The Scoop
One of the biggest names in crypto media is launching a consulting business.
Blockworks is set to announce the launch of Blockworks Advisory at its Permissionless conference Wednesday — a new arm of the company that it described to Semafor as “a comprehensive suite of services designed to hypercharge growth for crypto projects from inception to maturity.”
Company co-founder Jason Yanowitz said that Blockworks Advisory will formalize a part of the business that developed organically. Blockworks started in 2018 organizing meetups for crypto enthusiasts, and rapidly grew into a legitimate crypto events business with multiple daily podcasts and newsletters. As Blockworks expanded, several crypto companies and protocols approached the founders for advice about navigating the current landscape, and some members of Blockworks’ research team stepped up.
“Since launching Blockworks Research two years ago, we’ve become the leading provider of crypto intelligence, research, and data. As this happened, we learned valuable lessons about what it takes to build and scale a crypto company and protocol,” the company said in a memo shared with Semafor
Yanowitz said Blockworks Advisory will offer services tailored to individual customers’ needs, including launch planning, marketing, and brand awareness. It will also advise on finance functions, risk parameters, and new tools, as well as foster engagement with key stakeholders.
The service will have its own staff and be walled off from the company’s newsroom to ensure editorial independence.
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Despite the volatile nature of both the crypto and digital media industries (or perhaps because of it), Blockworks has managed to build its business, which has largely centered around digital advertising on its podcasts and newsletters, paid events, and Blockworks Research, a premium newsletter subscription product.
It’s a formula that Blockworks says has yielded a profit six out of the company’s 7 years of existence. The business raised $12 million last year at a $135 million valuation, and says it will be profitable this year. In 2022, Blockworks brought in more than $25 million in revenue, primarily through digital advertising and events. Blockworks Advisory is projected to bring in $6-9 million next year.
“In an industry as volatile as crypto, sometimes all you need to do is survive,” Yanowitz said in an email. “We survived when our competitors didn’t because we left growth on the table and optimized for profitability and a sustainable business model rather than growth at all costs.”