Over the last decade, Quartz has moved faster and broken more things than nearly any other publication. Is the company a cautionary tale for publishers? Or an inspirational one? Choire reports
Picture it: The date is October 25, 2012, and Quartz throws a launch party from the space-age future. Photo: Craig Barritt/Getty Images for Quartz Quartz, a business publication, today announced its sale to G/O Media. “This is yet another chapter of several in Quartz’s history,” co-founder and now editor-in-chief Zach Seward tells me. But how many chapters? Over the last decade, Quartz has moved faster and broken more things than nearly any other publication.
In late 2017: Quartz observes its fifth anniversary. It promises ambitious video series, a new culture-and-lifestyle vertical, and a new “at work” vertical.As the Facebook era ends for publishers, Quartz enters its subscription era — and, in July 2018, sells to Uzabase, a public company based in Japan, for $86 million.
The company loses a ton of money: “In 2019, Quartz reported a $18.4 million loss on $26.9 million in revenue.” The next May, Quartz brutally lays off 80 people, nearly half its staff. Not having raised any money in its period of independence, and losing nearly $7 million last year, today Seward announced Quartz’s sale to G/O Media, which owns the remains of the Gawker Media Network and the Onion, the Root, and A/V Club.
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