The European news platform Politico has not been heavily impacted by the coronavirus crisis and showed strong growth last year.
The media outlet - jointly owned by Politico USA and German group Axel Springer - reported a turnover of 18.3 million euros last year, up almost 20%, and a net profit of 670,000 euros, against a loss of 910,000 euros in 2018.
According to its business plan, Politico Europe was to generate its first profits in 2019 and it has met its target, highlighting the growing role of Brussels as a political and economic decision-making centre.
Subscriptions represent 55% of the platform's revenues and among its customers are multinationals, lobby groups, NGOs and the European Institutions,
Shéhérazade Semsar, CEO of Politico Europe said that the crisis opened up opportunities. “We organized virtual and hybrid events - face-to-face and online - which allowed us to have more quality speakers. This makes me quite optimistic for the future.”
At the start of the year, Politico created 40 more jobs, bringing the workforce to 160. These investments will continue in the year to come and Politico expects a return to growth close to 20% next year.