One of the most popular viral phenoms of the digital media boom is now essentially worthless.
That’s not the claim of an analyst or disgruntled ex-employees; it’s the conclusion reached by the Daily Mail, the company that bought Elite Daily in January 2015 for around $40 million.
The publishing company (DMGT) behind the Daily Mail wrote down the value of Elite Daily in its earnings report released on Thursday. In doing so, DMGT is saying that Elite Daily is worth far less than it had previously valued the viral content publisher.
The good news is that Elite Daily is bringing in more money. The bad news is that its losing far more. The company noted that Elite Daily’s “audience retention and revenue growth have been disappointing and losses have exceeded expectations.” Read more…