Yesterday,24/7 Wall Street
released its list of the25 Most Valuable Blogs
, and local gaming blogDestructoid
came in at number 16 with a value of $2.5 million (full disclosure: Prior to working atNew Times
, I was a blogger/editor forMiami Nights
, which is owned by Destructoid's parent network,Modern Method
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). 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.