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Decoder with Nilay Patel

Can Substack CEO Chris Best build a new model for journalism?

Decoder with Nilay Patel

Vox Media Podcast Network

Business, Technology

4.23.4K Ratings

🗓️ 8 December 2020

⏱️ 61 minutes

🧾️ Download transcript

Summary

Nilay Patel talks to Chris Best, cofounder and CEO of Substack, the subscription newsletter startup that’s taken the media industry by storm over the past few months. The conversation explores how Substack's business model could potentially impact the media industry, but also dives into the basic questions about running a media company -- how Substack makes money, how it’s going to scale while offering additional services to writers, like legal protection, and, of course, content moderation. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

Monso Business Banking. It just works. So you can too. Join businesses like Target

0:05.7

to Wishing by opening a Monso Business account.

0:07.7

What I love about Monso Business account is how easy everything is. It can be filtered,

0:12.8

it can be tagged. We thought we'd have to manage our business around our banks, but that's

0:17.3

not the case for Monso.

0:18.4

My name is Shun. I am the Founder of Target Trition.

0:21.6

Apply in minutes at Monso.com slash business. To apply you must be a sole trader or director

0:26.6

of a limited company, UK Businesses Only, terms and conditions apply.

0:30.7

Hello and welcome to Decoder. I'm Neil iPadell, Editor in Chief of the Verge, and Decoder

0:35.4

is my new podcast about big ideas and other problems.

0:39.3

Today's episode is one I've wanted to do forever. I'm talking to Chris Best, CoFounder and CEO

0:45.0

of Substack. That's the subscription newsletter startup that's been taking the media industry

0:49.4

by storm over the last few months. High profile journalists like Glenn Greenwald, Andrew

0:54.0

Sullivan and Anne Helen Peterson have left their jobs at traditional media companies to start

0:58.5

paid newsletters on Substack.

1:00.4

My friend Casey Newton recently left the Verge and launched a Substack newsletter called

1:03.9

Platformer, which is great. You should subscribe to it.

1:06.7

The appeal is obvious and simple. Instead of working for a boss, you can work for yourself.

1:11.9

Instead of having your salary determined by management, you can make more money just

1:16.0

by getting more subscribers. And most importantly, instead of feeling like you're chasing clicks

1:20.8

in an ad-supported business model, getting paid directly by subscribers, theoretically

1:25.6

incentivizes a different and better kind of journalism.

...

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