Blockworks, founded in late 2017, has established itself as a leading provider of crypto insights and information, driven by the belief that crypto’s inherent qualities, such as enhanced asset accessibility, increased transparency, and reduced financial friction, contribute to a better world. The company recognizes the cyclical nature of the crypto market, yet emphasizes the consistent year-over-year growth of on-chain value transfer, a trend projected to continue for decades. This sustained growth will necessitate a substantial increase in the number of individuals involved in the crypto ecosystem, including investors, founders, developers, and professionals, all requiring access to reliable information to navigate the complex landscape. This demand creates a significant market opportunity for crypto data, research, and high-quality insights, precisely the niche Blockworks aims to fill.
Blockworks’ business model encompasses a multifaceted approach. Their media channels deliver crucial news and insights to professionals and investors, enabling informed decision-making. Events organized by Blockworks foster vital connections within the industry, gathering executives, founders, investors, and developers to collaborate on shaping the future of crypto. Their data and research arm equips professional investors with the tools and alpha-generating insights necessary for smarter investment choices. Furthermore, their recently established advisory business assists protocols in building more robust and successful ventures. Revenue generation stems from a combination of advertising and sponsorships, event ticket sales, advisory services, and access to their proprietary research and data platform.
Despite the apparent simplicity of the business model, execution remains paramount, particularly in the dynamic landscape of media and software. The evolving nature of news consumption, driven by social media and AI, presents challenges for companies unable to adapt, as evidenced by the struggles of several Blockworks competitors. Similarly, software development without a strong distribution channel often leads to unsustainable customer acquisition costs and reliance on venture capital funding, a cycle Blockworks has consciously avoided by controlling its distribution layer and maintaining profitability. This strategy stems from early advice received by the founders to prioritize survival in the volatile crypto industry, a principle that has guided Blockworks’ decision-making, prioritizing long-term sustainability over aggressive, potentially unsustainable growth.
2024 proved to be a highly successful year for Blockworks across multiple fronts. Advertising and sponsorship revenues reached record highs, driven by strong quarterly performance, particularly in Q4. Annual recurring revenue (ARR) also reached a new peak, with over 100 enterprises, funds, and financial institutions subscribing to the Blockworks Research platform. The company’s “House of Brands” strategy, which focuses on developing dedicated niche brands catering to specific audiences, has resulted in five thriving brands, each with its own podcast, newsletter, and Telegram community, with plans for in-person activations. The Blockworks podcast network, with over 672 episodes and 15 million listens across various platforms, has become the largest in the crypto industry and potentially one of the top three financial podcast networks globally.
Recognizing the increasing value of direct audience engagement, Blockworks has grown its newsletter subscriber base to nearly 200,000. The newsroom published over 2,230 stories, reaching a global readership and establishing Blockworks as a primary resource for crypto news. Their research team published 159 reports, further solidifying their position as a leading crypto analysis team. Significant improvements were made to the data platform, expanding coverage of user metrics, financials, and token data for over 30 leading protocols and applications, driven by the philosophy that improving data quality elevates the entire industry. The launch of Blockworks Advisory provides valuable support to protocols, helping them navigate challenges and accelerate growth. The acquisition and integration of The Drop and The Breakdown further strengthened Blockworks’ editorial and insights capabilities, aligning with their House of Brands strategy.
Blockworks’ competitive advantage lies in the synergistic relationship between its media channels and data platform. The reach of their media fuels the data platform, while their proprietary data and research strengthens their reporting. This creates a self-reinforcing cycle, setting them apart from competitors who lack either the depth of on-chain and financial data or the distribution capabilities. This integrated approach allows Blockworks to offer unique value to both its audience and its clients, creating a sustainable and scalable business model. The company’s focus on data-driven insights, combined with its strong media presence, positions it for continued growth and leadership in the evolving crypto information landscape.
Looking ahead to 2025, Blockworks aims to solidify its position as the definitive data and research platform for the crypto industry. This will involve further expansion of the House of Brands strategy, scaling existing properties and launching new ones, encompassing podcasts, newsletters, communities, and in-person events. Attracting and retaining top talent in podcasting, writing, reporting, and research is another key priority, involving early talent identification, building brands around individuals, and implementing effective retention strategies. This includes a commitment to investing in journalism, even amidst industry-wide cutbacks. Hosting three prominent industry conferences – DAS New York, DAS London for institutions, and Permissionless for developers and builders – is also on the agenda. Further integration of media and events with research and data is planned, along with expanding the advisory business to support more protocols. Ultimately, Blockworks’ long-term vision centers on building the world’s leading crypto media and information brand and platform, achieved through consistent, sustainable growth, strategic decision-making, and a relentless focus on delivering value to the crypto community.
