Substack As A Unicorn

The valuation is a classic bet on potential vs reality, as Substack’s execution has been spotty. We unpack the bet on creating an OnlyFans-like network, presumably with less risqué content. Plus: the mini-pivot to livestreams, AI's brand problem with Gen Z, Google Discover gets compressed, the power shift to golf YouTube, and AI coming for Excel jockeys because nothing is sacred.

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Chapters:

• 00:00 Open

• 01:01 Welcome

• 07:49 Substack

• 16:28 OnlyFans

• 23:12 Free Press

• 30:01 Google Discover

• 34:31 Rufuss

• 36:09 TITV

• 43:31 AI Spreadsheet Maker

• 51:54 AI Slop

• 59:53 Good Product

• 01:05:52 Outro