Ghost

A year ago today we launched 404 Media. Thanks to the overwhelming support of our subscribers, we're very proud and humbled to say that our business and company is sustainable and stable, and more scoops, investigations, stunts, etc are coming in year 2. For years before launching 404 Media, we watched new media companies become obsessed with wild growth and huge valuations only to crash and burn because of mismanagement, venture capital investment, private equity debt taken at terrible rates, bloated executive pay, big tech algorithm changes, ad market crashes, fancy offices in expensive neighborhoods, and bring in revolving casts of clowns to supposedly clean up the mess. “We propose a simple alternative,” in launching 404 Media, we wrote a year ago. “Pay journalists to do journalism. We believe it is possible to create a sustainable, profitable media company simply by doing good work, making common-sense decisions about costs, and asking our readers to support us.” Running a business for one year does not automatically mean we have figured things out. But our strategy is working, we are growing, and we encourage others to try to do the same thing we're doing. Over the last year, so many people have asked us what they can do to help support us and our work. The answer to that question is simple. If you are a subscriber, keep your subscription active. And if you’re not a subscriber and are financially able, buy a subscription. The other thing you can do is tell your friends about us. The biggest challenge that we face is discoverability. To the extent possible, we don’t want to have to rely on social media algorithms, search engines that don’t index us properly and which are increasingly shoving AI answers into their homepages, and an internet ecosystem that is increasingly polluted by low-quality AI spam. We are so thankful for everyone who has subscribed, shared our work, or otherwise supported us. https://lnkd.in/gc79mQE5

Not going to lie, and this kind of surprised me… but I’m pretty emotional at the moment. The Tangle newsletter just hit $1 million in ARR in our newsletter. That’s subscriber revenue only (not counting ads, donations, podcast, YouTube, or events). It's kind of breathtaking for me. Some heartfelt reflections & advice: When I saw the number yesterday I actually got choked up. It’s been 5 years. I started this thing alone, hoping to make a couple thousand dollars a month so I could actually save money as a broke reporter. To have a safety net in this industry... Today I have four full-time employees. Part-time editors. Interns. I own a biz that is worth millions. I bootstrapped this thing. Worked 12 hour days 6x days a week for five years. I got lucky. A lot. Had amazing support. That’s often what it takes: Good luck, hard work, good people. I’m tired. I’m excited. I’m overwhelmed. I’m having so much fun. I can’t believe the election is still 4 months away. I love this work. I hate it. I need some sleep. That’s the reality. Some days I want to retire. Other days you’d have to rip this from my cold dead hands. To be frank: All the tips and tricks and everything else… it’s just bullshit. Here’s what matters: Come up with a concept people want. Execute it. Make premium content. Do it on repeat. Be deliberate, slow, and aggressive. Love the work. I wanted a place where I could get a wide range of opinions on one political news topic. I wanted explainers. Accountability. Transparency. Balance. That place didn’t exist. I figured I wasn't alone in wanting that. I tried to build it. Turned out a lot of people wanted it, too. Nothing I’ve ever done in my life has given me more faith in this country than Tangle. I bet on people wanting to get out of their bubbles in 2019, at the height of partisanship. I bet on people wanting something better. It was a damn good bet. Today, we have 120,000+ readers who are walking proof Americans are open to dialogue, to share space w/ people whom they disagree, and to think critically about their own views. We also have our podcast listeners, YouTube viewers, people who come to events, our partners, etc. The media industry is often incredibly bleak. But let me say clearly: It’s still possible to build loyal audiences who want to support your work - you just have offer them something of value. People are hungry for something better than what they are getting right now. Not to sound like I just won an Oscar or something, but has to be said: I’m not here without my wife, my team (Magdalena, Ari, Jon, Will, Bailey, Sean, the interns, etc), and my family (especially my mom, who told me to go for it). And faith, too. I prayed for this one. I’m taking this milestone in. For sure. 100% celebrating today. You can bet on that. But I know one day this will feel like “just the beginning.” We have 4 months to cover a wild election in a way nobody else can, and years more to grow. Come join us: https://lnkd.in/es8W97e