Patrick McKenzie is joined by Chris Best, CEO of Substack, to discuss how the platform created new economic infrastructure for independent media. They explore Substack's evolution from a simple newsletter tool to a full media network, the revenue guarantee program that attracted prominent writers, and the company's principled stance on press freedom during the "cancel culture" years. Chris explains how subscription-based business models create better incentive alignment than attention-based advertising, and discusses new features like AI-powered video production and Substack Defender, their legal protection program for writers facing lawsuits.–Full transcript available here: <a href="https://www.complexsystemspodcast.com/how-blogging-went-legit-with-substack-ceo-chris-best/">www.complexsystemspodcast.com/how-blogging-went-legit-with-substack-ceo-chris-best/</a>–Sponsor: <a href="https://mercury.com?utm_source=complex_systems&utm_medium=sponsored_podcast&utm_campaign=25q2_brand_campaign">Mercury</a>This episode is brought to you by <a href="https://mercury.com?utm_source=complex_systems&utm_medium=sponsored_podcast&utm_campaign=25q2_brand_campaign">Mercury</a>, the fintech trusted by 200K+ companies — from first milestones to running complex systems. Mercury offers banking that truly understands startups and scales with them. Start today at <a href="https://mercury.com?utm_source=complex_systems&utm_medium=sponsored_podcast&utm_campaign=25q2_brand_campaign">Mercury.com </a>Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Column N.A., and Evolve Bank & Trust; Members FDIC.–Links:<ul><li>Chris Best’s Substack: <a href="https://cb.substack.com/">https://cb.substack.com/</a></li></ul>–Timestamps:(00:00) Intro(00:53) The evolution of online publishing(01:20) Substack's business model(02:05) Challenges and opportunities in media(03:47) The role of engagement in media(06:03) The birth of Substack(08:58) Making paid newsletters accessible(10:54) Revenue guarantees and early success(13:05) Substack's impact on journalism(17:59) Freedom of the press and Substack's stance(19:24) Sponsor: Mercury(20:40) Twitter's influence on journalism(24:09) Substack's role in modern media(26:04) The impact of cancel culture on journalism(26:53) The evolution of blogging and discourse(30:53) Substack's expansion into podcasts and video(32:42) AI and the future of media production(38:20) Substack defender(42:22) The growing network and future of Substack(46:03) Wrap

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How blogging went legit, with Substack CEO Chris Best

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