With Sherwood, Robinhood enters the media space with a daily market and business newsletter building on the popularity of Snacks.
Topolsky joined Sherwood Media as editor-in-chief and president, saying he is excited to be part of a team that has the chance, position, and perspective to establish a news company for the next wave.
The American retail trading platform Robinhood Markets Inc. announced the formation of Sherwood Media, LLC, a subsidiary with a media-focused focus, on January 17. The name is derived from the folktale of Robin Hood, an outcast who used to reside in the "Sherwood" forest. The new media outlet would include news and information on financial markets, economics, business, technology, and the culture of money.
Building on the popularity of Robinhood's daily markets and business email, Snacks, the business will serve as an extension of the Robinhood brand and a tool for luring new clients. The publication will soon become the new home of Snacks as well as other new products that will cover finance & money holistically, along with related topics like cryptocurrencies, technology, and geopolitics. It is led by Joshua Topolsky, the creator and former Editor-in-Chief of The Verge. Before departing for Sherwood, Topolsky worked as the Chief Digital Content Officer at Bloomberg and was instrumental in the founding of the parent company of Vox Media.
The next generation views money and the markets through a whole new prism, they live at a different pace, and they want something more substantial in their diet, according to Topolsky, who was cited as saying this while discussing the new development.
Topolsky joined in as editor-in-chief and president of Sherwood Media, adding that he is thrilled to be a part of a team that has the exceptional chance, position, and viewpoint to build a "news company for the next wave." Additionally, the new president of Sherwood plans to create revenue potential for the editorial articles he is generating, even though Robinhood will offer cash to support the construction of the outlet.
Topolsky plans to fill dozens of unfilled roles at the new business starting this year, including those for reporters, editors, and social media content creators. In addition to Snacks, he intends to roll out other email items for various business and finance verticals. He claimed that one of his primary goals would be to start producing specialist newsletters on well-known companies like Tesla and Disney.
With the acquisition of MarketSnacks in 2019, Robinhood made its foray into the media industry. MarketSnacks was a startup that created podcasts and newsletters and was the source of Robinhood's current Snacks newsletter. Snacks did not cover Robinhood-related news prior to the creation of Sherwood in order to avoid any actual or imagined conflicts of interest. Topolsky claimed that Sherwood would cover its parent trading platform this time around "where and when it makes sense" in addition to required disclosures. Robinhood seeks to harness the strength of Sherwood in order to establish a stronger position in the market. Robinhood uses media as a powerful client acquisition and branding tool.
Currently, the share price of Robinhood (HOOD) is trading at roughly $9.43, which represents a 1% increase over the previous day as opposed to a 10% rise over the previous five days.