Atlas Obscura wants to be profitable before raising funds in a tricky media market
Atlas Obscura wants to turn a profit this year before it raises another funding round, at a time when publishers are facing lower valuations and pickier investors as deal activity slows.
Last year Atlas Obscura more than doubled its revenue to $18 million, up from $8 million in 2021, said CEO Warren Webster. Its trip-planning business doubled revenue year over year and became profitable in the fourth quarter of 2022. Its entertainment business (books, TV, film and podcasts) was already profitable.
But the next challenge is getting its digital publishing business to profitability this year before it looks for more investment. Webster declined to share how much money Atlas Obscura lost last year.
“Overall, we expect to be profitable this year. That’s our plan,” Webster said. “Probably the biggest change inside our business is we’re thinking more about sustainable profitability rather than just top-line growth at all costs. I think that’s maybe a healthy correction from the days of pushing, pushing, pushing on top line and not being so concerned about the bottom line. We addressed that, and are making sure that every project we do and every department within our company is either profitable or heading on a path to profitability.”