Ben Smith on building a $40m turnover news business in three years

Media start-up Semafor reached profitability in 2025 with revenue of $40m, in the third full year after its October 2022 launch.

Co-founder and editor-in-chief Ben Smith joined Press Gazette’s UK editor Charlotte Tobitt in London to discuss how the business became an overnight success in a difficult climate for media overall.

Smith discussed Semafor’s expansion plans, why its initial bet on video didn’t work out, why it still doesn’t have a paywall, and shared his advice for other media business founders.

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