The trouble with podcasts is that they are difficult to grow: while text can be shared and consumed quickly, a podcast requires a commitment (which again, is why advertising in them is so valuable).

In the past few years, startups like Substack, Patreon, and Shopify have created alternative ways for creators to build businesses online through direct transactions, rather than advertising. This shift exposed a simple fact: in an ad-driven world, creators were generally under-monetizing their audiences.