Semafor

Semafor is a digital news organization founded by two prominent figures in the media industry, Ben Smith and Justin B. Smith (no relation), who left their respective roles as New York Times media columnist and CEO of Bloomberg Media to launch the venture. The company was established in 2022 with the stated goal of reimagining global journalism for a college-educated, English-speaking professional audience that has reportedly lost trust in traditional news sources. Ben Smith, the Editor-in-Chief, has a background that includes roles as editor-in-chief of BuzzFeed News and a political writer for Politico. CEO Justin B. Smith previously served as president of Atlantic Media, where he founded Quartz, and held leadership positions at The Week and The Economist.

The company operates in the global digital news market, targeting what it identifies as 200 million college-educated, English-speaking professionals. Its primary offerings are a website and a collection of newsletters covering topics such as global news (Flagship), U.S. politics (Principals), business, technology, Africa, and the Middle East. Semafor’s business model is a hybrid, currently deriving revenue equally from direct-sold advertising and a robust events business. It has secured partnerships with major corporations like Mastercard, Pfizer, and Verizon. Events have proven to be a particularly profitable arm, with some boasting margins as high as 75%. While currently free to access, the founders have indicated plans to introduce a paid subscription model in the future.

Semafor's core product is distinguished by a proprietary article structure called the "Semaform." This format is designed to increase transparency by clearly separating different components of a news story. Articles are broken down into distinct sections: "The News" (a factual summary), "The Reporter's View" (analysis or opinion from the journalist), "Room for Disagreement" (a counter-narrative), "The View From" (perspectives from other regions or parties), and "Notable" (a curation of other relevant reporting). This structure aims to make the lines between fact and analysis explicit, allowing readers to better understand the architecture of the story and the various viewpoints surrounding an issue. The company initially raised $25 million in funding and later secured an additional $19 million to buy out an investment from Sam Bankman-Fried following the collapse of FTX, bringing its total funding to over $34 million.

Keywords: digital news, global journalism, Ben Smith, Justin B. Smith, Semaform, news transparency, media analysis, newsletter publisher, live journalism, media events, political news, business journalism, technology reporting, Africa news, Middle East coverage, premium advertising, news startups, media innovation, fact-based reporting, opinion journalism, global perspectives