Media supergrowers – AI, adjacency, and audience expansion

In a media and entertainment landscape reshaped by digital disruption, ever-changing consumer tastes, and evolving business requirements, a select group of companies isn’t just surviving—they’re setting the pace for innovation, growth, and market influence. Despite facing intense competition and business-model disruption, these companies have found a way to break through and evolve to meet shifting consumer preferences.  As expected, AI plays a starring role in some of the key growth-enhancing acts of leading media players, but there is no virtual substitute for many tried and true growth strategies, such as diversification into adjacent markets or geographic expansion. 

Social media platform Reddit's AI-powered search tool, Reddit Answers, helps users find information faster—though with fewer entertaining subreddit detours—boosting user engagement. At the same time, Reddit has expanded its international audience by adding more localized content and multilingual support.   

Streaming service Spotify is an adjacency story: It has successfully expanded beyond music into podcasts, audiobooks, and premium and ad-supported services that reach a diverse subscriber base in over 184 countries.  

It wasn’t magic that led to substantial international growth for Bloomsbury Publishing, the UK-based publisher that brought Harry Potter to millions of readers around the globe. The company saw international revenue account for 77% of total sales (up from 73% in 2023), with strong growth in the U.S. market and big sales increases for titles by several high-profile authors.  

Reddit 

Reddit, in the number one spot on the media list, experienced impressive growth from 2023 to 2024. The company’s monetization strategy flourished, with advertising year-over-year revenue growing by 50% to $1.2 billion in 2024, driven by deeper advertising relationships and new revenue streams like content advertising. The growth story is evident in the changes to the number of daily active unique visitors (DAUq), which grew at 33% CAGR from 58 million to 102 million between Q4 2022 and Q4 2024. Additionally, Reddit’s DAUq rose from 73 million to 102 million between Q4 2023 and Q4 2024, representing a 39% YoY change compared to the prior year period. A key factor driving growth is Reddit’s focus on improving user engagement and discovery through AI-powered content recommendations, search engine optimization, and enhanced user experiences. Their international expansion also contributed, with international DAUq growing by 46% year-over-year. The platform’s ongoing investment in AI, product development, and safety features also supports its long-term growth, ensuring a better experience for both users and advertisers.  

Informa 

Even in a world where many answers can be found with a few keystrokes, UK-based Informa, a leading international events, digital services, and academic research group, delivered strong revenue growth of 32% (2-year CAGR LTM).  The company’s success was primarily driven by two segments—Informa Markets, which delivers live and on-demand B2B events, and Taylor & Francis, which publishes books and academic journals. The former saw 14.2% YoY growth to £1.8 billion, enabled by 1) structural tailwinds driving interest in high-quality, live B2B events that foster face-to-face interactions; 2) geographic rebalancing toward faster-growing markets; and 3) investment in B2B end markets with high levels of innovation and growth (e.g., technology, finance, pharma). Taylor & Francis saw 14.5% growth to £698 million, driven by strong performance in licensing, archives, and data access, including $75 million+ of non-recurring revenues.  

Bloomsbury Publishing 

Bloomsbury Publishing is enjoying a record-breaking chapter in its 37-year story, posting its highest-ever revenue and profit for the 2024 fiscal year ending February 2024. Revenue soared by 30% to £343 million, with profit before tax jumping 57% to £49 million. The momentum continued into the first half of 2024/25, fueled by a 47% surge in consumer publishing—thanks in large part to strong demand for fantasy fiction. Star Throne of Glass series author Sarah J. Maas led the charge with a 102% sales increase, while the Harry Potter series continued its enduring success. Bloomsbury’s diversified model, spanning both consumer and academic publishing, proved highly resilient. Sales for the Digital Resources business, which provides high-quality digital content such as digital textbooks for higher education institutions, schools, and public libraries, hit £27 million, and international growth surged, with U.S. revenue now making up well over half of the business. The strategic acquisition of Rowman & Littlefield further bolstered its academic portfolio and digital learning capabilities, positioning Bloomsbury for future expansion. 
 

QuinStreet 

Consumers looking to compare bank interest rates or auto insurance quotes have likely encountered a QuinStreet online marketplace such as Money-Rates.com or Insure.com. These online public and private marketplaces help consumers research and compare products quickly, primarily in financial and home services markets.  The company uses advanced segmentation and AI-driven matching technologies to help consumers find the best solutions faster, while allowing brands to target potential customers with greater precision. The company delivered strong growth in fiscal year 2025, with Q1 revenue surging 125% YoY to $279 million. Momentum continued in Q2 and Q3, with revenues rising 130% and 60% YoY to $284 million and $270 million, respectively. Full-year 2025 revenue is projected at approximately $1.1 billion, reflecting 77% YoY growth and a 37% CAGR from 2023 to 2025. The growth is primarily driven by a broad-based ramp of auto insurance carrier marketing budgets. The surge in carrier demand, paired with a proprietary media platform able to efficiently match high-intent consumers with top-tier advertisers at scale, enabled record lead volumes and monetization.  Additionally, QuinStreet’s revenue diversification strategy, including ventures into content licensing and user economy products, contributed to a significant rise in overall earnings, demonstrating the company’s ability to expand beyond its core offerings and capitalize on new opportunities. 
 

Spotify 

Spotify, whose mission is to unlock human creativity, keeps the music playing for millions of streamers in over 184 countries. Over the years, the company has expanded to other forms of audio content, with podcasts contributing significantly to its current growth by attracting a broader audience and increasing user engagement as listeners tend to spend more time on the platform and tune in regularly. Major investments in exclusive podcast content combined with partnerships with major creators and celebrities have opened new monetization opportunities for Spotify, including advertising revenue, where podcasts serve as a lucrative format for advertisers seeking targeted, highly engaged audiences. 

The company’s overall revenue increased 18% between FY23 and FY24, from €13.2 to €15.7 billion. Spotify’s two reportable segments are Premium and Ad-Supported. Premium revenue, which accounts for 88% of overall revenue, is primarily generated through subscription fees and increased 19% between FY23 and FY24, from €11.6 to €13.8 billion. The premium tier revenue increase was driven by an increase in subscriber count (236M in Q4 2023 to 263M in Q4 2024 or an 11% increase) as well as two price hikes in 11 months. The ability to raise prices and grow subscribers was enabled by the company’s focus on acquiring high-quality content. 

The ad-supported segment reported a 10% growth in revenue from €1.7 to €1.9 billion over the same period. This segment increase was primarily due to growth in music impressions sold, which increased revenue on direct and programmatic channels. Ad sales from podcasts and growth in marketplace programs also provided revenue uplift.