To remain sustainable, the local media outlet combines direct ad sales, branded content, merchandise (coupon passports), and a Patreon membership. This multi-pronged approach provides stability and avoids over-reliance on a single, often volatile, revenue stream like programmatic advertising.

During COVID, Revolut's interchange revenue from travel collapsed. However, its stock and crypto trading products boomed due to stimulus checks. This diversification created a resilient revenue model where one product's decline was offset by another's growth, challenging the 'focus on one thing' startup mantra.

Discord filed for an IPO, but its current valuation of $7-8B is significantly lower than its 2021 peak of $15B and the $10-12B Microsoft acquisition offer it rejected. This illustrates the market's impact on high-flying private valuations and the risk of turning down acquisitions.

When revenue stalled, Roblox wasted months on small fixes. The real solution was a difficult strategic shift: creating the Robux virtual currency. This aligned creator incentives with platform growth and solved the root problem instead of tinkering with symptoms.

Unlike 'identity-first' platforms like Instagram, Discord is an 'interest-first' network where users engage around topics, not personal profiles. This fundamental difference changes how the platform can be built and monetized, making it more comparable to Reddit or WhatsApp and potentially limiting certain advertising models.

Front Office Sports intentionally diversified from 90% reliance on newsletters to a healthier model where newsletters, social media, and events each contribute significantly (roughly 30%, 30%, and 20%). This balanced, multi-pillar revenue strategy makes the business more resilient, scalable, and valuable.

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.

The long-term monetization model for consumer LLMs is unlikely to be paid subscriptions. Instead, the market will probably shift toward free, ad- and commerce-supported models. OpenAI's challenge is to build these complex new revenue streams before its current subscription growth inevitably slows.

Looking 10 years out, Versant's CEO projects a revenue mix of one-third subscriptions (including declining pay-TV), one-third advertising, and one-third 'other' streams like events and transactional businesses. This specific, diversified model highlights a clear move away from traditional media revenue dependency.