Nicholas Thompson

And then we think about how do you compete with Substack?

And in some ways, like

Wait, imagine, imagine if you could have a Substack where you got Anne Applebaum and Tom Nichols, like, and David Frum, right?

Like, and Jeff Goldberg.

And it was $80 for just that Substack.

Well, it's like The Atlantic.

You get a hundred of them.

And, you know, so from a reader perspective, subscribing to The Atlantic versus subscribing to a whole bundle of Substacks is really appealing.

What Substack does, though, is you have a direct relationship in a way that you don't with The Atlantic, right?

Like you can subscribe to The Atlantic and you get all of Anne's articles.

But you don't feel as connected to Anne as you would if Anne had a Substack, right?

And I think, you know, Derek, who has moved over to Substack, right?

Part of the issue is, as I'm sure you know, the best Substackers make hundreds of millions of dollars, like you, Azeem, right?

And, you know, there's a chance to, like, make more money than you can in a traditional media organization if you are a hugely successful individual.

So, anyway, our challenge...

I like the Substacks founders.

I think it's a great product.

I think they've done a really good job.

I think it's kind of amazing that they got there and beat Medium despite Medium's head start in so many ways.

Like that is a remarkable business story.