million in revenue this year, a three-fold increase from last year. It also plans to double in staff from 17 to nearly 40 by the end of the year. Additionally, the majority of new hires will contribute to the content side of its business.
“For the first time ever, crypto has become relevant to the global macro-economic conversation, and therefore, the investment conversation,” Yanowitz says.
Advertising revenues jump
Naturally, for media companies, an increase in readership lends itself neatly to an increase in advertising revenues. Blockworks has roughly two dozen strategic advertising partners listed on its website. These include Fidelity Digital Assets, CME Group, Coinbase, Gemini, and BlockFi. Roughly 70% of another crypto media site’s revenue comes from advertising. In their case, the rest came from subscriptions to its paid news content and research products.
Most of those interested in learning about crypto from these media outlets generally begin with online searches. According to Google Trends, worldwide searches for bitcoin (BTC; red) have spiked several times since the beginning of the year. Meanwhile, searches for cryptocurrencies (blue) have been steadily growing. As altcoins increasingly come to the fore, we can see a convergence with searches for bitcoin.
Adoption of cryptocurrencies have also grown, as those interested follow through with searches and research. According to its 2021 State of U.S. Crypto Report, U.S. crypto exchange Gemini says 14% of the population owns cryptocurrency.
The report also shared that 13% of those polled intend to purchase digital assets within the next 12 months. Meanwhile, another report highlighted that crypto adoption increased the most in Russia and Ukraine. These were followed by Asian countries such as China, Vietnam, India, Thailand, and Pakistan.