From Graffiti to Global Platform: The Complex Playbook for Culture & Commerce

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Hey Deal Lift fam 🚀 

Today we’re unpacking one of the most fascinating founder journeys in media: how Marc Eckō went from tagging walls to building a culture-tech media company with an exit in the $300 million range. Whether you’re in consumer brand, media, or platform building, there’s gold in this story.

🎨 The Spark: Graffiti, Fashion & Culture Colliding

Before the startup era, Marc Eckō made his name as a graffiti artist turned fashion designer. His brand Eckō Unltd. became synonymous with streetwear and urban culture. But by the early 2000s, he noticed something: the worlds of hip-hop, sneakers, street art, and fashion were merging—yet there was no media platform documenting that convergence.

So he launched Complex Magazine in 2002—a bi-monthly print showing the culture he lived and loved from a first-person lens. It wasn’t just “another magazine.” It was his culture, told by someone in the scene.

Founder insight: If you’re immersed in a culture, you often see angles others miss. That vantage is your moat.

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🏁 Execution Timeline: From Print to Platform

Here’s how the transformation unfolded:

🧠 Why It Worked: Four Strategic Levers

1. Culture Insider as Founder

Marc saw street culture from within. Complex didn’t look in on culture — it existed inside it. That legitimacy drove community, audience and loyalty.

2. Medium Pivot = Massive Opportunity

Print? Dying. Digital? Exploding. Complex moved early into digital, video, YouTube, culture commentary. When others were cautious, they doubled down.

3. Content → Commerce Loop

Complex didn’t just publish culture, they monetized it: licensing, streetwear drops, events, video series (“Hot Ones”), e-commerce collabs. Media was the MECHANISM for commerce.

4. Bold Exits & Re-repositions

The $300 m BuzzFeed buy and the later ~$108 m sale to NTWRK show agility. They weren’t locked to one ownership model; they shifted as culture/commerce/as-a-service changed.

🧩 Tactical Frameworks for You

If you’re a founder/operator, here are identical moves you can steal:

• Anchor in culture you belong to: Find the subculture you know intimately—own that lane.

• Lead media with product: Complex didn’t just launch a magazine—they launched a media platform with built-in commerce potential.

• Monetize via experience: Events, drops, collabs — turn content into commerce.

• Switch ownership when leverage changes: Don’t be sentimental. Structure deals that unlock your next growth phase (BuzzFeed, NTWRK).

• Build multi-revenue models: Ads alone won’t win. Complex combined content + licensing + e-commerce + events.

🔍 Additional Insights You Might’ve Missed

• Complex’s content network in 2013 reportedly pulled 90 million+ unique users per month across sites + social + YouTube.

• The 2024 NTWRK deal wasn’t just acquisition—it was transformation: merging livestream shopping, culture content and commerce.

• While BuzzFeed paid ~$300 m in 2021, they sold for ~$108.6 m in 2024 — a cautionary tale around media valuations and the importance of structural business model changes.

• Complex is reviving print again (!) under the new structure—showing that sometimes revival of legacy formats can feed culture branding in a digital age.

📌 Big Picture: Why This Story Matters

We live in a world where attention is fragmented, culture moves fast, and monetization is messy. Complex shows you how to ride that wave:

• Build from authentic culture insight

• Pivot mediums early (print → digital → commerce)

• Stack value (audience → authority → monetization)

• Know when to sell, restructure, or re-brand

If you’re building a brand, a media business, or a product for culture-driven markets — this arc matters.

🧠 Deal Lift Final Takeaways

Brand builders: Culture + authenticity win.
Media founders: Monetize more than eyeballs. Zone in on commerce, product, experiences.
Investors/operators: Raw audience size ≠ sustainable value. Business model + execution counts.
Exit planners: Timing is everything. Lean in when leverage is high, restructure when that changes.

Thanks for reading!
If you found this useful, reply “Send me the Companion PDF” and I’ll share a Brand-Culture Operator Playbook based on Complex + other culture-media exits.

Until next issue—
Deal Lift

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