This model isn't only creating a loyal audience but making money. Barstool Sports' annual revenue in 2019 was between $90M - $100M (Barstool Sports was purchased by Penn Gaming for $450MM in 2020). A majority of the revenue came from podcasts, merchandising, and gambling. Yes, some of their revenue is ad-supported, but it's a unique model. Advertis... See more

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.

The apparent limitation of the ad-supported media business model is that there will never be enough traffic to satisfy the beast. But while subscription revenue is stickier and gives creators more runway and short-term security, eventually the flame that started any new project will be extinguished. A new muse will need to be found.