Future Media’s CEO has used cost-cutting and e-commerce sales to drive the company’s stock up 3,800%, in what now looks like a playbook for the entire magazine industry.
. But the boardroom, where CEO Zillah Byng-Thorne is holding court, is lined with garish black and red leather $200 gaming chairs. “We got them free from one of our events, and I thought we could have them in our office,” shrugs Byng-Thorne.
Since then, Byng-Thorne has transformed Future into a digital-content powerhouse generating a $95.7 million profit last year from sales of $451 million. The share price is up 3,821% in just over six years, translating into a market cap of $6.3 billion. Byng-Thorne broke Future’s reliance on newsstand and advertising and refocused the entire venture on events, data and, most critically, e-commerce. Around a quarter of Future’s revenue comes from what is known as “affiliate marketing.
Byng-Thorne, who is a trained accountant, had a knack for financial CPR from her time in the executive ranks of two floundering U.K. businesses: liquor store chain Threshers and bookseller Waterstones. But before Future, her only media experience was as interim CEO of a car classified magazine called. She canned the bulky print magazine, cut jobs and hit fast-forward on her predecessor’s mobile-first strategy.
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