Azeem Azhar

So thank you for that.

Right.

So let's start with the collapse of search actually briefly to help people understand how important search and discovery is for media entities.

I think two different things have happened.

One has been that social has stopped being a source of referral traffic from Facebook and then X with the changes after Elon took it over.

And then the second is that

Google is just starting to send less traffic to you.

And commercially for publishers, that's important because that's what drives the eyeballs, that drives the advertising.

But can you give us a sense either from the Atlantic of what the impact on inbound traffic has been of the change in social and the change in search?

And it seems to me that some opportunity emerges from ChatGPT.

As I said, within Exponential View, we've seen it as our third highest external referrer.

Yeah.

Don't ask me how.

I just look at the logs.

The team tells me, they tell me, it's just above, I think we go cert, X, chat GPT, then LinkedIn.

I have no idea how this is happening, but it's what the data shows.

It might be to do with, you know, it might be to do with how Substack itself is playing in that space.

It may be to do with the nature of our audience and the nature of the ChatGPT audience relative to something like the Atlantic was 146 years old, I think.

But we're definitely seeing it.

And I know that the team is thinking about how do we turn that into a tailwind of traffic.