How blogging went legit, with Substack CEO Chris Best

Complex Systems with Patrick McKenzie (patio11)

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.
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Full transcript available here: www.complexsystemspodcast.com/how-blogging-went-legit-with-substack-ceo-chris-best/

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Sponsor: Mercury
This episode is brought to you by Mercury, 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 Mercury.com
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.
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Links:

• Chris Best’s Substack: https://cb.substack.com/

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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