Culinary Content Syndicate: Sponsored Recipe & Menu Showcase
In brief: Culinary Content Syndicate connects food brands with a network of chefs and food influencers to create sponsored recipes and secure menu placements. Monetizing through brand sponsorships and targeted advertising, this platform offers a low-overhead, high-margin digital solution for the food and beverage industry.
Industry
Food, Beverage & Hospitality
Capital Required
$0 – $100 (Zero Capital)
Revenue Model
Ad-Supported & Sponsorships
Execution Mode
Technical / Developer Required
Detailed Business Model & Operational Concept
Core Operational Mechanism & Strategic Execution
The Culinary Content Syndicate is a digital platform designed to monetize culinary content through brand partnerships and advertising. The core mechanic involves creating a curated network of food brands and culinary creators. How it Works:
1
Brand Onboarding: Food and beverage brands (e.g., ingredient suppliers, packaged food companies, appliance manufacturers) approach the syndicate with marketing objectives. These typically involve promoting specific products through recipes or gaining visibility on restaurant menus. Brands pay a sponsorship fee for campaign execution.
2
Creator Network: The syndicate recruits and vets culinary creators – chefs, recipe developers, food bloggers, and social media influencers – who have established audiences interested in food. Creators are onboarded and agree to terms for sponsored content creation.
3
Campaign Matching: The platform's technical backend matches brand briefs with suitable creators based on criteria like cuisine, audience demographics, content style, and reach. This matchmaking is often facilitated by a developer who builds or customizes the matching algorithm.
4
Content Creation & Delivery: Once matched, creators develop sponsored recipes or propose menu items featuring the brand's products. They produce high-quality content (recipes, photos, videos) which is then reviewed by the syndicate and/or brand.
5
Distribution & Monetization: The syndicate hosts the sponsored content on its own digital properties (website, social media) and facilitates its distribution. Revenue is generated from the brand's sponsorship fee. Additionally, the syndicate can run targeted ads on its content hub, earning revenue from ad impressions or clicks. Who Pays: Food and beverage brands pay sponsorship fees to feature their products in creator content and on menus. Advertisers pay for ad placements on the syndicate's content hub. Value Proposition: For brands, it offers a streamlined way to access a network of vetted culinary talent for authentic product promotion. For creators, it provides a consistent stream of paid opportunities and exposure. For the syndicate, it's a high-margin, ad-supported digital brokerage business. Competitive Moat: The moat lies in the curated network, the quality of the creators, the efficiency of the matching algorithm, and strong relationships with both brands and creators. A developer's role is crucial in building and refining the proprietary matching and content management system.
Market Demand & Value Hook
Solves critical operational friction in Food, Beverage & Hospitality by providing streamlined access to verified frameworks without requiring heavy upfront capital.
Monetization Strategy
Leverages high-margin Ad-Supported & Sponsorships cash flows from Day 1 to ensure positive operational margins from the first paying customer.
Suggested Brand Names & Brand Identity
Curated naming options tailored specifically for Food, Beverage & Hospitality
60 names
01FlavorLink
02GastroGrid
03TasteSpark
04MenuMaven
05PlatePartners
06RecipeRoute
07CulinaryConnect
08BrandBites
09SavorSponsors
10Epicurean Exchange
11CulinaryHub
12CulinaryLabs
13CulinaryWorks
14CulinaryStudio
15CulinaryHQ
16CulinaryBase
17CulinaryFlow
18CulinaryLoop
19CulinaryPilot
20CulinaryForge
21CulinaryNest
22CulinaryGrid
23CulinaryCraft
24CulinaryWave
25CulinarySpark
26CulinaryDeck
27CulinaryBridge
28CulinaryStack
29CulinaryPath
30CulinarySphere
31CulinaryPeak
32CulinaryLine
33CulinaryPoint
34CulinaryYard
35NovaCulinary
36ApexCulinary
37AriaCulinary
38VelaCulinary
39OrbitCulinary
40LumenCulinary
41VertexCulinary
42ZenithCulinary
43CobaltCulinary
44EmberCulinary
45OnyxCulinary
46CirrusCulinary
47QuillCulinary
48AtlasCulinary
49KindredCulinary
50SableCulinary
51TerraCulinary
52HaloCulinary
53IrisCulinary
54CedarCulinary
55BrightCulinary
56SwiftCulinary
57ClearCulinary
58TrueCulinary
59BoldCulinary
60PrimeCulinary
SWOT Analysis
Strengths
Highly specialized niche focus on culinary content, attracting dedicated brands and creators.
