How I Built This with Guy Raz - Substack: Chris Best and Hamish McKenzie
Substack was founded in 2017 by Chris Best, a tech entrepreneur, and Hamish McKenzie, a journalist. The platform allows writers to publish content and charge readers directly, bypassing traditional media outlets. Initially met with skepticism, Substack has grown significantly, with over 5 million paid subscriptions. The business model is straightforward: writers charge a subscription fee, and Substack takes a 10% cut. This model has proven lucrative for some writers, with over 50 earning more than half a million dollars annually. The platform's growth was accelerated during the COVID-19 pandemic as journalists sought independence from traditional media constraints. Substack's commitment to free speech, allowing content with few exceptions, has attracted diverse voices. Despite challenges, including competition and controversies over content moderation, Substack continues to expand, offering writers a platform to monetize their work directly.
Key Points:
- Substack allows writers to charge readers directly, taking a 10% cut of subscription fees.
- The platform has over 5 million paid subscriptions, with some writers earning significant income.
- Substack's growth was boosted by the pandemic and its stance on free speech.
- The platform offers a simple way for writers to manage subscriptions and content without technical skills.
- Substack's model challenges traditional media by empowering individual writers.
Details:
1. 🎧 Wondery Plus & Sponsors Overview
1.1. Wondery Plus Benefits
1.2. Sponsorship Model
2. 🎨 Canva & American Express Sponsorships
2.1. Canva Presentations
2.2. American Express Benefits
3. 🏠 Airbnb Promotion & Podcast Introduction
- Airbnb's platform allows travelers to feel at home anywhere in the world, emphasizing its role in creating a comfortable experience for users.
- A call to action for potential hosts highlights Airbnb's user-friendly tool for estimating earnings, encouraging more people to monetize their spaces.
- The discussion reflects challenges in monetizing online content, underlining the difficulty of persuading users to pay for digital services, which suggests an opportunity for innovative revenue strategies.
- The podcast introduction should provide a brief overview of the topics covered, such as travel tips, hosting experiences, and trends in the hospitality industry, to attract a targeted audience.
4. 🚀 The Rise of Substack: A New Platform for Writers
- Substack empowers writers by allowing direct connection with readers, bypassing traditional media constraints, which fosters creative freedom.
- The trend of moving from traditional media to platforms like Substack, YouTube, and social media signifies a major shift in how audiences consume content.
- Remarkably, 140,000 YouTubers have built audiences comparable in size to traditional media outlets, highlighting the substantial influence of independent creators.
- Platforms like Substack are contributing to the declining influence of traditional media, providing alternative channels for content distribution.
5. 🗞️ Substack's Business Model and Growth
5.1. Substack's Business Model
5.2. Substack's Growth
6. 📜 Chris Best's Background and Early Career
6.1. Chris Best's Background
6.2. Substack's Policies and Future Ambitions
7. 🛠️ Building Kik Messenger: Success & Challenges
7.1. Early Inspiration and Initial Projects
7.2. Development of Kik Messenger
7.3. Challenges and Legal Battles
7.4. Personal Stories and Transitions
7.5. Substack's Founding and Early Development
7.6. Substack's Growth and Strategy
7.7. Substack's Challenges and Market Position
7.8. Strategic Decisions and Lessons Learned
8. 💡 The Birth of Substack: Innovating Journalism
8.1. Offer to Join Twitter and Launch of Substack Notes
8.2. Twitter's Reaction and Substack's Resilience
8.3. Substack's Growth Metrics
8.4. Media Landscape Shift
8.5. Substack's Business Strategy
8.6. Substack's Role in Media Innovation
9. 🔚 Episode Wrap-Up & Credits
- Ensure to follow the podcast on your app to stay updated on new episodes.
- Sign up for the newsletter at GuyRoz.com or on Substack for more updates.
- The episode was produced by J.C. Howard with music by Ramteen Arablui.
- Editing was done by Neva Grant, with research assistance from Iman Maani.
- Engineering was handled by Patrick Murray and Jimmy Keeley.
- The production team includes Catherine Seifer, Casey Herman, Alex Chung, Sam Paulson, Chris Messini, Carrie Thompson, John Isabella, and Elaine Coates.