Sophia Amoruso, founder of Nasty Gal the newly launched Girlboss, an online digital business platform that included events, a blog, a podcast, and more has sold the latter media company to a new media holding company called Attention Capital, “whose goal is to find creative new business models for media businesses at a time when the industry has been suffering financially”. However, Sophia will continue on as CEO of the brand.
According to Girlboss, Attention Capital is “comprised of a team of highly qualified media and tech executives who are eager to rewrite the rules of the media industry. And it couldn’t come at a better time. Media companies have been in crisis for years now, as newspapers and magazines around the country have shuttered. Employment at U.S. newsrooms has dropped by a quarter between 2008 and 2018. However, one by one, media outlets are shuttering. Family Circle magazine just announced it is closing after 87 years.
Attention was founded by Joe Marchese, who has spent his career in roles at 21st Century Fox, FX, and National Geographic. Managing partners at the firm include Nick Bell, a former VP at Snap, and Ashlyn Gentry a former SVP at Palantir. Attention’s goal is not to invest in other companies, but to buy them and help run them.” Attention has said that they aspire to become the next IAC, Condé Nast, or News Corp. However, Attention’s leadership believes that current media conglomerates rely on an outdated advertising model. One that measures the reader’s attention based on things like clicks and page views. These are easy to fake with things like bots and click fraud, and usually deliver low-quality content.
How does Attention plan to gain revenue if not through advertising? Managing partner Ashlyn Gentry spills. “Attention’s goal is to find media brands that have managed to create a loyal audience. Find alternative ways to monetize besides digital advertising. However, our thesis is that media businesses with the most potential are the ones with loyal followers who are willing to let the brand curate some aspect of their lives, from what they read to what they buy. And that’s something that Sophia Amoruso has created with Girlboss.”
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