Proprietary matching algorithm for efficient and relevant brand-creator pairings.
Zero capital requirement model allows for rapid, low-risk launch and scalability.
Diversified revenue streams through sponsorships and ad-supported content hub.
Weaknesses
Heavy reliance on the technical expertise of a developer for platform functionality.
Building and maintaining a high-quality, curated creator network requires continuous effort.
Potential for content quality inconsistencies across a diverse creator base.
Dependence on brand marketing budgets, which can fluctuate with economic conditions.
Opportunities
Expansion into new culinary verticals (e.g., beverages, dietary specific content).
Development of premium features for brands or creators (e.g., advanced analytics, exclusive campaigns).
Partnerships with food tech companies, e-commerce platforms, or ingredient manufacturers.
Global market reach with a scalable digital platform model.
Threats
Increased competition from established influencer platforms expanding into food.
Changes in social media algorithms impacting creator reach and content visibility.
Brand fatigue with influencer marketing or shifts in consumer trust.
Potential for regulatory changes impacting digital advertising or data privacy.
Ideal Customer Persona
The Resourceful Brand Marketer, 40.
Mid-career marketing professionals, typically aged 30-50, working for food and beverage companies of varying sizes, from startups to established corporations. They often have a moderate to high income and are digitally savvy, operating in urban or suburban business centers globally.
Pain Points
Difficulty finding authentic culinary creators who align with brand values and product.
Time-consuming process of vetting creators and managing multiple campaigns.
Measuring the ROI of influencer marketing in the food space.
Ensuring consistent brand messaging and product integration in creator content.
Buying Triggers
Proven success stories and case studies from similar brands.
Demonstrable efficiency and time savings in campaign execution.
Access to a curated, high-quality network of vetted culinary talent.
Clear, transparent pricing and reporting on campaign performance.
Minimum Investment & Initial Sourcing
Bubble.io (for platform MVP) Stripe Checkout Make.com Automations Apollo.io Google Workspace Canva Pro
Starting a business can feel overwhelming. Below is an itemized breakdown of exact startup costs, including what each tool does and why it is necessary to launch safely with minimal capital.
Total Estimated Capital Required
The absolute minimum investment is under $100. This covers:
Domain Name Registration
Essential Tool
What it is: Your official web address (e.g. yourcompany.com). Essential for brand trust and professional email delivery.
What it is: Professional inbox (you@yourcompany.com). Used for sending cold pitches, client onboarding, and automated notifications.
Recommendation & Pricing:~$6/month (e.g., Google Workspace Starter).
Design Tool Subscription
Essential Tool
What it is: Templates for your logo, social banners, and pitch decks. Canva allows free creation without hiring designers.
Recommendation & Pricing:~$13/month (e.g., Canva Pro for creating media kits, proposals, and basic social graphics).
All other operational needs are met through free tiers of software or by leveraging the developer's skills for initial setup. No physical inventory or expensive software licenses are required at launch. The revenue model relies on securing sponsorships and ad revenue, which will fund future growth and any necessary technical upgrades.
Competitor Intelligence
Influencer Marketing Platforms (General)
Why they succeed:These platforms offer broad reach across various industries and have established relationships with a large pool of influencers. Their technology often provides sophisticated analytics and campaign management tools, making them attractive to brands seeking scalable influencer campaigns.
Core weakness:They often lack specialized culinary expertise, leading to less authentic or relevant content for food brands. The vetting process for creators can be less rigorous, potentially resulting in lower quality or brand-mismatched content.
Food Media Companies & Publishers
Why they succeed:Established food publications and media outlets have significant brand recognition and a loyal, engaged audience. They can offer integrated advertising and sponsored content packages that leverage their existing editorial authority and reach.
Core weakness:Their content creation might be more centralized and less agile than a network of independent creators, potentially limiting the diversity of voices and styles. Sponsorships can feel overtly commercial, diminishing the 'authentic' feel brands seek.
In-House Brand Marketing Teams
Why they succeed:Brands with sufficient resources can manage their own influencer and content marketing campaigns, maintaining complete control over brand messaging and execution. They can build direct relationships with creators and have deep understanding of their own products.
