E-commerce pioneer, Michael Golden, became rich when eBay acquired King of Prussia’s GSI Commerce six years ago for $2.4 billion. Now, he is investing around two hundred thousand into three Montgomery County local news websites, writes Joseph N. DiStefano for Philly.com.
According to Golden, this project has the potential to earn a small fortune as news websites are relatively inexpensive to run. In fact, Burb currently has just three employees, techie-designer, Marc Garabedian, AroundAmbler’s chief, Ben Bergman, and Kevin Tierney who covers Conshohocken.
Also, to cover costs across the three sites, Burb plans to rely on advertising revenue. Conveniently, a significant portion of this is already guaranteed as Golden owns a number of the advertising clients. As a result, he expects to sell around $100,000 in advertising this year mostly from restaurants and apartment rentals that he backs.
He also plans to add another $200,000 from events organized by a company that he already owns the intellectual property for. These include Ambler and Spring Mill’s weekly farmers’ markets, the Conshohocken Music Festival, restaurant weeks, beer gardens, and pub crawls.
Read more about the news website chain at Philly.com by clicking here.