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''Business Insider'' (''BI'' is an American financial and business news website founded in 2007. Since 2015, a majority stake in ''Business Insider''s parent company Insider Inc. has been owned by the German publishing house
Axel Springer Axel Cäsar Springer (2 May 1912 – 22 September 1985) was a West German publisher, founder in 1946 of what is now Axel Springer SE Axel Springer SE is a German digital publishing Electronic publishing (also referred to as publishing, digit ...
. It operates several international editions, including one in the United Kingdom. ''Business Insider'' publishes original reporting and aggregates material from other outlets. , it maintained a liberal policy on the use of
anonymous sources In journalism Journalism is the production and distribution of reports on the interaction of events, facts, ideas, and people that are the "news of the day" and that informs society to at least some degree. The word applies to the journalist ...
. It has also published
native advertising Native advertising, also called sponsored content, is a type of advertising that matches the form and function of the platform upon which it appears. In many cases it functions like an advertorial, and manifests as a video, article or editorial. ...
and granted sponsors editorial control of its content. On a few occasions, ''Business Insider'' has published stories that were factually incorrect. It has been criticized for using
clickbait Clickbait is a text or a thumbnail link that is designed to attract attention and to entice users to follow that link and read, view, or listen to the linked piece of online content, with a defining characteristic of being deceptive, typicall ...
to attract viewership. In February 2021, the brand was simply renamed ''Insider''.


History

''Business Insider'' was launched in 2007 and is based in New York City. Founded by
DoubleClick DoubleClick Inc. developed and provided Internet ad serving services. It was acquired by Google in March 2008. DoubleClick offered technology products and services that were sold primarily to advertising agencies and mass media Mass med ...
's former CEO Kevin P. Ryan, Dwight Merriman, and
Henry Blodget Henry McKelvey Blodget (born 1966) is an American businessman, investor An investor is a person that allocates capital with the expectation of a future financial return (profit) or to gain an advantage (interest). Through this allocated capi ...
, the site began as a consolidation of industry vertical blogs, the first of them being ''Silicon Valley Insider'' (launched 16 May 2007) and ''Clusterstock'' (launched 20 March 2008). In addition to providing and analyzing business news, the site aggregates news stories on various subjects. It started a UK edition in November 2014, and a Singapore bureau in September 2020. ''BI's'' parent company is Insider Inc. After ''Business Insider'' was purchased by Axel Springer SE in 2015, a substantial portion of its staff left the company. According to a
CNN The Cable News Network (CNN) is a multinational news-based pay television Pay television also known as subscription television, premium television or, when referring to an individual service, a premium channel, refers to subscription-based t ...

CNN
report, some staff who exited complained that "
traffic Traffic on roads A road is a thoroughfare, route, or way on land between two places that has been paved or otherwise improved to allow travel by foot or by some form of conveyance (including a motor vehicle Electric bicycles parked i ...
took precedence over enterprise reporting". In 2018, staff members were asked to sign a
confidentiality agreement #REDIRECT Non-disclosure agreement #REDIRECT Non-disclosure agreement#REDIRECT Non-disclosure agreement A non-disclosure agreement (NDA), also known as a confidentiality agreement (CA), confidential disclosure agreement (CDA), proprietary informat ...
that included a nondisparagement clause requiring them not to criticize the site during or after their employment. Early in 2020, CEO Henry Blodget convened a meeting in which he announced plans for the website to acquire 1 million subscribers, 1 billion
unique visitors According to IFABC Global Web Standards, a unique user (UU) is "An IP address plus a further identifier. The term "unique visitor" may be used instead of "unique user" but both terms have essentially the same meaning (see below). Sites may use Use ...
per month, and over 1,000 newsroom employees. The parent companies of ''Business Insider'' and
eMarketer eMarketer is a subscription-based market research Market research is an organized effort to gather information about target markets and customers: know about them, starting with who they are. It is a very important component of business str ...
merged in 2020 in connection with the proposed purchase of Axel Springer by KKR, an American private equity firm. In October 2020, ''BI''s parent company purchased a majority position in ''Morning Brew'', a newsletter.


Finances

''Business Insider'' first reported a profit in the fourth quarter of 2010. As of 2011, it had 45 full-time employees. Its target audience at the time was limited to "investors and financial professionals". In June 2012, it had 5.4 million unique visitors. ,
Jeff Bezos Jeffrey Preston Bezos ( ; né Jorgensen; born January 12, 1964) is an American entrepreneur, media proprietor, investor, computer engineer, and commercial astronaut. He is the founder and executive chairman of Amazon (company), Amazon, where ...

Jeff Bezos
was a ''Business Insider'' investor; his investment company Bezos Expeditions held approximately 3 percent of the company as of its acquisition in 2015. In 2015,
Axel Springer SE Axel Springer SE is a German digital publishing Electronic publishing (also referred to as publishing, digital publishing, or online publishing) includes the digital publication of e-books, Online magazine, digital magazines, and the developme ...
acquired 88 percent of the stake in Insider Inc. for $343 million (€306 million), implying a total valuation of $442 million.


