HOW THEY MAKE MONEY // SEASON 1, EPISODE 26 INTELLIGENCE REPORT
Forbes 4/14 ACTIVE GATES

What does Forbes Really Sell?

On the outside, it is easy to assume that Forbes makes money by printing its bi-monthly business magazine and selling digital ads, programmatic banners, and video commercials across its website (Forbes.com). That is what is SEEN.

THE SEEN ENGINE
$140.00M

Print & Digital Advertising

The ad revenue generated by programmatic display banners, video ads, newsletter sponsorships, and print magazine insertions.

Source: Forbes Media LLC FY 2025 Financial Estimates
THE UNSEEN ENGINE
$80.00M

Forbes Councils & Brand Licensing

The recurring fee revenues generated by Forbes Councils memberships, brand licensing royalties, and product recommendation affiliate cuts (Forbes Vetted).

Source: Forbes Media LLC FY 2025 Financial Estimates

The real wealth is in what is NOT SEEN—how they leverage their prestige brand to run Forbes Councils, a paid membership club where over 20,000 business executives, coaches, and consultants pay $2,500 to $5,000/year ($80M in aggregate fees) for the 'privilege' of writing their own articles on Forbes.com and using the Forbes logo on their corporate websites.

But which money gates does Forbes Media LLC use to stack this cashflow? Click each ? to reveal how they use that gate.

AGENT // PROFIT OPENER THE SEEN (PHYSICAL/DIGITAL) THE UNSEEN (PHYSICAL/DIGITAL)
1. Products — —
2. Services — —
3. Access —
4. Attention
ACTIVE · SEEN Website Programmatic Ad Spaces Monetizing millions of monthly pageviews by placing heavy programmatic banners, video ads, and sponsored editorial lists. Source: Forbes.com ad operations
—
5. Money — —
6. Risk — —
7. Brand —
STEP 03

Strategic Translation

The underlying economic infrastructure driving this profit extraction design.

01

What is the explicit promise the customer buys?

Magazines displayed on stands, list rankings (30 Under 30), and ad-filled business articles online.

02

What asset is quietly accumulating as a result?

The global prestige associated with the Forbes trademark logo and the publishing authority of Forbes.com.

STEP 04

Author's Note

PO
Pelumi Ogunmokun FOUNDER // KAMPAIGN LABS

The Personal Take: If you have a prestigious, authoritative brand name that represents professional success, do not just sell ads or subscriptions to readers. Sell the brand's authority *itself* to other business owners (Brand - Digital). Create a fee-based community or council (Access - Digital) where business owners pay you to self-publish content on your website and display your badge on their marketing materials, turning your brand value into high-margin recurring fee revenue.

SME Operational Conditions: Use this when you have built a high-credibility B2B brand or platform where business owners and professionals want to be associated with your name for prestige, authority, or lead-generation purposes.

Local Brand Example: A local business directory app that reviews plumbing, HVAC, and roofing companies (Services - Digital) launches a certified 'Expert Circle' membership (Access - Digital) for $1,200/year. Instead of just listing them, the app lets contractors write monthly home repair advice articles on the site and display a 'Verified Local Expert' badge on their vans and brochures. The contractors get lead credibility, and the app operator pockets recurring membership revenue.

Read Next: The 7 Money Gates →
📖 VIEW THE 14 PROFIT OPENERS FRAMEWORK GUIDE ▼
THE FRAMEWORK // FOR REFERENCE

The 14 Profit Openers Explained

Every business extracts revenue through some combination of these 14 channels — 7 openers, each available in a Physical and a Digital medium. Use this as your reading guide.

PROFIT OPENER PHYSICAL CHANNEL DIGITAL CHANNEL
01 Products Physical Product Sales Tangible goods manufactured, packaged, and sold via retail or direct channels. The classic storefront transaction. Digital Product Sales Downloadable assets, software, templates, or digital files sold as a one-time purchase with zero delivery cost.
02 Services Physical Service Delivery In-person labor, consultations, repairs, or expertise delivered at a physical location or on-site. Digital Service Delivery Remote consulting, virtual coaching, online fulfillment, or any service rendered and delivered through digital channels.
03 Access Physical Access Gate Memberships, entry passes, physical loyalty tiers, or location-based access privileges privileges sold on a recurring basis. Digital Access Gate Subscription plans, SaaS tiers, paywalls, or recurring digital membership fees that gate content or functionality.
04 Attention Physical Attention Capture Billboard placements, event sponsorships, in-store brand shelving, or any physical advertising inventory sold to third parties. Digital Attention Capture Ad revenue, sponsored placements, affiliate arbitrage, or monetizing an owned audience's attention through digital channels.
05 Money Physical Money Mechanics Upfront payment collection, deposit structures, or float optimization — holding cash from physical transactions before fulfillment. Digital Money Mechanics Payment processing spreads, digital float, BNPL integrations, or fintech revenue extracted from digital transaction flow.
06 Risk Physical Risk Coverage Extended warranties, in-store protection plans, insurance products, or physical asset guarantees sold alongside the core product. Digital Risk Coverage Digital warranties, SLA upsells, cybersecurity add-ons, or data backup subscriptions that monetize a customer's fear of loss.
07 Brand Physical Brand Licensing Trademark royalties, franchise licensing fees, co-branding deals, or physical branded merchandise sold to third parties. Digital Brand Licensing IP licensing, white-label software deals, digital co-branding arrangements, or platform platform placement fees paid for brand association.