Baltimore Banner to Top $13 Million in Revenue

Nonprofit newsroom The Baltimore Banner will bring in more than $13 million in revenue in 2024, a year-over-year increase of 37% for the startup publisher. The news outlet, which launched in June 2022 with $50 million in backing from businessman Stewart W. Bainum, generates revenue from three primary sources: subscriptions (45%), advertising (35%), and philanthropy (22%). This year, the Banner has seen particularly robust growth in its subscriptions and philanthropy businesses, according to chief executive Bob Cohn. Subscriber count grew more than 50% in 2024, going from 36,000 to nearly 55,000 by the end of the year. Likewise, philanthropy revenue shot up 75%, according to Cohn. “We had aggressive goals going into the year and we are beating them,” Cohn said. “I’m very happy with how we’re ending the year.” The news publisher is one of a handful of new ventures whose business model combines a nonprofit status with a subscription program. The combination enables it to generate revenue through a variety of operations, including advertising, donations, subscriptions, events, and philanthropy, while still enjoying certain tax exemptions. The 125-person company is not yet profitable, but from the outset, it planned on a five-year path to profitability and is on track to meet that deadline. If the Banner can achieve financial sustainability, it could act as a blueprint for other local news outlets looking to do the same. "It is no small feat to drive eight-figure revenue from a net-new, unproven brand in under three years," said Kerri Mason, the co-CEO of media consultancy firm Clear Sky. "It's clear the team has identified and served real needs, for subscribers, donors, and local advertisers." Expanding coverage and headcount In its efforts to grow rapidly, the Banner has benefitted from an unusually large number of nationwide news stories centered in and around the Baltimore area, according to Cohn. The collapse of the Francis Scott Key Bridge in March drew widespread attention to the Baltimore area. The recent arrest of Baltimore scion Luigi Mangione, the alleged killer of United Healthcare CEO Brian Thompson, has further fueled nationwide readership. A contentious election season—both federally and locally—also provided opportunities for Banner journalism to reach new audiences. Its coverage of these events, on top of its education, politics, and sports reporting, has propelled the Banner to grow to nearly 55,000 paying supporters. Still, retaining those subscribers can be challenging, especially given the generous introductory rate —$1 for six months’ access—that the Banner offers new subscribers. The full price is $19.99 every four weeks, and the publisher only begins making money off subscribers once they have transitioned to the normal rate, according to Cohn. To expand and retain its subscriber base, the Banner has two strategies. First, it has hired a slew of new talent, both on the editorial and subscription fronts. In November, it brought on Hunter Schloss, the former head of digital and ecommerce at The Washington Post, to serve as its new senior vice president of growth. It also invited Clay Fisher, a marketing executive who previously worked with The New York Times, to join its board. Beyond the subscription experts, the Banner also added 13 new journalists, bringing its roster of reporters to 85 and making it the largest newsroom in Maryland. The expanded headcount comes in tandem with an expanded scope of coverage, according to Cohn. The Banner has focused the bulk of its reporting on Baltimore City, but it plans to move into neighboring counties in the new year. It already has bureaus serving Baltimore County, Howard County, and Annapolis, and it plans to broaden its remit with the eventual goal of covering the entire state. The website attracts around 1.5 million monthly readers, and the Banner has around 200,000 active email users, according to Cohn. “We already think of ourselves as Maryland’s news source,” Cohn said. “And across the board, our journalism is only getting stronger.” Correction: The article originally stated that the Banner had 70,000 paying subscribers in March 2023, per its own reporting, and that its current 55,000 subscribers reflected churn. Instead, a change in how the publisher calculates subscribers is responsible for the discrepancy.

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Baltimore Banner Tops $13M in Revenue, Notches 55,000 Subscribers

The 2.5-year-old non-profit generates nearly half of its business from paying readers

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