Texas Monthly
Date of Investment: 11/1/2016
Deal Type: Corporate carve out
Status: Exited 7/1/2019
OVERVIEW
In November 2016, Texas Monthly boasted a total brand “footprint” of 13.5 million. That number had been in gradual decline for a number of years. This included print readership of 1.7 million, as measured by Gfk MRI’s national syndicated Survey of the American Consumer, 64K newsletter recipients, 1.4 million website impressions, 8.5 million Facebook brand impressions, 1.1 million Twitter brand impressions, and 552K Instagram brand impressions.
Just 31 months later, in June 2019, Texas Monthly’s brand “footprint” had grown by +72%, to 23.3 million.
KEY HIGHLIGHTS AND GROWTH DURING GENESIS PARK’S OWNERSHIP
Print Readership
Texas Monthly has been measured in Gfk MRI’s annual Survey of the American Consumer since 1989. This survey generates the “country’s largest and most current consumer database.” It is the gold standard of print research, measuring demographics, lifestyle and attitudes, and “consumption of over 6,500 products and services in nearly 600 categories.” Nine out of ten U.S. advertising agencies subscribe to the service, as well as close to 200 national marketers. In November of 2016 Texas Monthly’s Print+Digital readership, which includes readership of the print publication as well as any digital representation of the print issue, was 1,637,000. By June of 2019, that readership had grown to 2,537,000, +55% higher than November 2016.
Luxury Category Advertisers
On Genesis Park’s watch, the all-important luxury category came back to the Texas Monthly brand. Auberge Resorts, Porsche, BMW, GUCCI, Rice Business, Van Cleef & Arpels, Boule, Hermes and others were all either won or won back during 2017 and 2018.
Newsletters
Texas Monthly generates a variety of newsletters for its audience, covering topics such as travel, food, politics, and a daily digest of Texas news. In November 2016, Texas Monthly had 64K people signed up to receive one or more newsletters. By June of 2019, the number of newsletter recipients had grown to 217K, +236% higher than November 2016.
Website
In November 2016, the Texas Monthly website was receiving, on average, about 1.5 million pageviews a month. For all of 2016 the website had not been able to break the 2.0 million pageview threshold. By the Spring and Summer of 2017, pageviews had climbed over 2.0 million a couple of times and closed the year with an average of 1.6 million pageviews. By the end of 2018, the website was getting, on average, 1.9 million pageviews a month. By June of 2019, the website was averaging 2.2 million pageviews a month, with the past 3-month average being 2.3 million, or +57% higher than November 2016. A paywall was also carefully planned and rolled out during 1st Q 2019.
Facebook
In November of 2016, Texas Monthly was receiving about 8.5 million impressions across Facebook with its online social presence. That number reached a high of about 9.5 million in the Spring of 2019, before settling at about 8.7 million by June 2019, about +2% higher than November 2016. Over the relevant period, Facebook has prominently morphed their algorithm to the disadvantage of third-party content providers like Texas Monthly.
Twitter
During Genesis Park’s stewardship of Texas Monthly, there was tremendous growth in engagement on Texas Monthly’s twitter account. In November of 2016, the Twitter account was generating, on average, 1.18 million impressions a month for the brand. By June of 2019, that average impression number had increased +170% to 3.18 million impressions a month.
Instagram
By far the most growth in brand engagement across Texas Monthly’s social media presence has come from its Instagram account. In November of 2016, Texas Monthly’s Instagram presence was generating around one-half million brand impressions (552K). By June 2019, those average monthly impressions had grown to 3.7 million, or +539%.
Syndicated Content
Texas Monthly joined Apple News in 2018, serving up Texas-size content to Apple News’ 85+ million monthly active users. At the end of 2018, Texas Monthly content on Apple News was getting about 1.8 million impressions a month. By June of 2019, that number had risen to 2.7 million, or +47% increase since launch. Several other syndicated platforms, such as Flipboard, Pocket, Random House, Google News, Audm and Trip Advisor and others also started syndicating Texas Monthly journalism during 2018.
