Ed Elson speaks with Chris Best, co-founder and CEO of Substack. They discuss how the company stood out against competitors, why video has become increasingly important to its audience, and where the media industry is headed next. Learn more about your ad choices. Visit podcastchoices.com/adchoices
What if the future of media isn’t controlled by algorithms or legacy institutions—but by independent voices building directly with their audiences? In this episode, Erik Torenberg is joined by Chris Best, cofounder and CEO of Substack, along with a16z general partners Katherine Boyle and Andrew Chen. We trace the origin story of Substack and its cultural impact, including how it reinvented the business model for independent media. We also explore the evolution of blogging, the rebundling of media, and what the future holds as attention becomes the scarcest resource. Timecodes: 00:00 Introduction 03:50 Origins of Substack 06:29 The Evolution of Blogging & Media Models 09:15 Direct Audience Connection & Platform Independence 10:57 Vision for Substack & The Role of Algorithms 21:06 Business Models: Ads, Subscriptions, and AI 26:10 The Scarcity of Attention & Value of Good Content 27:45 Unbundling, Rebundling, and the Future of Media Companies 37:12 Academia, Books, and Changing Content Formats 44:31 Substack’s Next Phase & Closing Thoughts Resources: Find Chris on Substack: https://cb.substack.com/ Find Chris on X: https://x.com/cjgbest Find Andrew Chen on Substack: https://andrewchen.substack.com/ Find Andrew on X: https://x.com/andrewchen Find Katherine on X: https://x.com/KTmBoyle Find Katherine on Substack: https://boyle.substack.com/ Stay Updated: Let us know what you think: https://ratethispodcast.com/a16z Find a16z on Twitter: https://twitter.com/a16z Find a16z on LinkedIn: https://www.linkedin.com/company/a16z Subscribe on your favorite podcast app: https://a16z.simplecast.com/ Follow our host: https://x.com/eriktorenberg Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures. Stay Updated: Find a16z on YouTube: YouTube Find a16z on X Find a16z on LinkedIn Listen to the a16z Show on Spotify Listen to the a16z Show on Apple Podcasts Follow our host: https://twitter.com/eriktorenberg Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
Substack was founded to create an escape vehicle for writers: Chris Best and Hamish McKenzie imagined a world where writers didn’t have to rely on legacy publications or corporate advertisers, but could instead create a more direct and meaningful relationship with their audience. Despite early skepticism, Chris and Hamish were confident that many people would pay a few dollars a month to subscribe to their favorite newsletters, on subjects ranging from politics to sports to tech. Today, Substack has over 35 million active users, and while many of its offerings are free, a number of its content-creators make upwards of $500,000 a year. This episode was produced by J.C. Howard, with music by Ramtin Arablouei. Edited by Neva Grant, with research help from Iman Maani. You can follow HIBT on Twitter & Instagram, and email us at hibt@id.wondery.com. Sign up for Guy's free newsletter at guyraz.com and on Substack. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
In this episode, Substack cofounder and CEO Chris Best joins a16z General Partner Andrew Chen to discuss the origins and evolution of Substack, a platform redefining media and empowering creators to connect directly with their audiences. They dive into how Substack’s early days led to over 3 million paid subscribers, why creators are moving away from traditional platforms to establish direct connections with their audiences, and how the future of media in the AI era is reshaping opportunities for writers, podcasters, and video creators. From Chris’s lessons scaling Kik Messaging to Substack’s profound impact on the creator economy, this conversation shares insights on building platforms, culture, and opportunity in the modern era. Resources: Find Chris on Substack: https://cb.substack.com/ Find Andrew Chen on Substack: https://andrewchen.substack.com/ Stay Updated: Let us know what you think: https://ratethispodcast.com/a16z Find a16z on Twitter: https://twitter.com/a16z Find a16z on LinkedIn: https://www.linkedin.com/company/a16z Subscribe on your favorite podcast app: https://a16z.simplecast.com/ Follow our host: https://twitter.com/stephsmithio Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures. Stay Updated: Find a16z on YouTube: YouTube Find a16z on X Find a16z on LinkedIn Listen to the a16z Show on Spotify Listen to the a16z Show on Apple Podcasts Follow our host: https://twitter.com/eriktorenberg Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
It is fair to say that Substack has had a dramatic week and a half or so, and I talked to their CEO Chris Best about it. The company announced a new feature called Substack Notes, which looks quite a bit like Twitter — Substack authors can post short bits of text to share links and kick off discussions, and people can reply to them, like the posts, the whole thing. Like I said, Twitter. Twitter, under the direction of Elon Musk, did not like the prospect of this competition, and for several days last week, Twitter was taking aggressive actions against Substack. At one point you couldn’t even like tweets with Substack links in them. At another point, clicking on a Substack link resulted in a warning message about the platform being unsafe. And finally, Twitter redirected all searches for the word Substack to “newsletter.” Musk claimed Substack was somehow downloading the Twitter database to bootstrap Substack Notes, which, well, I’m still not sure what that means, but I at least asked Chris what he thought that meant and whether he was doing it. It’s tempting to think of Substack like a rival platform to Twitter, but until the arrival of Substack Notes, it was much more like enterprise software. With Substack Notes, the company is in direct competition with social networks like Twitter. It’s shipping a consumer product that’s designed to be used by Substack readers. It is no longer just a software vendor; it’s a consumer product company. And that carries with it another set of content moderation concerns, that, after talking to Chris, I’m just not sure Substack is ready for. Like, I really don’t know. You’ll just have to listen to his answers — or really, non-answers — for