Dailyhunt parent VerSe Innovation buys Magzter to foray into subscriptions
VerSe Innovation, parent company of news aggregator Dailyhunt and short video platform Josh, is buying Magzter, a New York-based global digital newsstand with over 8,500 premium magazines and newspapers. The acquisition is part of VerSe's efforts to diversify Dailyhunt's revenue streams from a pure advertising-driven model to include digital subscriptions. Dailyhunt is unveiling a subscription-based offering called Dailyhunt Premium, providing users with access to premium content from international publishers across over 40 categories in over 60 languages. The subscription offering will be available through a separate tab within the Dailyhunt app in India and the Middle East and North Africa (MENA) region. Dailyhunt aims to attract users from India's elite and aspirational upper-middle-class demographic, as part of the company's increasing focus on monetisable users. Dailyhunt currently serves over 350 million monthly active users (MAUs) every month, of which 250 million are on the Dailyhunt app and the remaining 100 million on its website. The acquisition will also boost the company's global presence, especially in mature markets such as the United States and the United Kingdom. Magzter will continue to be available as a standalone app, but will now be powered by Dailyhunt Premium.