Events
2019 marked the 10th anniversary of Texas Monthly’s signature annual event celebrating BBQ, Texas Monthly BBQ Fest. With many of the magazine’s latest Top 50 BBQ Joints in attendance, attendees get a chance to taste the best BBQ from around the state, along with some cold beer, cocktails, live music, and much more. Since November 2016, Texas Monthly has expanded its signature events, with the launch of Texas Monthly Edge in Dallas, a weekend event of exclusive interviews, live music, and more, as well as the launch of Texas Monthly Live, a reimagining of the magazine live before a theater audience. In 2018 there was one showing of the new event at the Paramount in Austin, during 2019 there are eight fully-sponsored showings around the state. A sampling of reviews from the show:
TM Live reviews:
Texas Monthly Awards and Accolades
Since November 2016, Texas Monthly has garnered a number of awards and accolades for its journalism and design. These include:
Podcasts
In late 2016, Texas Monthly had no technical capability or internal talent to produce podcasts. By 2018, Texas Monthly had a built a sound studio and hired a talented sound engineer, finding its voice with development of a successful weekly podcast (The National Podcast of Texas) as well as feature series produced in partnership with national distributors like Underdog, Boomtown and other audio adaptations of the Texas Monthly archive.
Exploitation of Intellectual Property
Texas Monthly had a deep trove of stories and other content that had never been aggressively promoted into other media platforms or derivative works. Genesis Park successfully re- engineered Texas Monthly’s Hollywood relationships and representation to create better returns and more timely co-production for long form and short form collaborations. An online store was also created to extend the brand and the revenue base.
Today, Texas Monthly is a thriving brand with a fresh, talented management team that has made the transition to digital and the new cross-platform imperative as well or better than any other media brand.
Date of Investment: 11/1/2016
Deal Type: Corporate carve out
Status: Exited 7/1/2019
OVERVIEW
In November 2016, Texas Monthly boasted a total brand “footprint” of 13.5 million. That number had been in gradual decline for a number of years. This included print readership of 1.7 million, as measured by Gfk MRI’s national syndicated Survey of the American Consumer, 64K newsletter recipients, 1.4 million website impressions, 8.5 million Facebook brand impressions, 1.1 million Twitter brand impressions, and 552K Instagram brand impressions.
Just 31 months later, in June 2019, Texas Monthly’s brand “footprint” had grown by +72%, to 23.3 million.
KEY HIGHLIGHTS AND GROWTH DURING GENESIS PARK’S OWNERSHIP
Print Readership
Texas Monthly has been measured in Gfk MRI’s annual Survey of the American Consumer since 1989. This survey generates the “country’s largest and most current consumer database.” It is the gold standard of print research, measuring demographics, lifestyle and attitudes, and “consumption of over 6,500 products and services in nearly 600 categories.” Nine out of ten U.S. advertising agencies subscribe to the service, as well as close to 200 national marketers. In November of 2016 Texas Monthly’s Print+Digital readership, which includes readership of the print publication as well as any digital representation of the print issue, was 1,637,000. By June of 2019, that readership had grown to 2,537,000, +55% higher than November 2016.
Luxury Category Advertisers
On Genesis Park’s watch, the all-important luxury category came back to the Texas Monthly brand. Auberge Resorts, Porsche, BMW, GUCCI, Rice Business, Van Cleef & Arpels, Boule, Hermes and others were all either won or won back during 2017 and 2018.
Newsletters
Texas Monthly generates a variety of newsletters for its audience, covering topics such as travel, food, politics, and a daily digest of Texas news. In November 2016, Texas Monthly had 64K people signed up to receive one or more newsletters. By June of 2019, the number of newsletter recipients had grown to 217K, +236% higher than November 2016.
Website
In November 2016, the Texas Monthly website was receiving, on average, about 1.5 million pageviews a month. For all of 2016 the website had not been able to break the 2.0 million pageview threshold. By the Spring and Summer of 2017, pageviews had climbed over 2.0 million a couple of times and closed the year with an average of 1.6 million pageviews. By the end of 2018, the website was getting, on average, 1.9 million pageviews a month. By June of 2019, the website was averaging 2.2 million pageviews a month, with the past 3-month average being 2.3 million, or +57% higher than November 2016. A paywall was also carefully planned and rolled out during 1st Q 2019.
In November of 2016, Texas Monthly was receiving about 8.5 million impressions across Facebook with its online social presence. That number reached a high of about 9.5 million in the Spring of 2019, before settling at about 8.7 million by June 2019, about +2% higher than November 2016. Over the relevant period, Facebook has prominently morphed their algorithm to the disadvantage of third-party content providers like Texas Monthly.
During Genesis Park’s stewardship of Texas Monthly, there was tremendous growth in engagement on Texas Monthly’s twitter account. In November of 2016, the Twitter account was generating, on average, 1.18 million impressions a month for the brand. By June of 2019, that average impression number had increased +170% to 3.18 million impressions a month.
By far the most growth in brand engagement across Texas Monthly’s social media presence has come from its Instagram account. In November of 2016, Texas Monthly’s Instagram presence was generating around one-half million brand impressions (552K). By June 2019, those average monthly impressions had grown to 3.7 million, or +539%.