yourself. This is a wild one. I’m still processing it. Let me know what you think. Okay, Chris Best, CEO of Substack. Here we go. Transcript: https://www.theverge.com/e/23445916 Links: Can Substack CEO Chris Best build a new model for journalism? - The Verge Now live for all: Substack Notes Substack Content Guidelines Welcome to the new Verge (re Quick Posts) Can Mastodon seize the moment from Twitter? - The Verge Twitter’s newsletter tool is shutting down in less than a month - The Verge Elon Musk on Twitter: "@BretWeinstein 1. Substack links were never blocked..." Casey Newton - Substack Notes Platformer on Substack Can we regulate social media without breaking the First Amendment? - The Verge How to buy a social network, with Tumblr CEO Matt Mullenweg - The Verge Newsletter platform Substack raises $65 mln in Andreessen Horowitz-led funding round | Reuters Substack Drops Fund-Raising Efforts as Market Sours - The New York Times Substack Wefunder Substack Notes, Twitter Blocks Substack, Substack Versus Writers How much money do we think Substack lost last year? - The Verge Learn more about your ad choices. Visit podcastchoices.com/adchoices
Last week, Elon kicked off a feud with both Substack and his very own former Twitter Files ingénue (and Substack star), Matt Taibbi. Kara and Nayeema break down the battle of the bros before turning to an interview with those at the center of the storm: Substack co-founders Chris Best and Hamish McKenzie. The two address questions about Substack Notes (which Elon dubbed, and they deny, is a “Twitter clone”), the challenging business model of newsletters and their stance on free expression. Somehow, they manage to avoid uttering the name “Elon.” Kara doesn’t shy away though. Questions? Comments? Email us at on@voxmedia.com or find us on Twitter @karaswisher and @nayeema Learn more about your ad choices. Visit podcastchoices.com/adchoices
Chris Best is the CEO of Substack, an email newsletter platform that lets writers send newsletters and charge subscribers a monthly fee. The platform — which I use for my Big Technology newsletter — is squarely in the middle of the battle over online speech, looked at by some as an alternative that will displace professional media. Best joins Big Technology Podcast to discuss his company's position in these speech battles, how he personally feels about the professional media, his investor Andressen Horowitz, and whether paid subscriptions are a better model than advertising. You can subscribe to my Big Technology Newsletter here: https://bigtechnology.substack.com/ The OneZero story https://onezero.medium.com/the-moderation-war-is-coming-to-spotify-substack-and-clubhouse-9fe00672091b Learn more about your ad choices. Visit megaphone.fm/adchoices
Nilay Patel talks to Chris Best, cofounder and CEO of Substack, the subscription newsletter startup that’s taken the media industry by storm over the past few months. The conversation explores how Substack's business model could potentially impact the media industry, but also dives into the basic questions about running a media company -- how Substack makes money, how it’s going to scale while offering additional services to writers, like legal protection, and, of course, content moderation. Learn more about your ad choices. Visit podcastchoices.com/adchoices
Chris Best is the Founder & CEO @ Substack, the company that makes it simple for a writer to start a paid newsletter. To date, Chris has raised over $17M in funding from the likes of a16z, Y Combinator, Twitch CEO Emmett Shear and Zynga Co-Founder Justin Waldron to name a few. Prior to founding Substack, Chris was the Co-Founder & CTO @ Kik, letting users connect with friends, groups and the world around them. The company raised over $220M in funding from Spark, Tencent and USV to name a few. In Today's Episode You Will Learn: 1.) How Chris made his way into the world of startups and came to found Kik? How his journey with Kik led to his founding Substack? 2.) During COVID, traditional media publications have been hit hard and Substack has taken off, how does Chris see the correlation there? Given the public journal of record has always been free, how does Substack interact with public news? What does Chris 3.) Why does Chris believe that micropayments are a fundamentally bad idea? Structurally why would they not work? Does Chris agree the biggest problem consumers face today in content is one of discovery? Why not? 4.) When designing the Substack product today, how does Chris think about incentive design? Why does Chris believe with incentives, Substack is the opposite of Twitter from a product perspective? Why have the "economics of attention now been flipped?" 5.) How has Chris seen himself evolve and change as a leader over the last 3 years? What advice would Chris give to CTOs making the move into the role of CEO? What does Chris believe his greatest strengths and weaknesses are as a leader? How does Chris find the war for talent today? Items Mentioned In Today's Show: Chris' Fave Book: The Death and Life of Great American Cities As always you can follow Harry and The Twenty Minute VC on Twitter here! Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC.
1:00 Jason intros Chris Best 3:24 What happened to Kik? (Chris' first startup) What did he learn from it? 5:03 What is it about email newsletters that attracted Chris? 9:41 Chris explains the AI alignment problem and how it relates to content consumption 13:58 What bad behaviors have Google & Facebook's ad algorithms created? How is Chris working to fix them? 18:09 Gamification's impact on startups 23:02 What types of writers are best suited for Substack? 29:25 How did Chris secure a $15M Series A from a16z with only 3 FTEs? Plus explaining the benefits of being "default-alive" 34:33 Are we approaching a flipping of the attention economy? 43:20 How does Substack make money? 49:46 Benefits of writer collaboration & cross-promotion 50:57 How the Deadspin situation relates to Substack 56:01 Most interesting newsletter content so far? 58:19 Dealing with offensive speech & explicit content 1:05:32 When will major publications start losing writers to Substack? 1:10:00 Plans to add audio or video? 1:11:34 What are the top-performing newsletters and what are the price ranges? 1:17:29 Ad-model vs. Paid-model at Inside & Substack 1:30:16 Chris explains the Substack fellowship 1:32:23 Thoughts on "hustle culture"