The Athletic’s numbers look fine actually?

The Information broke some neat news earlier this week about The Athletic, the subscription sports media website that has raised lots of money and, per the report, spent lots of it.

While we have all become inured to a degree regarding losses at quickly growing, venture-backed companies, seeing a media business lose software-style money was eyebrow-raising. However, after a quick scan of the numbers, I have to wonder a bit. It kinda looks like The Athletic is doing fine?

Per Jessica Toonkel’s reporting, The Athletic burned $54 million in cash in 2019 against revenues of $26 million. That’s a lot of burn, right! Maybe? It depends whether the site was hiring lots of staff, building out its product and setting the groundwork for future revenue growth.

So, did the spend work out? Seems like it: The Athletic racked up $47 million in revenues and burned $41 million worth of cash in 2020, according to The Information, despite the pandemic kicking sports in the shins that year.