How 2 College Friends Built A $75 Million Media Company

Hi,

Welcome to this week's edition of Internet Money Stories 💰

Today, I’ll share with you the story of how Alex Lieberman and Austin Rief built and sold an 8-figure media company Morning Brew ☕ with over 4 million subscribers.

Grab a cup of coffee and let’s go…

Early Beginnings:

Alex Lieberman and Austin Rief met during their college years at the University of Michigan. They shared a passion for entrepreneurship and a drive to create something unique.

While working in finance, Lieberman and Rief noticed a glaring gap in the market for engaging and relatable business news, especially targeted at millennials.

They recognized that traditional financial news sources were dull and lacked appeal for younger audiences. This realization sparked the idea for Morning Brew.

The Birth of Morning Brew:

In 2015, Lieberman and Rief launched Morning Brew as a simple daily email newsletter. They aimed to make complex topics understandable and interesting for their target audience.

Gaining Traction:

Morning Brew's unique approach to delivering business news quickly resonated with readers.

The newsletter stood out in an industry dominated by dry and formal reporting.

Subscribers appreciated the witty and approachable writing style, leading to steady growth in the newsletter's readership.

As readers enjoyed Morning Brew's content, they began sharing it with friends, family, and colleagues.

The word-of-mouth spread of the newsletter's engaging style played a crucial role in its organic growth.

Expansion and Diversification:

As Morning Brew's popularity grew, Lieberman and Rief expanded beyond the core newsletter.

They introduced new products and services, including podcasts, events, and premium subscription options.

This diversification not only added value for readers but also contributed to the company's revenue growth.

Acquisition:

In 2020, Insider Inc. (the parent company of Business Insider) acquired Morning Brew for around $75 Million.

Learnings:

Alex Lieberman and Austin Rief's journey with Morning Brew showcases the power of:

• identifying a market need

• creating a unique and engaging product

• fostering community

Thank you for reading.

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See you next Friday,

Armaan 🤝