Roger Lynch

If you try to be too broad, too large of an audience, this is not the era for that.

Five years ago, maybe that worked, but not today.

You either need to be large and authoritative in a big category, Vogue is a good example.

Or Architectural Digest.

Yes.

Or Conde Nast Traveler would be another one.

Or you need to be really nailing a specific niche where you have a loyal audience that's willing to pay.

And ad-supported only, tough.

If you have a brand where you're investing in the journalism, if you have to make significant investments in journalism, supporting that just with advertising is a tough place to be.

But if you've got really content that people are willing to pay for,

But to do that, don't get caught in the middle.

You know, it's actually been a catalyst for Conde Nast, broadly.

You know, obviously the movie is based on Anna Wintour, and the company is based on Conde Nast, but...

I was talking to our chief revenue officer a couple weeks ago, and we had a really good first quarter.

We exceeded budget, and second quarter was looking strong.

And I asked her, what's driving the strength?

And she stopped for a minute and she said, the movie.

I said, what?

Wow.

That's driving even other brands.