Condé Nast is on a journey to remake itself from a magazine company -- home to Vogue, The New Yorker, Vanity Fair and more titles -- and into what new CEO Roger Lynch calls "a 21st century media company."

The exact contours of what that looks like remain a work in progress. One aspect that isn't in doubt: video and the establishment of franchises is absolutely part of that vision. Condé Nast Entertainment now creates more than 4,000 videos a year, garnering on average more than 1 billion views a month (mostly from YouTube, Katzeff said). Now, the challenge is turning those views into franchises.

"We haven't done a great job yet in taking that IP and giving it legs beyond print," said Condé Nast Entertainment president Oren Katzeff on this week's episode of the Digiday Podcast. "And that's no big surprise and that's no knock on anybody. For so long the magazine was the be all end all for IP. A lot of consolidation in the media space, it's about a lot of things but one of them is the opportunity to garner IP and monetize IP in long-form content. You look at Disney, HBO Max and Netflix who are spending $100 billion this year on long-form content, and we've only scratched the surface of that."