Divisions

Business Insider operates a paid division titled ''BI Intelligence'', established in 2013. In July 2015, ''Business Insider'' began the technology website ''Tech Insider'', with a staff of 40 people working primarily from the company's existing New York headquarters, but originally separated from the main ''Business Insider'' newsroom. However, ''Tech Insider'' was eventually folded into the ''Business Insider'' website. In October 2016, ''Business Insider'' started ''Markets Insider'' as a joint venture with Finanzen.net, another Axel Springer company.


Bias, reliability, and editorial policy

In 2010, Business Insider falsely reported that New York Governor
David Paterson David Alexander Paterson (born May 20, 1954) is an American politician and member of the Democratic Party who served as the 55th governor of New York, succeeding Eliot Spitzer and serving out nearly three years of Spitzer's term from March 200 ...
was slated to resign; ''BI'' had earlier reported a false story alleging that
Steve Jobs Steven Paul Jobs (; February 24, 1955 – October 5, 2011) was an American business magnate A business magnate is someone who has achieved great success and enormous wealth through the ownership of multiple lines of enterprise. The term ch ...

Steve Jobs
experienced a heart attack. In April 2011, Blodget sent out a notice inviting publicists to "contribute directly" to ''Business Insider.'' , ''Business Insider'' allowed the use of
anonymous sources In journalism Journalism is the production and distribution of reports on the interaction of events, facts, ideas, and people that are the "news of the day" and that informs society to at least some degree. The word applies to the journalist ...
"at any time for any reason". According to the
World Association of Newspapers and News Publishers The World Association of Newspapers and News Publishers (WAN-IFRA) is a non-profit A nonprofit organization (NPO), also known as a non-business entity, not-for-profit organization, or nonprofit institution, is a legal entity organized and oper ...
, ''Business Insider'' gave
SAP SAP SE () is a German multinational Multinational may refer to: * Multinational corporation, a corporate organization operating in multiple countries * Multinational force, a military body from multiple countries * Multinational state, a sove ...

SAP
"limited editorial control" over the content of its "Future of Business" section . The website publishes a mix of original reporting and aggregation of other outlets' content. ''Business Insider'' has also published
native advertising Native advertising, also called sponsored content, is a type of advertising that matches the form and function of the platform upon which it appears. In many cases it functions like an advertorial, and manifests as a video, article or editorial. ...
.


Reception

In January 2009, the ''Clusterstock'' section appeared in ''
Time Time is the continued sequence of existence and event (philosophy), events that occurs in an apparently irreversible process, irreversible succession from the past, through the present, into the future. It is a component quantity of various me ...
''s list of 25 best financial blogs, and the ''Silicon Alley Insider'' section was listed in ''
PC Magazine ''PC Magazine'' (shortened as ''PCMag'') is an American computer magazine Computer magazines are about computers and related subjects, such as computer network, networking and the Internet. Most computer magazines offer (or offered) advice, so ...
''s list of its "favorite blogs of 2009". 2009 also saw ''Business Insider''s selection as an official Webby honoree for Best Business Blog. In 2012, ''Business Insider'' was named to the ''Inc.'' 500. In 2013, the publication was once again nominated in the Blog-Business category at the Webby Awards. In January 2014, ''
The New York Times ''The New York Times'' is an American daily newspaper based in New York City with a worldwide readership. Founded in 1851, the ''Times'' has since won List of Pulitzer Prizes awarded to The New York Times, 132 Pulitzer Prizes, the most of a ...

The New York Times
'' reported that ''Business Insider'' web traffic was comparable to that of ''
The Wall Street Journal ''The Wall Street Journal'', also known as ''The Journal'', is an American business-focused, English-language international daily newspaper A newspaper is a periodical Periodical literature (also called a periodical publication or sim ...

The Wall Street Journal
''. In 2017, ''
Digiday ''Digiday'' is an online trade magazine A trade magazine, also called a trade journal, or trade paper (colloquially or disparagingly a trade rag), is a magazine A magazine is a periodical literature, periodical publication which is printing, p ...
'' included imprint ''Insider'' as a candidate in two separate categories—"Best New Vertical" and "Best Use of Instagram"—at their annual Publishing Awards. The website has faced criticism for what critics consider its
clickbait Clickbait is a text or a thumbnail link that is designed to attract attention and to entice users to follow that link and read, view, or listen to the linked piece of online content, with a defining characteristic of being deceptive, typicall ...
-style headlines. A 2013 profile of Blodget and ''Business Insider'' in ''
The New Yorker ''The New Yorker'' is an American weekly magazine featuring journalism Journalism is the production and distribution of report Image:Hurt Report cover page.png, 220px, Example of a front page of a report A report is a document that pr ...

The New Yorker
'' suggested that ''Business Insider'', because it republishes material from other outlets, may not always be accurate.


References


Further reading

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External links

* {{Authority control
2007 establishments in New York City{{Navseasoncats City Establishments in New York City by year 2007 in New York City, Establishments ...
Axel Springer SE American financial news websites Business magazines published in the United States Financial services companies established in 2007 Magazines established in 2007 Magazines published in New York City