Time expects event business to cross $10 million revenue mark for the first time in 2022

According to Ian Orefice, President and COO of Time and Time Studios, Time’s event business is on track to generate at least $10 million in revenue this year for the first time.

The business is expected to “grow around 20-30% in 2023,” Orefice said. He declined to share exactly how much revenue Time’s event business generated this year.

It comes after Time “dipped our toe” into live events in 2019, with three live events: the Summit and the Time100 Gala (celebrating Time’s long-running franchise of naming the most influential people in the world). year), Time100 Health Summit and Time100 Next, Orefice said. This year, the plan is to hold 10 in-person events, he said. The 2022 Time100 Summit and Gala took place this week, with Cadillac, booking.com and Citi as sponsors. The Time100 Next and Time events around the UN climate change conference COP27 will take place this fall. The “Personality of the Year” event will take place in December.

The business also grows where these events take place. Its first international gala – the Time100 Impact Awards – was held in Dubai last March. Another Time 100 franchise event took place in Davos, Switzerland in May. Later this year, Time will organize an event in Egypt around COP27 and plans other events in Singapore and Ghana.

“When the Benioffs acquired Time magazine, I think that jump sparked a fervor to explore new ways to generate revenue amid an industry-wide decline in print subscribers. What we’re seeing now is an expansion of early exercises into the event space carrying the Time and Time 100 marquee,” said Eric Fleming, co-founder and executive producer of experiential agency Makeout NYC, which produced events for Time in the past. .

Billionaire Salesforce CEO Marc Benioff and his wife Lynne acquired Time in 2018. Prior to that, Time held one main event each year, the Time100 Gala. During the pandemic, Time replaced its Time 100 Summit with the “Time 100 Talks” series of virtual events. Sponsors have included Citibank and State Farm.

Although some Time events sell tickets to attendees, most are invite-only. Because of this, “the vast majority of revenue comes either from sponsorship programming or from licensees for access to content,” Orefice said. Time has a license agreement with ABC. A one-hour special on Time100 with musical performances by Mary J. Blige and Miranda Lambert will air this Sunday.

Fleming has seen a “significant increase” in event activity for 2022 and next year, largely due to pandemic postponements, he said.

“Brands and sponsors are hooking up wherever they can to get in front of these audiences because it can be more budget efficient and authentic than producing their own events,” Fleming added.

In February, Time announced the promotion of editor Dan Macsai to vice president of events. He now oversees both the content and business side of Time’s events arm, which was “a pretty big pivot” for the company, Orefice said.

“We’re starting to see that more and more in the business because we have to move fast. Media companies are competitive. One of the ways to be fast is to simplify your structure and have amazing executives running the business – and you’ll see that in many different parts of the business,” Orefice said. These other areas include Time’s NFT and sustainability activities, he added.

When asked how much of the company’s overall revenue comes from Time’s event business, a Time spokesperson said in an email, “There’s such a drastic difference in revenue from events from 2021 to 2022 considering covid and other factors so we will not. really a [percentage] of TIME’s overall event revenue through the end of the fourth quarter. »

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