Semafor editor-in-chief Ben Smith is building an "anti-scale" media company that prioritizes high-quality journalism and profitable live events over the traditional, traffic-dependent digital advertising model.

Key Points

• Semafor, co-founded by Ben Smith and Justin Smith in 2022, generates roughly half of its revenue from its "convening" business, which includes high-profile global events.
• The company employs approximately 60 journalists and 100 total staff, focusing on a targeted, college-educated audience rather than chasing massive, viral traffic.
• Smith utilizes a signature "Semaform" writing style that explicitly separates objective facts from reporter analysis to increase transparency and reader trust.
• The organization is expanding its global footprint, with established operations in Sub-Saharan Africa and plans for further growth in the Gulf, Europe, and Asia.
• Smith remains bullish on using AI for internal production tasks, such as synthesizing transcripts from large-scale events, while maintaining strict ethical boundaries regarding journalistic independence.

Why it Matters

The shift toward an anti-scale business model reflects a broader industry reckoning as legacy media brands struggle to compete with the algorithmic dominance of social platforms. By diversifying revenue through events and focusing on a high-value audience, Semafor is attempting to prove that independent, quality journalism can remain financially viable in an era of declining trust and platform instability.