Transcript
Introduction
Matt
This is Matt Reustle, and today we are breaking down Informa. For me, Informa is the most interesting business in media, and I'm going to share a bit of extra detail in this intro because I think it's relevant when I make a statement like that.
Everyone I know that runs a media business talks about Informa. No one I know in investing talks about Informa. So when our guest today, Nick Shenton from Artemis, mentioned it as a potential breakdown, I jumped at the opportunity.
At its core, Informa is a live events business, and I have this theory that investors are only familiar with bland, utilitarian conferences. I was in this camp. It was only when I stepped out and saw that there was much more happening in other industries.
The best industry events are special assets, and they come with a compelling financial model which Nick details. Informa also has a publishing business that feels similar to Harvard Business Publishing, which we covered on a different breakdown. And what intrigues me the most is their first-party data efforts in the B2B space, and that's evidenced by the recent TechTarget merger.