The media landscape is fracturing like never before
The internet has forced legacy newsrooms to compete with independent outlets that are fast, nimble, and more innovative.
At the end of March, I quit my job at Business Insider after an inspired and instructive three years.
My co-founder Anthony Pompliano and I have since launched Opening Bell Daily, an independent financial media outlet aimed at delivering premium, original reporting — content that would typically be hidden behind a paywall in legacy media — at no cost to readers.
I had many reasons for exiting a mainstream news company.
Personally and professionally, the move made sense. I'm thrilled to team up with my partner to build something nimble and disruptive.
The broader trend in the industry, however, also informed the move.
Corporate and local newsrooms alike execute regular layoffs and bungle editorial strategy. It's getting harder for them to capture eyeballs from social media platforms, even with click-bait headlines and overt political slants.
Reporters and editors know this.
Readers suffer, too, because news products typically deteriorate when cost-cutting measures or misguided growth strategies take priority. Both are happening at the same time now.
It's always been a rocky business, and I expect the volatility to ramp up.
The rise of independent creators and influencers has cut into the attention game that all of media participates in. Thanks to the internet, corporate gatekeepers of old are forced to compete with smaller and faster shops (like Opening Bell Daily).
What's more, independent operators are becoming increasingly popular as go-to sources of information. Particularly among millennials and Gen Z, a rising share of adults reports consuming news on TikTok. That is not going to slow down.
Dwindling attention spans aside, my sense is that people resonate with people, not companies.
Meta CEO Mark Zuckerberg posted a selfie video on Instagram the other day that millions of viewers consumed and shared. I would not bet on a press release or an article in The Washington Post to have anywhere near the same reach.
The media will continue to fracture as independent journalists and outlets scale, innovate, and find new ways to deliver best-in-class information to consumers.
I recently spoke about this topic with Justin Wolz on Rho's podcast, NY Seed Round. We also discussed how to overcome writer's block, what Business Insider is excellent at, and another new venture of mine, Journalists Club:
