How to Build a Profitable Media Company in 3 years, with Semafor’s Justin Smith

News is a tough business. So how did Semafor, the news startup founded by Ben Smith and Justin Smith, figure out how to turn a profit in their third year of business?

Excellent journalism certainly helps. But it’s really because the company made two key decisions: Focusing on events — and focusing on events in Washington, D.C., where companies will pay a lot of money to reach a relatively small crowd of influential people.

There’s more to it than that, as Semafor’s CEOJustin Smith explains to me in our conversation. But it’s not a coincidence that Semafor is doing well in the same market that’s been quite kind to other news startups in recent years, including Axios and Punchbowl.

So one big question I had going into this conversation — and one I still have — is whether you can adapt the Semafor playbook if your media company isn’t oriented around the C Suite/K Street set. But take a listen and let me know what you think.

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