According to Wall Street Journal report, Quartz is planning to launch a paid cryptocurrency newsletter very soon. The newsletter dubbed Quartz Private Key will cater to readers interested in learning about virtual currencies like Ethereum and Bitcoin.
The newspaper will come with an annual subscription of $150. Though the readers have another option to either pay $15 on monthly basis or make a one-time payment by depositing the annual subscription fee of one year. Quartz Private Key is also the first paid product that has been released by the company after getting acquired by “Uzabase” in July 2018, a Japanese financial intelligence and media firm business intelligence firm. The acquisition that worth around $75 to $110 million, focused on building a paid subscription business.
Quartz’s move to launch a paid newsletter focusing primarily on cryptocurrency is expected to benefit readers in many ways.
The company has already added 50 subscribers for its to-be-launched newsletter. Quartz carried out a though research on the interest of the readers before announcing its plans to launch the cryptocurrency newsletter.
According to the co-president and editor in chief of Quartz, ‘Kevin Delaney’, more of people are interested in reading about virtual currency. People want to know more about virtual currency and this is the governing reason behind the launch of crypto centered newsletters. Kevin further said that “the newsletter will not only provide valuable information on cryptocurrency but will also help investors make wise decisions. The internet doesn’t really have enough information to feed to investors interested in investing in cryptocurrency.”
Quartz Private Key, after the launch, would face direct competition from already established cryptocurrency journals and newsletters. “Off the Chain” is a newsletter on cryptocurrency by Morgan Creek Digital. The “Off the Chain” is a newsletter that talks about daily activities in the cryptocurrency markets. The newsletter is available with a monthly subscription fee of $30. CoinDesk a news websites on crypto also offers a mix of daily and weekly newsletters. Quartz Private Key, in short, will have many competitors already writing on the virtual currency when it is actually launched.
The postulated launch is in line with the company’s plans to tap the digital advertising market. Quartz just like other tech giants such as Facebook Inc, Alphabet Inc and Google is looking for alternate revenue sources. Quartz, as of now, is on track of achieving it projected revenue for 2018. The company has set a goal to achieve revenue in the $35 million to $38 million brackets in 2018. In 2017 Quartz revenue stood at $28 million.
Over the past two years, Quartz has not added a handsome number of readers to its long list of subscribers, according to a data collected by web analytics company comScore. In 2017, the company managed to get about 11.87 million monthly readers. In 2018, the number of the company’s monthly average visitor is around 11.67 million.
Last year, Quartz purchased artificial intelligence research company Intelligentsia.ai with the aim to explore business avenues. The company has come up with various paid business plans which later were shelved for some other plans.