Nicholas Thompson

There's some people where they prefer and it's better for their readers.

And for those folks, Substack is right.

And then there are a lot of folks where having the support of an institution is more valuable.

And so I think this world will shake out into a place where there are amazing Substacks, obviously, right?

And it continues to grow.

And the fundraising round was really impressive because

you know, they've been struggling and it looked kind of like they were going to head for a down round.

And when you head for a down round, you have problems.

They've clearly picked it up.

Like whatever decisions they've made, the way they built in the social integrations, like props to Hamish, props to that team, right?

That is like, you know, they've done some very good work there.

So they figure that out.

But I also think that this world shakes out with Substack's success and also the success of a bunch of publications that aggregate writers, that add editors, and that do something different.

And you've seen a really interesting thing, which is true, I think, across all new media forms, which is

particularly in the case of Barry, where because traditional media, you know, very much so in this country has been quite liberal, right?

And the people who go into it come from a

relatively liberal backgrounds, and it's been relatively tricky for a conservative or someone not that conservative.

She had a hard time culturally at the New York Times because of the, you know, sort of the accepted ideologies within the paper, right?

Stories she's told many times.

What you've seen really interestingly is that smart conservative journalists have gone out and like, why do conservative journalists dominate on YouTube?