'Scale for scale's sake is almost meaningless': Axios CEO Jim VandeHei

For Axios CEO Jim VandeHei, the unquenchable firehose of outrageous news from the Trump White House — and the 2020 presidential election in general — is a distraction. "My hope is we do very little coverage or analysis after the next debate if there's nothing substantive to say," VandeHei said on the Digiday Podcast (a few days before the president's coronavirus diagnosis would put future debates into question). He added that Axios won't be "made or broken by whether Trump wins or loses" in November. For him, the major stories of the 21st century include artificial intelligence, climate change and China's actions on those issues — and in the world at large. And Axios seems to be proving there is in fact a market for the concise coverage it provides on those issues and more. The company will make a small profit for the third year in a row, VandeHei said. For 2020, he forecasts revenue above the Wall Street Journal's recent estimate of $58 million. That has made an optimistic CEO out of VandeHei, which is new. "I've been a pessimist about a lot of media for a long time," he said. "What we are seeing are a couple of trends that are really positive for high quality media companies." For one, her said, Google and Facebook have gone from threat to being "a net asset" for companies like Axios as they can bring big audiences and are themselves big sources of a specific kind of advertising. "Call it corporate image or corporate social responsibility type advertising, which is ads from companies about something other than selling a product," VandeHei said. "It's 'what do we stand for? what are we trying to do as a company as a corporate citizen?' That's a boom market. That market has turned out to be a lot bigger than we had anticipated."