The app for independent voices
I personally think it was the CEO of the Atlantic’s call to “smear” Substack, that is, Nicolas Thompson. I can’t stop thinking about the dismal tactics used in Media.
On linkedin Nicholas portrays himself as an “influencer” going to Davos recently.
The Atlantic had some momentum with 22 Newsletters and the paywall strategy this person always uses at every company, however paid subscriptions as American have been running out of discretionary income hasn’t been doing so well in the last couple of years.
The Atlantic may have gotten desperate. Casey Newton was probably already thinking of leaving Substack and Katz well he seems to have been a tool.
TechCrunch recently with new leadership is also following this “Newsletter” strategy, doubling down even harder. So expect mainstream media to keep hitting Substack (while it’s also down).
This is what Editors and journalists do to each other in an era where there is a great decline in readership and algorithmic traffic and Ad opportunities. It’s mayhem.
Going independent on Ghost isn’t very viable. Growth can never keep up with churn, it’s just not even remotely realistic. Unless you write about something clickbait like American politics and have tremendous leverage on X and LinkedIn along with a YouTube channel.
Someone like “Bankless” could do it, but not necessarily writers who aren’t that original or dominate a niche. Newsletters that grow need to invest a ton of paid Ad dollars to keep growing which burns cash at a higher rate when you don’t have platform dynamics at play.
Traditional media is dying and they are somewhat upset at Platforms like Substack, who they view as being “predatory” to their business models. When they have in fact copied Substack’s business model.
Not everyone can be the New York Times or the Guardian. It’s very hard to be profitable in media in 2024 and your fortunes can change on a dime. Consumers and Ad slowdowns are too fickle. Readership and media consumption patterns change very quickly.
The Atlantic have 22 Newsletters and many other media brands are copying them now, like TechCrunch recently with its new leadership.
Substack writers forming teams of journalists are going to find the real reality of media when they leave Substack. As they rode a wave of traffic being Substack’s guinea pigs.
Casey Newton was literally one of the insiders Substack boosted the most, a bonafide case study. Silicon Valley writers work in mysterious ways.