Roger Lynch

Conde Nast became a very big, successful company following that strategy.

But it was not the right strategy for the internet age and the digital age and how audiences had changed.

Audiences moved from, oh, I read my local newspaper, my local content,

I want to see what's happening around the world.

I want to consume content from Korea or China or Sweden or Israel or wherever.

Much more cosmopolitan in their approach to how they consume content.

And so really we use that as a guidepost to say, okay, how should we structure ourselves and just question everything about

you know, how we organize ourself and even the culture of the company, which was very, very territorial and fiefdom based to what it is today, which is much more collaborative.

What we find is certainly our largest, most important brands

have done very well in this.

Like Vogue is our largest brand.

Vogue has grown every year I've been at the company.

It grows revenue, grows profitability every year.

Thank you.

It is good news.

And the New Yorker also.

The New Yorker just had its most successful year ever by a long shot.

Those brands, whatever's happening with search algorithms or AI, they seem to just be able to rise above it.

Sure.

We have smaller niche brands, Pitchfork, a music brand, very small, it's 1% of our revenue, but it has a very strong, loyal audience in the category that it covers.