Core weakness:This approach is resource-intensive and requires significant internal expertise in influencer management, content creation, and platform development. It can also limit the scale and diversity of creator collaborations compared to a dedicated syndicate.
Recipe Development Agencies
Why they succeed:These agencies specialize in creating high-quality recipes and culinary content for brands, often with a strong focus on product integration. They offer a professional and polished output, ensuring brand guidelines are met.
Core weakness:They typically do not manage the distribution or audience engagement aspect of campaigns, focusing solely on content creation. Their creator network might be smaller and less diverse than a platform-based syndicate.
Strategy to Win: The Culinary Content Syndicate must leverage its specialized focus to outmaneuver generalist platforms and broader media companies. This involves building a demonstrably superior creator network specifically within the culinary space, emphasizing authenticity and niche expertise. The proprietary matching algorithm, refined by developer input, will be key to ensuring highly relevant brand-creator pairings, leading to more effective campaigns than generic platforms can offer. By focusing on building deep, long-term relationships with both high-quality culinary creators and food/beverage brands, the syndicate can foster loyalty and trust, creating a stickier ecosystem. Furthermore, offering a more integrated solution that includes content creation, distribution, and performance analytics, tailored to the food industry's unique needs, will provide a distinct advantage over recipe agencies or internal brand teams. Continuous iteration on the matching algorithm and content management system based on creator and brand feedback will ensure the platform remains efficient and valuable, creating a competitive moat through specialized technology and curated human capital.
Financial Roadmap & Unit Economics
Recipe Campaign
$1,500 - $3,000 / campaign
Starter entry offering
Menu Integration Campaign
$3,000 - $7,500 / campaign
Core growth driver
Integrated Brand Activation
$8,000+ / campaign
High-value package
Target Monthly Revenue
$10,000 / month
Est. Margin: 85%
Marketing Budget Allocation
Total Monthly Budget: $3,000/month
LinkedIn Ads (Brand Outreach)40% — $1,200
Directly targets marketing professionals in the food and beverage industry, allowing for precise audience segmentation. This channel is ideal for B2B lead generation and establishing credibility with potential brand partners.
Content Marketing (Blog & SEO)25% — $750
Focuses on creating valuable content around culinary marketing trends, creator spotlights, and brand success stories. This builds organic traffic, establishes thought leadership, and attracts both brands and creators seeking industry insights.
Creator Outreach & Community Building20% — $600
Involves direct outreach to culinary creators via email and social media, potentially using targeted ads on platforms like Instagram to attract high-quality talent. Building a strong creator community is foundational to the platform's value proposition.
Industry Event Sponsorships/Participation (Virtual/Small Scale)15% — $450
Sponsoring or attending targeted virtual events or small, relevant industry meetups allows for direct networking with potential brand clients and high-caliber creators, fostering personal connections and brand awareness.
Step-by-Step Execution Roadmap
Follow this 4-phase checklist to launch safely. Check off each step as you complete it to track your progress!
Phase 1
Legal & Setup
Phase 2
MVP Development & Sourcing
Phase 3
Launch & Customer Acquisition
Phase 4
Operations & Scale
Workforce & AI Automation Plan
Essential Human Roles: A skilled **Platform Developer** is critical for building, maintaining, and iterating on the proprietary matching algorithm and content management system, ensuring efficient campaign execution. A **Brand Partnership Manager** is essential for client acquisition, relationship management, and understanding brand objectives to translate them into campaign briefs. A **Creator Relations Manager** is vital for recruiting, vetting, onboarding, and nurturing the culinary creator network, ensuring content quality and creator satisfaction. Finally, a **Content Editor/Curator** is needed to review submitted content for quality, brand alignment, and adherence to platform standards before distribution.
Basic Content Moderation & Quality Assurance AI-powered content analysis tools (e.g., Grammarly Business, AI image analysis tools)Reduces human review time by 70-80% for initial checks, saving significant labor costs and speeding up content approval cycles.
Data Entry & CRM Management AI-driven CRM and automation platforms (e.g., HubSpot's AI features, Zapier with AI integrations)Automates repetitive data input and client communication, saving an estimated 20-30 hours per week of administrative work.
