Semafor is about to close the book on its first full calendar year, having launched in October 2022 as a media and events company. And despite launching during a tumultuous time for any media organization, Semafor’s co-founder and CEO Justin Smith said that his team had profitable months this fall, even coming close to breaking even in the fourth quarter of 2023.

This accomplishment was made possible thanks, in part, to a combination of designating events as a core segment of the business as well as keeping the team as lean as possible for as long as possible, Smith said on the latest episode of the Digiday Podcast.

And in the coming year, a continued focus on events, expanding the brand to additional international markets and investing in the website are all central to Semafor’s second year growth strategy.