Monetize Before Creating

A successful media company strategy starts with building monetization capabilities before focusing on content creation. This framework is based on Blockworks' journey from events to content.

Core Strategy

• Start with revenue generation before content creation
• Build monetization capabilities first, then layer in content
• Focus on enterprise/B2B opportunities initially rather than consumer

Blockworks' Evolution Path

1. Events First Approach

• Started with hosting crypto events to generate immediate revenue
• First event had 220 people and made $12,000 in revenue
• Built up to major conferences generating over $10M in revenue
• Used events as cash flow to fund other media initiatives

2. Podcast Strategy

• Began by producing podcasts for others rather than creating own content
• Managed everything: production, editing, sponsorship sales
• Eventually realized this was good for revenue but bad for IP ownership
• Pivoted to owning their own podcast content

3. Research Business Development

• Started with written research reports behind paywall ($25-100/month initially)
• Manually aggregated data from various sources
• Built front-end database for protocol information
• Recently launched analytics product for crypto metrics
• Target audience: institutional investors and crypto funds

Key Lessons

• Don't start with content first - it's harder to monetize later
• Build business "ass backwards" - revenue first, content second
• Focus on enterprise customers willing to pay significant amounts
• Use profitable divisions to fund growth in other areas

Revenue Diversification

• Events: Major conferences generating $10M+ per event
• Research Platform: Subscription-based data and analytics
• Media/Content: Ad-supported content across multiple platforms
• Multiple revenue streams reduce dependency on any single source

Growth Strategy

• Start small but think big
• Build trust with community before selling services
• Focus on quality over quantity
• Continuously iterate and improve products
• Use profitable divisions to fund expansion into new areas