The company behind 'The Pomp Podcast' is launching a 'Bloomberg meets the Morning Brew for crypto' news site to capitalize on the bitcoin boom

Blockworks

Summary List Placement

Blockworks, a 3-year-old financial media company behind the
popular “The Pomp Podcast,” is launching a news site on Tuesday to
capitalize on the
growing interest in cryptocurrency
.�

The site, also called
Blockworks, aims to stand out in a crowded market by aiming at more
traditional finance readers, such as institutional investors and
fund managers. The design is modeled on publications like Bloomberg
and The Wall Street Journal and features a real-time asset price
ticker, including current gold and oil prices, traditional
financial markets data, and price information for digital
currencies like bitcoin and ethereum.

“We’re building a Bloomberg-meets-Morning Brew for crypto,”
Blockworks cofounder Jason Yanowitz told Insider. “We wanted to
make the site comfortable for the more traditional Wall Street
investor.”

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The current crop of cryptocurrency news sites largely appeals to
a young “cypherpunk” crowd of ardent crypto enthusiasts, Yanowitz
added. And while well-resourced and established financial
publications are increasingly covering the space, Yanowitz hopes
Blockworks will offer more niche coverage and depth.

The newsroom will be led by Blockworks cofounder Michael
Ippolito, who is taking on the role of editor-in-chief; and a new
staff of five. Those hires roughly double the company’s headcount
to 14, with plans to grow to 20 by year’s end.

While the site will run some ads, the main aim is to drive
readers towards a new daily newsletter, which will be monetized
through ads. Blockworks’ weekly Sunday newsletter has “five figures
of subscribers” and an open-rate of around 40%, Yanowitz said.
Previous advertising clients have included Fidelity, TD Ameritrade,
IBM and Coinbase.

Brooklyn-based Blockworks originally launched as an events
business. It also has a network of 20 podcasts, including “The Pomp
Podcast,” a finance show hosted by entrepreneur and investor

Anthony Pompliano;
and “Untold Stories,” a cryptocurrency
podcast hosted by the
controversial BitInstant founder Charlie Shrem
. Blockworks says
its podcasts are downloaded more than 20 million times each month.
Blockworks has never raised outside institutional investment and
doesn’t plan to, Yanowitz said.

Blockworks started working on the news site early last year. The
company’s revenue had dropped 80% as the pandemic ground its
in-person events to a halt and advertisers paused spending.
Yanowitz said Blockworks interviewed more than 100 investors about
how the company could be a better source of cryptocurrency
information.

Advertisers soon came back and Blockworks generated $3.5 million
in revenue last year. The company plans to do “at least double”
that in 2021, according to Yanowitz. 

The Blockworks site enters an already-crowded cryptocurrency
media vertical with players including CoinDesk, Cointelegraph, and
Bitcoin Magazine. Still, there’s growing interest in the volatile
cryptocurrency space. Last week, the overall value of the
cryptocurrency market hit above $1 trillion for the first time.

This week,
cryptocurrencies tumbled
, wiping off nearly $140 billion in
total market cap.

“Investors and fund managers are having to take Bitcoin very
seriously — [having been] sniffy and not really understanding it
about a year ago, they can’t ignore it any more,” independent media
analyst Alex De Groote said.

However, he added, “It’s a very competitive industry space [for
media companies] and I wonder how much revenue is in that space …
I don’t know if this industry is strong enough to support reader
revenue [through subscriptions] yet.”


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Source: FS – All – Entertainment – News
The company behind 'The Pomp Podcast' is launching a
'Bloomberg meets the Morning Brew for crypto' news site to
capitalize on the bitcoin boom