It is not often that a journalist rises to helm not just newsrooms but also the corner office. With Bob Cohn, The Baltimore Banner — started by Stewart W. Bainum, chair of Choice Hotels International, after failing in a bid to acquire The Baltimore Sun — has been blessed with such a prospect. Considering his newsroom smarts as much as his business smarts, the nonprofit news outlet installed Cohn, 61, as the CEO a little over a year ago.
Cohn began his journalistic career at Newsweek, after earning degrees from Stanford and Yale universities. He went on to serve as executive editor of Wired and The Atlantic before turning to the business side of media organizations, most recently driving The Economist’s subscriptions to all-time highs during a four-year tenure since 2020 as president.
Over the past year, The Banner has reached significant milestones under Cohn’s leadership. Last year it generated $13.3 million in revenue in its second full year of operations, with a 40% increase in revenue and a 57% rise in paid subscriptions year over year to 57,000. The Banner’s website has about 1.5 million monthly readers and about 200,000 active email users.
In an interview with citybiz.co Publisher Edwin Warfield, Cohn addressed a range of issues that are key to The Banner’s future, most of all the quality of its journalism and the depth of its coverage.
The newsroom expanded to 85 journalists, making it Maryland’s largest, and the outlet covered key investigative stories such as the opioid crisis, a mega-church sex scandal, and allegations involving Ravens kicker Justin Tucker, Cohn said. Cohn also took pride in its collaboration with The New York Times in the opioid crisis investigation, “leveraging the Times’ editing and distribution reach.”
Later this year, The Banner expects to expand into coverage of other Maryland counties, besides adding heft to its coverage of education, climate and environment, and aging. In use of technology to advance news operations, The Banner’s newsroom has already started using AI for “transcription, photo editing, headline suggestions, and generating audio versions of stories,” Cohn said. It recently introduced a vertical video feature to integrate TikTok and Instagram-style content into its app.
“The Banner aims to be financially self-sustaining within a few years, growing to a 150-person organization while maintaining its civic mission of independent journalism in Maryland,” Cohn said. Bainum, who pledged $50 million to the news outlet, has vowed to make the news outlet profitable by 2027.
Connect with Bob on LinkedIn
Interview summary:
- Revenue Growth (00:35 – 01:01): The Baltimore Banner generated $13.3 million in revenue in its second full year, with a 40% increase in revenue and a 57% rise in paid subscriptions year-over-year. The revenue mix includes subscriptions, advertising, events, and philanthropy.
- Subscription Growth (01:40 – 03:29): Paid subscriptions grew from 36,000 to 57,000 in a year, now at 60,000. One-third of subscribers are on a $1 introductory offer, with a 55-56% conversion rate to full price ($20/month).
- Journalistic Impact (02:16 – 02:59): The newsroom expanded to 85 journalists, making it Maryland’s largest. Key investigative stories covered the opioid crisis, a mega-church sex scandal, and allegations involving Ravens kicker Justin Tucker.
- Advertising and Content Marketing (05:00 – 05:35): Advertising, including traditional display ads and sponsored content, contributes to 33% of revenue. Half of the advertising revenue comes from The Banner’s website, while the other half comes from external partnerships.
- Philanthropy’s Role (06:13 – 06:52): Philanthropy accounts for 22% of total revenue, with 83% coming from local donors and foundations, and the rest from national foundations and tech company contributions.
- Business Model and Lessons from Texas Tribune (07:28 – 08:10): Unlike most nonprofit news organizations, The Banner combines a nonprofit funding model with for-profit revenue streams, including subscriptions and advertising.
- AI Integration (13:34 – 15:08): AI is used for transcription, photo editing, headline suggestions, and generating audio versions of stories. The Banner recently introduced a vertical video feature to integrate TikTok and Instagram-style content into its app.
- Expansion of Coverage (09:48 – 10:26): Recent additions include higher education, early childhood education, climate and environment, and aging-related reporting. The Banner also explores local angles on national news.
- Collaboration with The New York Times (10:55 – 12:11): Partnered on an opioid crisis investigation, leveraging The Times’ editing and distribution reach. The stories highlighted Baltimore’s high opioid fatality rates, particularly among older Black men.
- Sustainability and Growth Plans (17:28 – 18:33): The Banner aims to be financially self-sustaining within a few years, growing to a 150-person organization while maintaining its civic mission of independent journalism in Maryland.
The Baltimore Banner is a multi-platform news operation serving Greater Baltimore and Maryland. Its mission is to be the most essential and compelling news resource for the people of Maryland. We inform, strengthen, and inspire the communities we serve by providing trusted journalism that tells people’s stories, holds leaders accountable, and delivers a wide range of local news that readers and partners are eager to support. The Banner has built a nonprofit digital news operation that allows people to access its content across multiple platforms. Its coverage includes topics ranging from politics and criminal justice, to sports, education, and entertainment. To learn more, visit: www.TheBaltimoreBanner.com.
Recent News: https://www.thebaltimorebanner.com/content-type/banner-pr/
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