Roger Lynch promised transparency at Condé Nast even in regards to layoffs.
In Roger Lynch’s first company-wide meeting at the end of last month, the new ceo tried to bring a more communicative style to his role, which he’s held for about four months. Although he quipped during the meeting that “it feels longer.”
Lynch seems most bullish on video, an area other company executives have been trumpeting as essentially Condé’s saving grace for a year, at least. He said the segment could eventually be a $1 billion segment for Condé, which would effectively mean doubling the company’s current estimated revenue. “When I joined, I knew we had good prospect to grow video and I only have more conviction in that today,” Lynch said. “We’re just scratching the surface.
Nevertheless, Lynch explained that the company does not expect to meet its current projections for this year. In the U.S., year-over-year revenue growth of 4 percent was planned, but the new estimate is only 0.3 percent growth for 2019. The ceo didn’t chalk the difference up to print declines — given the segment is actually ahead of plan — but “headwinds in other areas, like display [advertising], where prices have come down pretty substantially.
The takeaway from this breakdown for Lynch is that “the cornerstone is our editorial excellence and audience…without that core foundation we don’t have a business.” But he did note a “need to monetize the consumer engagement we have.” More than the state of Condé’s business, staffers were most interested in the prospect of layoffs. During the meeting, Lynch addressed five questions that were the most “upvoted” and the number-one question was about staff cuts, something that Lynch was clearly not surprised by but oddly drew a laugh from the staffers in New York that he was speaking to in person.
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