Journalism has been a hot topic lately. Everything from fake news to censorship of journalists to venture capitalists launching their own media publications.  Why so much interest in journalism? “Were it left to me to decide whether we should have a government without newspapers or newspapers without a government, I should not hesitate a moment…

“Accounting is the language of business, and you have to be as comfortable with that as you are with your own native language to really evaluate businesses.” Warren Buffett Media businesses are, in general, simple businesses.  People create content. Content creates attention. Attention creates opportunities to monetize. But this simplicity is a masquerade for a…

In the world of media, it’s easy to hear about all the things operators should be doing to build a great business.  Thing is, it’s really hard to do all of those things — and it can be really overwhelming. So, instead of piling on to what you should do, I’ve created a list that’s a bit…

Whether you’re in B2C or B2B, you’re a startup with a few thousand subscribers or a creator doing it on your own — email is (or will be) the driving force of your business.   This isn’t a secret to most of you reading, but email has a few obvious advantages: Direct relationship to your audience…

8B Red Bull cans were consumed last year.  The privately held energy drink company does more than $7B in annual revenue and has 24% of the market share of energy drinks.  Similar to media companies, consumer packaged goods — like beverages — have no real defensible moat like unique technology or patents do. The barrier…

In the last few years, it’s been impossible NOT to hear talk in our industry about how great it is for media businesses to lean into subscription revenue.  Why? Look at The New York Times — it’s a hell of a model to replicate.  They’re the leading media company in the world with a market…