People, Inc. website on November 4, 2026

People Inc. Grows Digital Revenue Despite 70% Drop in Google Referrals

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The publisher is earning more from licensing and business beyond its websites, even as declining search traffic continues to put pressure on revenue.

People Inc. has lost nearly 70% of the traffic Google search once sent to its websites. Yet the publisher behind People, Allrecipes, Investopedia and dozens of other brands is still growing its digital revenue.

The company reported approximately $289 million in digital revenue for the third quarter, up 2% from a year earlier. That's its twelfth consecutive quarter of digital growth, despite a 26% decline in visits to its major websites during the quarter. CEO Neil Vogel told investors on November 3 that Google referrals have fallen nearly 70% over approximately two years, a decline the company has been preparing for under an approach it calls "Google Zero."

Earning More Beyond Its Websites

For years, digital publishers depended heavily on attracting readers to their own websites, where advertising and commerce generated revenue. People Inc. has spent several years developing other ways to earn money from its content and brands.

Revenue that doesn't depend on website visits grew 15% in the third quarter to approximately $125 million. It now accounts for 43% of digital revenue, up from 38% a year earlier. In dollar terms, that business grew by roughly $16 million, more than offsetting a $10.6 million decline in revenue tied to website visits.

Content licensing is a significant part of that business. People Inc. reported $52.7 million in licensing and other digital revenue, up 49% from a year earlier. That category includes revenue from Apple News+ and other distribution partners, along with a content agreement with Meta. The company hasn't disclosed how much of the revenue comes specifically from AI licensing.

Advertising Beyond Its Own Websites

People Inc. is also expanding how it works with advertisers.

Its D/Cipher advertising technology helps brands reach audiences across other platforms. Social video and connected television provide additional places to sell advertising, and the company now operates more than 50 social video series. It has also expanded established franchises, including People's Sexiest Man Alive, across different channels.

Website advertising remains important. Visits to People Inc.'s major sites declined 26% during the quarter, but revenue tied to website visits fell only 6%, helped by higher advertising rates. Digital advertising revenue declined overall, however, even as the company developed new advertising opportunities.

What About Paid Subscriptions?

People Inc. is developing apps and paid offerings around brands including MyRecipes+ and PEOPLE VIP. Management said the two apps together have generated more than six million registrations or downloads.

Those figures aren't paid-subscriber counts. People Inc. is working to convert more users into paying customers but hasn't disclosed how many are subscribing or how much revenue the newer paid offerings are generating.

The Broader Business Remains Under Pressure

People Inc.'s total publishing revenue declined 5% during the quarter to approximately $410 million as print continued to shrink. Its publicly traded parent, People Incorporated, reported an overall revenue decline of 4%.

The company also eliminated 195 positions in late October, approximately 6% of its workforce. Management described the reductions as part of shifting resources toward businesses with greater growth potential, including moves away from print and older website operations.

The digital business is growing, but that growth hasn't yet reversed the decline across the broader publishing operation.

Insider Take

People Inc. began preparing for a future with fewer Google referrals well before the latest decline. Its quarterly results suggest that the work is paying off, at least in parts of the business.

For subscription operators, the contrast between its established licensing relationships and newer paid products is worth examining. Licensing and distribution partnerships are already generating meaningful revenue. MyRecipes+ and PEOPLE VIP have attracted registrations and downloads, but People Inc. hasn't disclosed how many users are paying. Building a direct audience is one step. Turning that audience into reliable subscription revenue is another.

People Inc. has considerable advantages, including well-known brands and valuable content, yet the transition remains difficult. Digital growth is modest, other parts of the business are shrinking and jobs have been cut. The company is making progress without having solved the larger problem of replacing revenue tied to declining traffic.

Related Member Resources

People Inc.'s results show why subscriber businesses need to understand where their audiences come from and which channels produce paying customers. These resources can help evaluate acquisition options beyond search.

Post-SEO Subscriber Acquisition Playbook: Build Growth Beyond Search
Explore ways to reduce dependence on search traffic and build additional paths to subscriber acquisition.
Subscriber Acquisition Channel Assessment: Compare Subscriber Quality by Channel
Evaluate acquisition channels based on the subscribers they deliver, rather than traffic or registrations alone.