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I can't help but notice the irony of media investors' behavior. They previously got hyped & poured money into ads-only media. Now they're pouring money into subs-only platforms & exiting ads-only pubs. It's the same mistake: the answer is a revenue mix. nytimes.com/2021/07/27/business/media/buzzfeed-vox-media-vice-group-nine-ipo.htmlOn twitter.com
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Investors be like: "This is the One Thing that will Fix Media" and don't realize the entire construct they're using to understand media cos is wrong.Permalink On twitter.com
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Like no... this is not why big media companies have flourished. They flourished because they maintained and built out a mix of revenue that *includes* charging readers. More than one source of revenue is the key to all 3 major American papers' success, and not just ads and subsPermalink On twitter.com
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WSJ has a whole host of business/investor products. NYT has cooking and games as *major* biz verticals and WashPost is well known for an expanding technology business. Claiming that the big three have flourished due to charging readers for access misses the whole truth by a milePermalink On twitter.com
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I dunno why this is so hard for people to understand. Imagine any other business being like "yes we should only have one single product". Like what if Apple was "yes to be a healthy company we should only have a single model of computers that we hang everything in our company on"Permalink On twitter.com
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Oh wait, that did happen and it was one of the major reasons Steve Jobs got fired and Apple almost went bankrupt. en.wikipedia.org/wiki/Apple_Lisa Learn history people!Permalink On twitter.com
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How is it that I'm an anti-capitalist weirdo but I understand capitalism better than people throwing millions at random media companies? This is how business works! Like basic shit. I don't even have an MBA people and I can still tell you no company does Just 1 Product & survivesPermalink On twitter.com
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Diversify or be taken over to become a bigger company's diversified revenue.Permalink On twitter.com
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Or *maybe* none of these investors are actually looking for healthy long-lasting media companies but instead looking to create short term hype & badly structured media cos that can then be flipped on to dumb investors or larger companies to give the investors a quicker payout...Permalink On twitter.com
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Maybe the real reason none of the new media companies have found long term stability is because the conditions created for their success are not actually designed to create healthy media companies but temporary investment vehicles to be sacrificed at the alter of VC...Permalink On twitter.com
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& when that doesn't happen fast enough or effectively enough vultures in SV will tear it apart to get their money regardless of the larger impacts on cos, employees and society because neoliberal capitalism fking blows. Oh look, we're back to 'capitalism bad'. what a surprisePermalink On twitter.com
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Anyway... I suppose it isn't impossible to find investors who give a crap about the company outside of it being a good investment, but if you're trying to figure out who those are, the answer is the ones who want you to have more than one product/source of revenue.Permalink On twitter.com
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