Initial Creator Vetting & Outreach AI-powered social listening and influencer identification tools (e.g., Brandwatch, Meltwater)Automates the discovery and initial screening of potential creators, reducing manual research time by up to 60% and identifying more relevant candidates.
Performance Reporting & Analytics Aggregation AI-driven business intelligence and reporting tools (e.g., Tableau with AI extensions, Google Data Studio)Automates the aggregation and basic analysis of campaign performance data, freeing up analyst time for strategic insights and reducing reporting generation time by 50%.
What to Do & What Not to Do
DO THIS FOR SUCCESS
Focus on securing 3 beta brand sponsorships with clear deliverables and reporting metrics before broader outreach.
Build a lightweight, professional landing page showcasing successful beta campaigns and creator testimonials.
Pre-sell bundled sponsorship packages (e.g., recipe development + social media posts + menu placement) upfront to maintain cash flow and demonstrate value.
Develop a standardized creator agreement template that clearly outlines deliverables, usage rights, and payment terms.
Implement a robust feedback loop with both brands and creators to continuously improve service delivery and platform features.
AVOID THIS
Don't spend money on paid advertising for the platform itself before validating the core offer with initial sponsorships.
Avoid over-engineering the technical backend; start with a functional MVP for matching and communication, and iterate based on user needs.
Never launch without clear client agreement terms that protect both the syndicate and the creators, especially regarding intellectual property and usage rights.
Don't accept brands or creators that don't align with the platform's niche or quality standards, as this can dilute brand value.
Avoid promising guaranteed menu placements without confirming restaurant buy-in first; focus on recipe creation and brand awareness as primary deliverables.
Risk Assessment & Mitigation
Low Creator Engagement or Retention
Likelihood: MediumImpact: High
Mitigation: Implement a robust creator onboarding process that clearly outlines benefits and expectations. Develop loyalty programs, offer performance-based bonuses, and foster a strong community through exclusive content and communication channels. Regularly solicit creator feedback to adapt platform features and campaign offerings.
Brand Dissatisfaction with Content Quality or ROI
Likelihood: MediumImpact: High
Mitigation: Establish stringent content guidelines and a thorough review process. Utilize a sophisticated matching algorithm to ensure brand-creator alignment. Provide detailed performance analytics and case studies to demonstrate ROI. Offer revision rounds and clear communication channels to address brand concerns proactively.
Technical Platform Failures or Scalability Issues
Likelihood: LowImpact: High
Mitigation: Invest in a skilled developer who prioritizes robust architecture, regular testing, and security. Implement scalable cloud infrastructure from the outset. Develop contingency plans for outages and have a clear process for rapid bug fixes and updates.
Increased Competition from Established Platforms
Likelihood: MediumImpact: Medium
Mitigation: Focus on deep specialization within the culinary niche, building unparalleled expertise and relationships. Continuously innovate the matching algorithm and platform features to offer superior value. Emphasize the authenticity and curated nature of the creator network as a key differentiator.
Changes in Digital Advertising Regulations or Platform Policies
Likelihood: MediumImpact: Medium
Mitigation: Stay informed about evolving global regulations regarding data privacy, advertising disclosures, and content moderation. Build flexibility into the platform's design to adapt to changes in social media platform policies. Diversify content distribution channels beyond single platforms where possible.
Reliance on Ad Revenue Volatility
Likelihood: MediumImpact: Medium
Mitigation: Prioritize and optimize the higher-margin sponsorship revenue stream. Diversify ad formats and placements on the content hub. Explore affiliate marketing opportunities related to featured products to supplement ad income.
Regulatory & Compliance Overview
Founders must navigate a complex web of regulations concerning digital content, advertising, and consumer protection globally. Data privacy is paramount; adherence to frameworks like GDPR (Europe), CCPA (California, USA), and similar regional laws is essential for handling user data from website visitors and creator audience information, requiring clear consent mechanisms and robust security measures. Advertising standards, particularly those related to sponsored content and endorsements, must be strictly followed to ensure transparency. This includes clear disclosure of brand partnerships to consumers, adhering to guidelines set by bodies like the FTC (USA) or ASA (UK), which are often mirrored in other jurisdictions. Food and beverage specific regulations, such as those pertaining to ingredient claims, nutritional information, and product safety, may indirectly impact recipe content and must be respected. Licensing requirements can vary significantly; while a purely digital platform may not require specific food handling licenses, partnerships with certain types of food businesses or handling of sensitive data might necessitate research into local business registration and operational permits. Payment processing regulations, including anti-money laundering (AML) and know-your-customer (KYC) checks, will be relevant when managing financial transactions with brands and creators. Consumer protection laws regarding online transactions, intellectual property rights for created content, and dispute resolution mechanisms are also critical considerations for any global digital business.