Syndicated Content
Texas Monthly joined Apple News in 2018, serving up Texas-size content to Apple News’ 85+ million monthly active users. At the end of 2018, Texas Monthly content on Apple News was getting about 1.8 million impressions a month. By June of 2019, that number had risen to 2.7 million, or +47% increase since launch. Several other syndicated platforms, such as Flipboard, Pocket, Random House, Google News, Audm and Trip Advisor and others also started syndicating Texas Monthly journalism during 2018.
Events
2019 marked the 10th anniversary of Texas Monthly’s signature annual event celebrating BBQ, Texas Monthly BBQ Fest. With many of the magazine’s latest Top 50 BBQ Joints in attendance, attendees get a chance to taste the best BBQ from around the state, along with some cold beer, cocktails, live music, and much more. Since November 2016, Texas Monthly has expanded its signature events, with the launch of Texas Monthly Edge in Dallas, a weekend event of exclusive interviews, live music, and more, as well as the launch of Texas Monthly Live, a reimagining of the magazine live before a theater audience. In 2018 there was one showing of the new event at the Paramount in Austin, during 2019 there are eight fully-sponsored showings around the state. A sampling of reviews from the show:
TM Live reviews:
- “When the magazine’s executive editors, writers-at-large and invited guest speakers began relating their Texas tales, Wortham's Cullen Theater transformed into a west Texas, Friday night camp out. The stage lighting and feel-good stories gave everything the warm glow of a campfire circle.” – Houston Press
- “The stories were moving and quintessentially Texan, starting with "The Lion Tamer," presented by writer-at-large Cat Cardenas” – Houston Press
- “Pat Sharpe, whose “Confessions of a Skinny Bitch” struck home. Sharpe is the magazine’s longtime restaurant critic, on staff nearly as long as there’s been a Texas Monthly, and her tale enthralled a room full of Houston foodies. From fascinating tidbits (the magazine has printed more than 35,000 restaurant reviews in its time) to personal notes, it was a funny and engaging look back on a lifelong career.” – Houston Press
- “Animations backed every story and they all benefited from musical accompaniment from a four-piece band led by violinist and vocalist Carrie Rodriguez, whose solo work has been hailed by the likes of NPR and Rolling Stone.” – Houston Press
- “For many the night must have felt like a campfire gathering, but it could easily have been a counseling session for any self-hating Texans out there, any unwilling transplants to the state or folks who just don’t get how special the designation of being Texan is. If you didn’t leave feeling a foot taller (or humming Van Morrison’s ‘Gloria,’), then maybe it’s time to relocate.” – Houston Press
Texas Monthly Awards and Accolades
Since November 2016, Texas Monthly has garnered a number of awards and accolades for its journalism and design. These include:
- National City & Regional Magazine Award for “Springtime in the Age of Hysteria” by Mimi Swartz for Feature Story – July 2018
- ASME Best Cover Contest Honorable Mention for “Off the Grid” cover – April 2018
- National City & Regional Magazine Award for “Off the Grid” for Feature Design – April 2018
- National City & Regional Magazine Award for TexasMonthly.com for Excellence Online – 2018
- ASME National Magazine Award for “The Golden Age of BBQ” by Daniel Vaughn and Patricia Sharpe in Leisure Interests category – May 2017. “Texas Monthly’s exhaustive research, transparent methodology, sharp writing and mouth-watering photography delighted casual and serious char-broiled foodies alike.”
- ASME National Magazine Award Finalist for General Excellence – 2017
- Dallas Press Clun Award for “The Day the Fire Came” by Skip Hollandsworth in Magazine Feature Writing – July 2017
- ASME National Magazine Award Finalist for “Knives Out” in Leisure Interests category – Dec 2016
- ASME National Magazine Award Finalist for “The Reckoning” in Feature Writing category – May 2016
Podcasts
In late 2016, Texas Monthly had no technical capability or internal talent to produce podcasts. By 2018, Texas Monthly had a built a sound studio and hired a talented sound engineer, finding its voice with development of a successful weekly podcast (The National Podcast of Texas) as well as feature series produced in partnership with national distributors like Underdog, Boomtown and other audio adaptations of the Texas Monthly archive.
Exploitation of Intellectual Property
Texas Monthly had a deep trove of stories and other content that had never been aggressively promoted into other media platforms or derivative works. Genesis Park successfully re- engineered Texas Monthly’s Hollywood relationships and representation to create better returns and more timely co-production for long form and short form collaborations. An online store was also created to extend the brand and the revenue base.
Today, Texas Monthly is a thriving brand with a fresh, talented management team that has made the transition to digital and the new cross-platform imperative as well or better than any other media brand.