Successful journalists combine platforms. They use legacy media for brand credibility, editing, and infrastructure, while direct-to-consumer platforms like Substack allow for faster publishing and capturing a much larger share (70-90%) of the economic value they create.
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Roka News diversified beyond its initial Instagram success into a five-pillar business: Instagram, free/paid newsletters, a subscription app, and YouTube. Content is repurposed and shared across these platforms, allowing them to reach different audience preferences and create multiple revenue streams.
Large media companies are slow to adopt new platforms like Substack. However, once one major player makes a move (e.g., Bloomberg launching Substacks), it triggers a "fast follow" reaction from competitors. This predictable herd mentality creates strategic windows for creators on those platforms to pursue acquisitions.
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A16Z invested in Substack believing that providing writers with a monetization tool would unlock a new supply of high-quality content. This new supply would, in turn, create its own demand, rather than competing in the existing market for free content.
Jefferson Graham secured a deal with Scripps News, a FAST (Free Ad-supported Streaming TV) channel. New episodes of his show premiere on Scripps, and he then posts them to his YouTube channel 30 minutes later. This hybrid model provides broadcast revenue and exposure without sacrificing his direct-to-consumer YouTube audience.
Content creators can increase revenue by moving along a spectrum of monetization models, from low-risk affiliates and sponsorships to higher-risk, higher-reward options like white-labeling, taking equity in partner brands, and finally, owning their own product.
Medium is no longer competing for professional content creators building media businesses. Instead, its CEO states the platform is focused on being the best place for "real people"—practitioners and individuals—to share valuable life and work lessons without the pressure of becoming a full-time writer.
X doesn't need to convince top writers to abandon platforms like Substack. Their goal is to get those writers to cross-post free content onto X, thereby capturing valuable long-form text and user attention without needing to replicate Substack's entire creator-friendly ecosystem.
To attract top freelance talent, Escape Collective is testing a model that can pay more than Substack. They offer writers a base rate plus a share of the subscription revenue directly generated from their articles, aligning incentives and rewarding high-performing content.
The media landscape has fundamentally changed. Value is no longer concentrated in institutional brands like the New York Times. Instead, it has shifted to individual, 'non-fungible' writers who can now build their own brands and businesses on platforms like Substack.
Substack offers a powerful platform for writers to build a direct audience and revenue stream through subscriptions. It's an ideal alternative for creators who excel at writing over video, allowing them to directly monetize their skills and build a recurring revenue business.
