Sean Griffey was the founder and CEO of Industry Dive, the B2B newsletter publisher. An economics graduate with an MBA, Griffey had spent nearly 10 years as a consultant before his start in media at FierceMarkets where, as president, he oversaw the launch of more than 25 digital brands. He launched Industry Dive in 2012 and sold it in 2022 for an estimated total of $500mn to Informa, whose CEO Stephen Carter said “Industry Dive … has repurposed the traditional B2B publishing model for specialist markets in the digital age.”
The estimated 15x EBITDA for the maximum earnout price (in 2024) was considered a high multiple for a business that derived almost all its revenue not from readers but from marketers. The acquisition price was also believed to have been at least 5x its funding valuation less than three years previously. But Griffey and his co-founders were being rewarded for the build-up of the high-quality content marketing / sponsorship which, arguably, merited the description of “recurring revenue”. Industry Dive marked its 10th anniversary in 2022 with forecast revenue of $110mn, 30% EBITDA margins and 30% profit growth.
It had come a long way from its $900k bootstrapped launch to a portfolio of 27 B2B email newsletters in 23 verticals with a claimed readership of 13mn. It was the ultimately memorable first decade for the company whose snappy newsletters became the 21st century version of the trade magazines which had defined B2B verticals for previous generations of professionals. Last year, the Washington DC-based company was transferred to the Nasdaq-listed Informa TechTarget which (as TechTarget) had been a runner-up bidder for Industry Dive in 2024.
What’s the secret sauce of Industry Dive?
To be completely honest, there is no secret sauce. I think the media industry wastes a huge amount of time trying to find the magic bullet that will solve all of our ills. There isn’t a magic product or platform out there that makes this easy. We spend far too much time quickly bouncing from video to podcasts, from Instagram to Tick Tok, etc. The media industry has become just like crypto investors trying to find the next meme coin to make themselves rich.
The truth is far less sexy and much more boring. Thriving over time comes down to creating something that your audience values, building direct relationships with them, and being consistent over a very long period of time. It’s not hard but it isn’t the answer that anyone wants. If Industry Dive did anything right, it’s that we stayed focused on who we were, our strategy, and what gave us the right to succeed.
In what ways were you lucky?
Our biggest stroke of luck is that we were unable to raise venture capital. Back in 2012 when we were starting, Buzzfeed, Gawker and other B2C traffic engines were all the rage. No one wanted to talk about niche media publications covering the electric utility space, waste and recycling or construction. We quickly struck out trying to talk to VCs.
In hindsight, this was the best thing that could happen to us. A lack of funding forced us to be scrappy but, more importantly, gave us the space and time to build a real audience and a real company. We wouldn’t have made it under artificial venture capital timelines.
What was your best decision?
The real answer here is picking the right set of co-founders and our early team. It’s common knowledge that people drive everything in this business – and we got that right.
But perhaps a more interesting answer is that, from the very start, we very deliberately set out to build a real platform that could work across multiple markets. Many in media claim to have a platform, but they are actually a collection of independent brands. There is a real difference.
We went to great lengths to make sure everything we did would scale across markets. The meant that we had to pass on some meaningful opportunities, but it proved valuable as we gained momentum.
How difficult was it to continue working with Industry Dive after the sale to Informa?
Not difficult.
I’ll be the first to admit that there was a bit of a culture shock from going from a small US-based upstart into a large publicly-listed, London-based company. There were plenty of things we each did differently, but at the core we were very much the same. Go to Informa’s website and the first thing you’ll see is “Championing the Specialist.” Without using those words, that is exactly what we always tried to do at Industry Dive. So, the mission was the same. There was tremendous opportunity for Industry Dive and our team, and the people at Informa were incredibly talented, well-intentioned, and had the utmost integrity. It wasn’t hard to buy-in and keep going.
I’m proud to have been a part of Informa and will always consider myself part of the extended family. The good news is that they haven’t disowned me yet!
What are your best lessons?
The number one thing I tell people today is to keep things simple. Media isn’t a complicated business…it’s an execution game. The more you can do to make execution easy, the better off you will be. That means simple products, simple org structures, simple tech stacks, simple messaging, etc. When we took the time to simplify the business, we always saw results.
In terms of what I’d do differently, I honestly think that I held back the business by being too cautious in the early years. Looking back, it’s easy to see that we should have invested more and pushed harder earlier but we never wanted to get too far ahead of ourselves. It’s a hard balance to strike in real-time.
Informa’s part-acquisition of TechTarget changed its plan for Industry Dive. Why?
I participated in the discussions regarding Informa’s decision to pursue a combination with TechTarget. I was a huge proponent of the decision at the time and remain so today. The combined reach, capabilities, and possibilities are unmatched in the market. There is foundational work that needs to be done to reach the full potential of Informa TechTarget but no one has more opportunity.
As a founder, you always wonder what might have been had we continued to go it alone. But, when you think about the legacy we are leaving for Industry Dive’s employees, audiences, and customers, I can’t think of a better place to be.
How is B2B media changing?
My biggest prediction is that it is changing less than people think.
We are always looking for the newest trend that will “change everything.” We point to the internet, mobile, pandemics, or now AI as the disrupters that alter the foundation. But the truth is that the fundamentals of B2B media haven’t changed in the last 100+ years.
If you create great content, build real audiences, and are deliberate in your monetization model, you’ll be in great shape.
Which B2B companies will be the future winners?
I think companies that are successful will have the following characteristics:
- They will think about their audiences at a niche level. For B2B media, that means thinking about your audience at the job title level…not simply as part of a large industry.
- They will have real actionable control of their first party data.
- They will think about community in deeper ways than we do today.
Which media companies do you most admire?
This is my least favorite question because I inevitably forget someone, then kick myself about it later. So, apologies to the great companies that I’ve missed. But here are a few that I currently admire:
Informa TechTarget – I’m clearly and unapologetically biased, but this is the largest and most robust newsroom in B2B media. It has the opportunity to do something special. It’s just time to earn it.
Skift – they don’t get as much hype as they did a few years ago but they continue to dominate their industry and everything they do is high quality. They also aren’t afraid to take risks, push new boundaries and innovate.
Semafor – just really tremendous execution so far. From a content standpoint, I find myself reading stories you don’t often see in the US. From a business standpoint, they quickly found their footing despite challenging market conditions.
Puck – I must admit, I was wrong about them. I really didn’t think that they would have staying-power but they appear to be building a solid business. I think they are doing a great job, both building an overall corporate brand and also leaning into individual voices and creators.
‘Monetising B2B‘
The changing face of B2B information, media and events will be the focus of discussion by 23 industry leaders at the Flashes & Flames ‘Monetising B2B’ conference in London on 20 May. Further details are available here.
