This last aspect will undoubtedly grow, in time – and the consumers will migrate. Indeed, while legacy outlets report declines in traffic (driven also by ChatGPT) — Forbes down 52%, CNN down 34%, Fox News down 25% — Substack’s grew 47% year over year in 2025. Revenue follows attention, and attention increasingly resides in the hands of individual... See more

So, long answer to your question: we need to think about what people are going to pay for. Because creators have to make money, and they're not going to pay for pretty good nonfiction books anymore. The value of those is going to go to zero. They're not going to pay, even with ads, for sort of funny one-minute videos. Not going to pay for that.... See more

Content only survives and proliferates if creators are able to generate meaningful revenue. Feature films can justify their production costs because theaters can charge the price of admission. YouTubers can justify their production costs because of the ability to generate ad revenue. Content that cannot unlock monetization at scale cannot survive

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