The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 20VC: Substack Founder Chris Best on The Future of Public Journalism, Why The Economics Of Attention Have Been Flipped & Why Micropayments For Content Will Not Work
Jun 12, 2020
Chris Best, the Founder and CEO of Substack, shares his journey from co-founding Kik to revolutionizing journalism with his platform for writers. He discusses how traditional media's struggles during COVID led to Substack's rise and the challenges of public journalism. Chris argues against micropayments for content, emphasizing discovery over monetization. He also highlights how the economics of attention have shifted, contrasting Substack's incentive design with that of Twitter, while reflecting on his growth as a leader in the dynamic startup world.
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From Kik to Substack
- Chris Best, Substack's founder, co-founded Kik, a messaging app, and served as its CTO.
- After leaving Kik, he explored writing and realized the internet's impact on media business models, leading to Substack's creation.
COVID's Impact on Media
- The decline of traditional media and Substack's rise are correlated, accelerated by COVID-19.
- Pre-existing trends in media consumption shifted, favoring direct-to-consumer models.
Trust and Value
- Substack writers can publish both free and paid content, giving readers a taste of their work.
- Trust is the most significant issue in today's media, making Substack's direct connection valuable.
