Subscription Media

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)

while this podcast will 100% reduce my daily update open rates, it will also 100% increase my likelihood of retention to @stratechery. subscription media models are masterful for aligning business and user incentives in a way that ad models are not. @noahchestnut WDYT?

A theme over the past 12 months was that media companies like NYT were dead because Substack would steal all the best people. Now people are shutting down their Substacks to become employees at The New York Times? It's almost like brand matters.

Web2 content pricing is so broken: a subscription to 70 million songs costs the same amount as a subscription to one newsletter.