Bundling reacts to differentiated desires by creating a less differentiated publication that’s fairly valuable to everyone. But as the cost of the reader’s time rises, focus pays off. And the subscription newsletter model makes it easier than it’s ever been to profitably focus on exactly one topic, and build a one-person monopoly.

Premium subscription tiers aren’t new, in fact, most legacy publications leverage this. But the problem is, 90% of the value is tied to more content.

Seekers want more than just content to consume. They crave experiences and people who will help them grow in their professional and personal lives. The smaller the niche is, the more valuable it is to its seekers.

Building a business model on data lock-in seems not only bad, but pointless now? Content is superabundant, so what are you locking in, exactly? There’s always more where that came from.

Are social graphs even a moat? Perhaps more than data, but TikTok proves you don’t need a dense social graph to serve up interesting content. What if you can bootstr

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