Subscription Media

a fascinating distinction between subscriptions (legacy media) & membership (creators) happening in real time— subscriptions: best content is paywalled because content is the only value membership: best content is free because the creator and the community is the value.

Feel like there's a massive opportunity to buy ad-supported media brands at a discount right now and convert to subs Falling CPMs drops valuation, but if they have brand equity can convert a % to subs. then buy ads at that low CPM (which wouldn't work as a straight arb play)