Magzter

Last updated
Magzter Inc
Company type Private
IndustryDigital publishing
Founded2011 (2011)
FounderGirish Ramdas, Vijayakumar Radhakrishnan
Headquarters
New York City
,
United States
Area served
International
Key people
Girish Ramdas (Co-Founder & CEO)
Vijay Radhakrishnan (Co-founder and President)
Number of employees
80 (July 2022)
Parent VerSe Innovation
Website www.magzter.com

Magzter is a cross-platform, self-service, global digital newsstand with thousands of magazines and newspapers from 5,000+ publishers. [1] Girish Ramdas and Vijayakumar Radhakrishnan founded Magzter in 2011. [2] The company is headquartered in New York and since 2024, it is owned by VerSe Innovation. [3]

Contents

History

Girish Ramdas, the company's CEO, and Vijayakumar Radhakrishnan, the company's President, founded Magzter in 2011. [4] In 2010, Radhakrishnan began the development of a platform to digitally publish magazines and the magazine store's app launch in mid-2011. [1] [2] In 2012, Magzter completed its Series A funding round. [5] In September 2012, Magzter was listed as The Highest Grossing App in Asia on the Apple Store. [6] [7]

In July 2013, the firm entered into collaboration with Amazon's Kindle Fire and introduced books to their publishing platform in September 2013. [4] [7] [8] [9] [10] [11] The company also completed its Series B funding round that year, which raised $10 million. [12] [13] [14] [15] In early 2015, Magzter launched Magzter GOLD, a subscription, that provides unlimited access to over 9,000 magazines and newspapers from around the globe. [16] The company also has Magzter GOLD Lite, that allows unlimited access to five titles. [17] [18]

On 18 April 2024, VerSe Innovation, the parent company of the Indian news aggregator app Dailyhunt, announced its acquisition of Magzter. While the financial terms were not disclosed, Umang Bedi, VerSe's co-founder, described the acquisition as VerSe’s largest to date, highlighting their focus on reaching affluent audiences. [19]

Business operations

Magzter distributes magazines and newspapers from several countries including the United States, the United Kingdom, Europe, China, Hong Kong, Canada, Australia, Sri Lanka, South Africa, Indonesia, India, Thailand, the Philippines, Malaysia, and Singapore. The company works with more than 5,000 publishers in more than 60 languages. [5] [13] [15]

In July 2022, the company had 80 employees. [20] The Magzter app is available on Apple iOS, Android (Google Play) and Amazon Appstore. [10] [21] The company counts among its publisher customers some marquee names including Dotdash Meredith (USA), Condé Nast (USA), Hearst (USA), A360 Media (USA), Bloomberg (USA), Maxim Inc. (USA), Guardian News & Media (UK), Future (UK), Reach Publishing Services Limited (UK), Media24 (South Africa), Tatler Asia (Singapore), India Today Group (India), Worldwide Media (India), HT Digital Streams Limited (India), SPH Media Limited (Singapore), Are Media (Australia) and Grupo Expansión (Mexico). [22] [23] [24] Its headquarters are located in New York and sales offices and teams are in London, Mexico City, Amsterdam, Mumbai, New Delhi, Chennai, Bengaluru and Singapore.

Business model

Magzter participates in a revenue share model with publishers on magazine and newspaper sales. [25] [26] [5] [27] [28]

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References

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  16. ↑ "Magzter - World's largest digital newsstand with thousands of magazines and newspapers". Magzter. Retrieved 2022-07-14.
  17. ↑ Anthony Ha (January 19, 2015). "Magzter Launches Magzter Gold, Offering Unlimited Access To 2,000+ Magazines". TechCrunch. Retrieved January 31, 2015.
  18. ↑ Nathan Olivarez-Giles (January 19, 2015). "Magzter Gold Offers 2,000 Magazines for $10 a Month". Wall Street Journal. Retrieved January 31, 2015.
  19. ↑ Singh, Manish (2024-04-18). "India's VerSe acquires Apple News+ rival Magzter". TechCrunch. Retrieved 2024-04-19.
  20. ↑ "New-Age Kiosk". Outlook Business. 20 July 2013.
  21. ↑ "Magzter Adds 20 Time Inc. Brands to Digital Newsstand". EContent Magazine. 2016-02-16. Retrieved 2020-03-13.
  22. ↑ "Diverse Digital Newsstand"; Yahoo! Finance; February 11, 2016. Accessed September 16, 2019.
  23. ↑ Wasserman, Todd (27 February 2013). "Magzter Wants to Be the YouTube of Magazines". Mashable. Retrieved 11 June 2014.
  24. ↑ "Time Inc.'s Abe Cytryn Joins Magzter as Chief Technology Officer" . Retrieved 28 October 2014.
  25. ↑ Mascarenhas, Anil (27 June 2012). "Vijayakumar Radhakrishnan, Co-founder & President, Magzter". IIFL. Retrieved 11 June 2014.
  26. ↑ Vijayakumar, Sanjay (29 June 2012). "Magzter: A digital magazine store & newsstand application for smart devices". The Economic Times. Archived from the original on January 27, 2013. Retrieved 11 June 2014.
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  28. ↑ "E-publishing gets easier and easier with new models". Hindustan Times. 16 July 2012.
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