Substack is the index fund of culture: Chris Best (co-founder and CEO)

With over 35 million subscribers and a commitment to free speech, Substack is reshaping how we consume and value information. In an interview with Flex capital, Substack cofounder and CEO, Chris Best gives his deep insights on:

• The evolving landscape of media.
• The importance of attention in this age of distraction
• The importance of varied and diverse content of good quality.

An ideal coffee-time read!

Here are the big ideas from his talk

Notes from Ashish Sinha (Nextbigwhat founder) : As one of the largest tech media platform from India, we have had our own journey when it comes to reshaping the media business and to a very large extent, I agree with Chris on how media is evolving and where the money is going to flow.

Attention is the most limited resource in media.
In the past, people sought entertainment to fill their idle time. Today, distractions are abundant, making attention the most scarce and valuable commodity. What people truly need is quality content that engages and enriches lives.

"Attention is the limiting factor in today's media world. Quality, not quantity, is what people need."

Substack is still a challenger despite its growth.
Although Substack has achieved significant growth, it remains a small player compared to giants like YouTube and Facebook.

"Substack is an index fund of culture, reflecting the vast variety of interests and perspectives out there."

Decentralization is reshaping media.
The media landscape is moving away from traditional gatekeepers towards niche, vertical-focused content. This shift allows individuals to curate their own digital experiences and trust the sources they choose to follow.

Two futures of media consumption.
Chris Best envisions two possible futures:

• one dominated by cheap, compelling content that hooks viewers and
• another where people spend their time on content they genuinely value.

Unlike other platforms that maximize user engagement time, Substack's feed and algorithm are designed to help users find valuable content and maintain meaningful connections with their subscriptions.

Economic incentives drive content quality.
Substack's subscription model encourages creators to produce high-quality content that subscribers are willing to pay for. This model contrasts with ad-driven platforms that prioritize engagement over substance.

Freedom of speech is fundamental.
Despite criticism and challenges, this principle remains central to its mission, supporting a diverse range of voices and perspectives.

"We want you to find things you value and connect with people that make your life better."

Shifting cultural expectations enable Substack's success.
The normalization of paying for digital content has paved the way for Substack's model. Cultural shifts towards valuing and financially supporting quality content have been crucial to its growth.

Substack as an index of culture.
The platform hosts a wide variety of niches and perspectives, reflecting a broad spectrum of interests and viewpoints. This diversity is a testament to Substack's role in shaping modern media consumption.

"Our incentive is to help you keep up with what you aspire to read and watch, not just what gets the most clicks."

What’s your take on the evolving nature of media?