Growth Stack Architecture
Outreach Automation & Content Creation Stack
Specific software engines, scrapers, and AI generators required to execute high-volume cold email outreach and automated social content for Culinary Content Syndicate: Sponsored Recipe & Menu Showcase.
High-Converting Cold Email Engine
Identify target food & beverage brands by industry, size, and recent product launches. Use Apollo.io and Hunter.io to find marketing or brand manager contact information. Craft personalized cold email sequences via Smartlead.ai, highlighting successful sponsored campaigns and the syndicate's network reach. Focus outreach on brands with new product launches or those actively engaged in influencer marketing. Ensure all outreach is compliant with CAN-SPAM and GDPR regulations by including clear opt-out options and using verified email addresses.
Recommended Lead Scrapers:Apollo.io, Hunter.io
Email Sending Platform:Smartlead.ai
Social Automation & AI Content Production
Leverage Buffer to schedule consistent, high-quality content showcasing sponsored recipes, creator spotlights, and brand success stories across Instagram, Pinterest, and LinkedIn. Utilize Canva Pro for creating visually appealing graphics, recipe cards, and media kits. Employ Pictory.ai to transform blog posts or recipe text into engaging short-form videos for social media promotion, driving traffic back to the syndicate's hub. Engage actively with followers, respond to comments, and collaborate with creators on cross-promotional content to expand reach organically.
Social Auto-Publishing:Buffer
AI Asset Generators:Canva Pro, Pictory.ai
Required Software Suite & Operational Impact
Apollo.ioLead Intelligence
Finds verified decision-maker emails, phone numbers, and company signals for target food & beverage brands.
What Happens When You Use This:
Guarantees 95%+ email deliverability and prevents domain blacklisting by providing accurate contact data for targeted outreach.
Smartlead.aiEmail Marketing
Automates multi-step cold email sequences with custom variables for reaching brands and creators.
What Happens When You Use This:
Allows 1 operator to send 500 personalized pitches daily on autopilot, significantly increasing outreach volume and conversion rates.
Canva ProVisual Content
Generates high-converting ad visuals, media kits, proposals, and social media graphics.
What Happens When You Use This:
Saves $3,000/mo in agency production costs by generating studio-grade media in minutes for brand pitches and platform content.
BufferPublishing Automation
Auto-schedules content across targeted social channels with AI caption writing assistance.
What Happens When You Use This:
Maintains 24/7 presence with zero manual posting effort, ensuring consistent brand visibility and audience engagement.
Expert Masterclass: 10 Sector Opinions
Key strategic recommendations directly from 10 specialized sector AI advisors tailored specifically for Culinary Content Syndicate: Sponsored Recipe & Menu Showcase.
Alex Chen
Chief Marketing Officer
"Focus initial marketing efforts on showcasing tangible results for brands, such as increased product trial or social engagement metrics. Develop compelling case studies from early campaigns that highlight ROI. Leverage creator content for multi-channel promotion, amplifying brand messages across various platforms. Implement a clear content calendar for the syndicate's own channels, consistently publishing valuable culinary insights and success stories to attract both brands and creators."
Priya Sharma
Lead Financial Architect
"Structure sponsorship tiers clearly, differentiating based on deliverables (e.g., number of recipes, media assets, exclusivity). Maintain strict control over operational costs, leveraging free or low-cost tools where possible. Implement a tiered pricing strategy that allows for higher margins on premium packages or enterprise clients. Monitor cash flow diligently, ensuring timely payments from brands and prompt payouts to creators to maintain strong relationships and operational smoothness."
Ben Carter
SaaS Growth Director
"Implement a dual-sided growth strategy: aggressively acquire high-quality culinary creators while simultaneously targeting brands with a clear value proposition. Utilize referral programs for both creators and brands to incentivize organic growth. Develop a content marketing strategy focused on SEO for terms like 'sponsored recipes' and 'food influencer collaborations' to attract inbound leads. Continuously analyze user behavior within the platform to identify friction points and optimize the matching and campaign management processes."
