The hierarchy of differentiation

Many Substacks are doomed to hit a wall at a relatively small number of subscribers. The reason I believe solo Substack warriors will be relatively few is I don’t see many journalists having the stomach for the marketing and audience development that’s needed -- and they don’t have the expertise.

The explosion of influencers and creators on YouTube, Instagram and TikTok has proven yet again the power of personality. The direct connection an audience feels to these stars is powerful. We’re seeing Substack and forward thinking publishers like Complex, Barstool and Axios capitalize on this dynamic. (The risk is obviously the limited enterprise... See more

The promise of the internet has always been a low barrier to entry enabling unique people and brands to find passionate audiences and sustainable business models. That is more possible now through the combination of direct distribution, vertical focus and (often) direct monetization models. But the brands that can pull off DTC strategies need to be... See more