In the past few years, startups like Substack, Patreon, and Shopify have created alternative ways for creators to build businesses online through direct transactions, rather than advertising. This shift exposed a simple fact: in an ad-driven world, creators were generally under-monetizing their audiences.

Talent will increasingly own their audience, with the rise of “channels of one” and community-as-a-service... Equivalents to Substack (where you build and monetize your own email list) will emerge in video, communities, branded products (like Borgo, still pre-launch) and other ways to build, manage, and monetize your audience. Some early breakouts... See more

In this environment, social and economic signaling converge: individuals and organizations who are recognized for reliable curiosity, trusted curation, and sound judgment accrue disproportionate attention, trust, and capital, further amplifying their economic position.