Forbes

Forbes: A Journey Through Time

Imagine a world where business and finance are not just discussed but celebrated, where every page turns reveals insights into the global economy. That’s what Forbes has been doing since its founding in 1917 by B.C. Forbes. From its humble beginnings as ‘Forbes: Devoted to Doers and Doings’, it has grown into a powerhouse of business journalism, covering everything from finance and technology to politics and culture.

From B.C. Forbes to Steve Forbes

Who could have imagined that the magazine would evolve so much over the years? Starting with B.C. Forbes and Walter Drey, it has seen several editors-in-chief, including Bruce Charles Forbes and Malcolm Forbes before being acquired by Elevation Partners in 2006. Now, under Steve Forbes as chairman and editor-in-chief, the magazine continues to thrive.

The Business of Forbes

Forbes Media has undergone significant changes over the years, from selling parts of its enterprise to acquiring new stakes. In 2009, 40% of the company was sold for $300 million. By 2013, it was put up for sale with a reported value of $750 million but later revealed to be only $264 million. However, in 2021, Forbes Media returned to profit with revenue increasing by 34% to $165 million.

Global Reach and Impact

With 42 international editions covering 69 countries, Forbes has truly become a global brand. From India to Japan, the magazine offers investment advice on TV shows and radio, reaching millions of readers worldwide. Steve Forbes recently returned from opening a new edition in India, bringing the number of foreign editions to 10.

Digital Transformation

The digital age has transformed how Forbes operates, with its website reaching over 27 million unique visitors each month. David Churbuck founded the Forbes website in 1996, and it is now part of Forbes Digital, a division of Forbes Media LLC. The contributor system at Forbes has been criticized for enabling ‘pay-to-play journalism’ and repackaging public relations material as news. However, the company allows advertisers to publish blog posts alongside regular editorial content, generating over 10% of its digital revenue.

Challenges and Criticisms

Despite its success, Forbes has faced several challenges and criticisms over the years. The company has blocked internet users using ad blocking software and experienced malware attacks. However, it won a Webby People’s Voice Award for Business Blog/Website in 2020, proving that despite these issues, the magazine continues to innovate and adapt.

The Future of Forbes

As Forbes looks towards the future, questions arise about its direction and sustainability. Billionaire Austin Russell agreed to acquire an 82% stake in the company for $800 million but the deal collapsed due to funding issues. This highlights the ongoing challenges faced by media companies as they navigate the digital landscape.

Forbes magazine has come a long way since its founding, evolving from a small business publication into a global powerhouse of financial and economic insights. As it continues to adapt and innovate in an ever-changing world, one can only wonder what new chapters will be written in the history of this iconic American business magazine.