Local Blog Destructoid Valued at $2.5 Million
Yesterday, 24/7 Wall Street released its list of the 25 Most Valuable Blogs, and local gaming blog Destructoid came in at number 16 with a value of $2.5 million (full disclosure: Prior to working at New Times, I was a blogger/editor for Miami Nights, which is owned by Destructoid's parent network, Modern Method). The site's main office is actually located not too far from our office here in midtown, but the blog is mainly community-driven. Here is what 24/7 had to say about the site:
"Destructoid is the most popular gaming blog and community site with 1.1 million unique visitors and 7.7 million pageviews per month. The site does not carry a huge amount of advertising, but what it does carry is highly targeted and almost certainly has a high CPM. With a $9 per page CPM, annual revenue is about $830,000. Margins are high because most content is user created. Margin is probably 50%. At a 6x multiple on operating margin, the company is worth $2.5 million."
Of course, the top three blogs come at no surprise: The creators of snarky journalism, Gawker Media, came in at number one with a value of $170 million; Huffington Post comes a distant second at $90 million; while another locally run site, Drudge Report, is valued at $48 million. And counting Miami native Perez Hilton, who comes in at number four with $32 million, Miami's total blog tally on the list comes to three.
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