Dailyhunt Parent Acquires News Subscription Platform Magzter
With this move, Dailyhunt’s revenue model has expanded from pure advertising to include a blend of subscription-based revenue streams.
VerSe Innovation, the parent company of Dailyhunt and Josh, has acquired magazine and newspaper subscription platform Magzter to foray into the subscription business. Bengaluru-based VerSe has acquired the US-based Magzter and will now rebrand and launch the latter as Dailyhunt Premium. Magzter or Dailyhunt Premium will now continue to provide users access to magazines and newspapers across 60 languages.
"This move marks Dailyhunt’s strategic foray into super premium content and signifies a transformative juncture in VerSe Innovation's journey to becoming India’s largest digital media tech conglomerate," it said in a statement on Thursday. With this move, Dailyhunt’s revenue model has expanded from pure advertising to include a blend of subscription-based revenue streams.
VerSe is in the process of launching VerSe Collab, an influencer-led marketplace; VerSe NeXTChange, a tier 2 and 3-focused ad targeting platform; and WISE—VerSe's Generative AI Platform for content generation.
In 2022, VerSe had undertaken layoffs and salary cuts shortly after it announced that it had raised a massive $805 million from several marquee global investors, such as the Canada Pension Plan Investment Board, the Ontario Teachers' Pension Plan Board and Luxor Capital. VerSe Innovation's valuation reached roughly $5 billion in this April round.