In a move that strengthens its foothold in the digital content market, Indian local language technology platform VerSe Innovation has acquired Magzter, a global digital newsstand service. The acquisition grants VerSe Innovation access to Magzter’s library of over 8,500 premium magazines and newspapers across 60 languages.
Magzter, based in New York, has 1M+ paying subscribers in India and 87M+ users worldwide.
VerSe Innovation, the parent company of popular platforms like Dailyhunt and Josh, has experienced remarkable growth in recent years, amassing over 100 million monthly active users in India. With this acquisition, VerSe aims to expand its content offerings and cater to the diverse tastes of its users.
The acquisition underscores VerSe’s commitment to affluent audiences. As part of its strategy, the company plans to launch Dailyhunt Premium, integrating Magzter’s vast catalog of premium content. This includes renowned global publications such as Time, Newsweek, Fortune, The Economist, and more.
By addressing the demand for high-quality premium content, particularly among India’s elite and aspirational upper-middle-class demographic, VerSe Innovation aims to solidify its position in the digital content market.
While financial details of the acquisition remain undisclosed, VerSe Innovation’s recent funding round of $805 million highlights its financial strength for strategic acquisitions.
This move can be seen as a strategic play by VerSe Innovation to diversify its revenue streams. While Dailyhunt primarily relies on advertising, Magzter operates on a subscription-based model, tapping into India’s growing market for premium content.
With Magzter’s substantial subscriber base, exceeding 1.1 million active paying users in India alone, VerSe Innovation is going to have strong foundation for its premium content push. However, the success of the acquisition hinges on how VerSe integrates Magzter’s platform and content with its existing offerings.
