Diversifying beyond ads
Combined, the four publishers attract a monthly average of around 14 million visitors, according to Comscore, but their cluttered design can make them an unappealing destination for premium advertisers, according to Seth Hargrave, the chief executive of media agency Media Two.
Literally Media plans to revamp its websites in the next year, said Katzeff, but prioritizing off-site video, events and consulting businesses, lets it begin building on channels that are immediately amenable to brands.
Earlier this year, the company began hosting live, ticketed comedy events, hosting three specials so far. Outside of the revenue, the events provide Literally Media an opportunity to film the sets to distribute on social and its forthcoming CTV channel.
Literally Media also has high hopes for a product called KYM Insights, which uses Know Your Meme’s mastery of meme culture to advise brands looking to join social conversations. The company has built out KYM Insights over the last two years, but it plans to revise the pitch next year.
“Comedy can be hard to monetize, but if [Literally Media] can manage its costs, the model can definitely work,” Eisenband said. “Commerce and merchandise are natural bolt-ons for the sector. Smart publishers can turn viral hits into meaningful businesses.”
