Mixed Signals from Semafor Media Inside the Independent Creator World, with Substack’s Hamish McKenzie – and Nayeema Raza
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Mar 7, 2025 
In this insightful conversation, Nayeema Raza, a former co-host and now an independent creator with her show "Smart Girl Dumb Questions," shares her experiences in the evolving media landscape. She highlights the challenges and benefits of independence in content creation. Joining her is Hamish McKenzie, co-founder of Substack, who discusses the platform's journey, its appeal for progressive voices, and their decision to decline an acquisition by Elon Musk. Together, they dissect the balance between writing and video content in a competitive creator economy.
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Substack's Political Influx
- Substack has seen growth due to political volatility, particularly from those seeking alternatives to Trump.
- High-profile figures like Jen Rubin, Jim Acosta, and John Cleese have joined the platform.
Substack's Model
- Substack's model prioritizes creator ownership and direct subscriptions, not content type.
- The platform facilitates various formats like text, podcasts, and video, catering to diverse creator needs.
Substack vs. Twitter
- Elon Musk approached Substack, proposing a merger and offering Hamish McKenzie the CEO position of Twitter.
- Substack declined, prioritizing creator ownership over an ad-based, aggregation model.