Why Content Is King

Even if I gave you $100m, the chances are vanishingly low that you’d be able to produce a hit without enlisting the help of someone who knows the process. It takes a huge amount of complex knowledge to organize this kind of work. The same goes for any other creative endeavor — songwriting, book publishing, game design, etc.

In my experience with Hardbound, Gimlet, Substack, and now the Everything bundle, I’ve come to believe that content can create incredibly strong moats.

This is the thing many tech investors I’ve spoken with don’t get about content: they think of it as more like a variable cost than it really is. They think content businesses are about churning out an enormous volume of material, so if you want to grow you have to keep hiring more content creators. But this isn’t how successful content businesses w... See more

Let’s look at uncertainty first. This is especially important in media, because content is, for the most part, consumable. This creates a problem that we all must solve for ourselves each day: finding new good things. This is why branding is so important in content. Most content out there is junk and not right for us. But some of it is amazing. Bra... See more

We often see turnover in content brands that’s caused when new brands discover something important that younger audiences want, but is incompatible with the values of the incumbent brand. The incumbents can’t copy the startups’ content, or they’d make the product worse for their existing customers.

What content lacks in its ability to signal wealth, it makes up for in its ability to signal extremely specific attributes and affinities.

Some media companies manage this problem by devising systems that generate content without relying too much on any particular creator. Morning Brew, theSkimm, and SNL all have formats that work even if one creator leaves. The goal is to build a locus of value that lives inside the system, rather than specific individual’s brains.

Once you have something that feels like it has the potential to be a narrative that many people connect with, it’s probably better to amplify and extend that than it is to muddle the waters with a bunch of other stuff. As Nathan Barry, founder of ConvertKit, once told me: you want to build a skyscraper, rather than a strip mall.