US-based Magzter has been acquired by Dailyhunt’s parent company VerSe Innovation. LUXUO examines the potential reasons for this acquisition.Founder and co-founder of VerSe Innovation Virendra Gupta and Umang Bedi.
VerSe Innovation, the parent firm of Bangalore-based Indian content and news aggregator Dailyhunt has acquired New York-based digital magazine store Magzter. The financials of the deal are undisclosed, but according to a statement from cofounder Umang Bedi, the deal is a cash-and-stock transaction. The acquisition results in Dailyhunt’s entry into the premium content market, as Magzter holds a vast library of over 8,500 premium magazines and newspapers.
, Magzter maintains partnerships with thousands of other large publishers and offers titles such as American Vogue, Vanity Fair The New Yorker, The Economist, and Time and boasts a global active user base of 87 million. A large portion of the media industry relies on Magzer — from brand PR teams keeping track of their media coverage and press clippings to magazine journalists eyeing up their competitors.
Vertical integration is the next step as VerSe would now own content creation platforms like Dailyhunt and Josh, and digital content distribution sites like Magzter, potentially streamlining operations and reducing costs associated with content licensing and distribution.