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.

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.