Maria Garcia
Compliance & Legal Lead
"Develop robust, legally sound contracts for both brands and creators that clearly define intellectual property rights, content usage, deliverables, payment terms, and disclosure requirements (e.g., FTC guidelines for sponsored content). Ensure all data collection and usage complies with GDPR and CCPA. Implement clear dispute resolution clauses within agreements to mitigate potential legal conflicts. Regularly review and update all legal documentation to reflect evolving industry standards and regulations."
David Lee
Operations Director
"Streamline the campaign management workflow from brief submission to final reporting. Implement clear communication protocols between brands, creators, and the syndicate team. Utilize project management tools to track campaign progress, deadlines, and asset approvals efficiently. Develop standardized operating procedures for creator vetting, content review, and performance reporting to ensure consistency and quality across all campaigns. Automate repetitive tasks wherever possible to free up human resources for higher-value activities."
Sophia Kim
Product Strategy Head
"Prioritize features that enhance the core value proposition: efficient brand-creator matching and seamless campaign execution. Focus on building a user-friendly interface for both brands and creators. Consider developing advanced features like AI-driven content trend analysis or predictive performance metrics based on historical data. Regularly solicit user feedback to guide the product roadmap, ensuring the platform evolves to meet the dynamic needs of the culinary content market."
Ethan Wright
Customer Acquisition Specialist
"For brands, focus on direct outreach to marketing managers at CPG companies and restaurant groups, emphasizing ROI and authentic content. Offer introductory packages or pilot programs to reduce initial risk. For creators, target culinary schools, industry events, and established food blogger communities. Showcase the earning potential and the quality of brands they will partner with. Leverage LinkedIn for professional networking and targeted advertising to reach both audiences effectively."
Chloe Davis
Unit Economics Strategist
"Maintain a high gross margin by keeping operational overheads minimal. Continuously track Customer Acquisition Cost (CAC) for both brands and creators, optimizing outreach strategies to reduce it. Analyze Lifetime Value (LTV) by focusing on long-term brand partnerships and creator retention. Ensure pricing tiers reflect the value delivered and cover all associated costs, including platform maintenance and potential creator payouts, while leaving ample room for profit."
Noah Martinez
Technical Architect
"Start with a low-code/no-code platform like Bubble.io for the initial MVP to accelerate development and reduce upfront costs. Focus on building a robust database for managing profiles and campaigns. Integrate essential third-party services like Stripe for payments and Make.com for automation. Plan for scalability by designing a modular architecture that can be migrated to custom code or more robust platforms as user volume and feature complexity increase, ensuring efficient resource allocation."
Isabella Rodriguez
Brand Identity Director
"Position the syndicate as the premier, trusted hub for high-quality, authentic culinary content collaborations. Develop a brand aesthetic that is sophisticated, modern, and appealing to both premium food brands and discerning culinary creators. Emphasize trust, transparency, and results in all brand communications. Build a community around the platform, fostering a sense of belonging and shared success among its members."
Frequently asked questions
What is the minimum investment to start a Culinary Content Syndicate?
The absolute minimum investment is under $100. This covers essential costs like a domain name ($10-$20/year), a professional email address ($6/month), and a subscription to a design tool like Canva Pro ($13/month) for creating media kits and proposals. No upfront inventory or significant software purchases are required initially, as the platform operates on a digital service and ad-supported model.
How quickly can a Culinary Content Syndicate scale its operations?
Scalability is rapid due to the digital nature and ad-supported revenue model. Within 1-2 months, a founder can secure initial brand sponsorships and onboard 5-10 chefs/influencers. By month 3-6, with consistent outreach and successful campaign delivery, revenue can reach $10,000/month. Scaling beyond this involves building a small sales team or automating outreach further, with potential for exponential growth as brand partnerships deepen and the network effect takes hold.
What are the typical profit margins for a Culinary Content Syndicate?
The expected profit margin is exceptionally high, typically ranging from 80-90%. This is because the core service involves brokering connections and facilitating content creation, with minimal direct costs. The primary expenses are operational overheads like software subscriptions, domain registration, and potentially freelance support for content editing or outreach. Revenue is generated through sponsorship fees from brands and advertising on the platform, with the bulk of the income flowing directly to profit.