For the first time ever, Rolling Stone's cover will feature a social media celebrity for its inaugural 'Creators' issue.
Live events will continue to be a much bigger part of Rolling Stone's business, as resources shift away from print and move toward digital revenue and experiences.a majority stake in Las Vegas' "Life Is Beautiful" music festival. Deal terms weren't disclosed.a 50% stake in SXSW last year as a part of its push to get into events.
Rolling Stone launched a live-streaming partnership with Amazon-owned Twitch last year and now produces five shows a week for the app. That experience has informed its push into the creator world and has helped digitize its live events. Wenner said roughly 1 million people live-streamed its concert events from SXSW in March on Twitch this year, for example.Rolling Stone was losing money when Penske Media acquired a stake in the magazine from Wenner Media in 2017. It laterWenner said the company broke even in 2019 and would've posted a bigger profit in 2020 if it weren't for the pandemic.
"We've had an unbelievable turnaround," he said, pointing to the company's investments in new revenue streams, including commerce, licensing and events. The company has produced and released three docu-series for television and streaming and has nearly two dozen others in various stages of production, Wenner said.Rolling Stone, like other traditional print publications, is still mostly reliant on advertising as its core business, and print advertising has suffered from circulation declines.last year that the monthly print magazine had a circulation of roughly 500,000.
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