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BuzzFeed is another example of a media company [actively pursuing multiple revenue streams, including eCommerce. In 2018, they [made $100 million] from income sources that didn’t exist two years ago. The company’s commerce division, which is supporting this diversification, [generated $50 million in sales in 2018.

Stakeholder ownership can work for any company, but it’s particularly strong for aggregators who need suppliers. Ownership makes them financially and emotionally invested in your business. It has unbounded upside, so the better you do the harder it is to poach them.

- Do you have any questions about the goals for the project?

Substack has built a fantastic platform for independent writers to not only reach their audiences directly, but to support themselves financially while doing so without having to depend on increasingly stultifying media institutions.