Why Media is Freaking Out About Substack – Substack has captivated an anxious industry because it embodies larger forces and contradictions. For one, the new media economy promises both to make some writers rich and to turn others into the content-creation equivalent of Uber drivers, even as journalists turn increasingly to labor unions to level out pay scales.
This new direct-to-consumer media also means that battles over the boundaries of acceptable views and the ensuing arguments about “cancel culture” — for instance, in New York Magazine’s firing of Andrew Sullivan — are no longer the kind of devastating career blows they once were. (Only Twitter retains that power.) Big media cancellation is often an offramp to a bigger income. Though Substack paid advances to a few dozen writers, most are simply making money from readers. That includes most of the top figures on the platform, who make seven-figure sums from more than 10,000 paying subscribers — among them Mr. Sullivan, the liberal historian Heather Cox Richardson, and the confrontational libertarian Glenn Greenwald. [NYT]
Vox Media to Buy Owner of Preet Bharara’s Podcast – Vox Media said it is acquiring Cafe Studios Inc., publisher of a popular podcast hosted by former Manhattan U.S. attorney Preet Bharara, part of a bid to expand its growing audio business.
The companies didn’t disclose financial terms of the deal. Mr. Bharara will join Vox Media as a host, co-founder and creative director of Cafe, which will continue to exist as a brand. Mr. Bharara will report to Vox Media Studios President Marty Moe.
In an interview, Vox Media Chief Executive Officer Jim BankoffMartell Cognac hosts ‘Bold Conversations’ on Clubhouse said Cafe Studios was worth buying because of its strong advertising business, the quality of its shows and its subscription business. [WSJ]
Midnight drinkers flock to Britain’s beloved pubs as lockdown eases – The U.K. has eased its lockdown further with the reopening of non-essential shops and pub beer gardens on Monday. [CNBC]
Martell Cognac hosts ‘Bold Conversations’ on Clubhouse – Black History Month is an important time of year for Martell Cognac. This year, the Pernod Ricard spirits brand took its activism and community involvement work to Clubhouse, hosting a series of conversations with Karen Civil, a creator and digital marketing strategist with more than 1 million followers on Clubhouse.
The brand chose Clubhouse because of the “authentic conversations” that were happening there. [eMarketer]
Pluto TV will surpass $1 billion in US ad revenues in 2022 – According to eMarketer estimates, Pluto TV, a free streaming service operated by ViacomCBS, will receive $786.7 million in net US ad revenues in 2021, a 77.7% increase over the previous year. In 2022, Pluto TV’s net US ad revenues will surpass $1 billion annually for the first time.
The growth of Pluto TV’s ad business is reflective of how advertisers are funneling more money toward streaming video. In a December 2020 survey from Advertiser Perceptions cited by Next TV, 42% of US agency and marketing professionals said they would increase ad spending directed to OTT streaming services over the next 12 months, while just 2% planned to decrease it. Most respondents, 56%, said their OTT ad spending would remain about the same as last year. [eMarketer]
Microsoft Buys AI Firm Nuance Communications – Microsoft says the “acquisition will combine solutions and expertise to deliver new cloud and AI capabilities across healthcare and other industries.” [Microsoft]
