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Hans van Gent's avatar

Great read, and love the quote by Rand. Think I might refer to that one also more often.

Rudi Davis's avatar

I think the nub of the matter for legacy publishers is that young people aren't reading anymore (the "post-literate society" has been a hot topic on substack over the last 6 months).

I'd argue digital print has never really been platform-ised like video, partly as it pre-dates platform businesses. Yes, there's Substack, but it's still very niche, Medium (but, meh), and SM that acted as a news article (sort of) aggregator for a time (and Reddit still does). So publishers got plenty of direct traffic from previous generations. For example, every office I worked in the 2010s I'd always see younger staff browsing the Daily Mail side bar of shame. I don't think you see that with early-20s office workers anymore.

If your default as a young user is now straight-to-video, why would you ever go to a publisher's site? So where does that leave publishers and young audiences? Reliant on ad revenue from video platforms?

As an aside, I keep thinking about the downstream impact of all this on trade media. The vast, vast majority of trade media output is digital print. Is anyone Gen Z and below going to be reading this in a decade or so time? And what happens if/when AI displaces a lot of white collar jobs and therefore there is just a much smaller target audience for those trade pubs? For those publishers with large stables of trade media brands, I'd be very concerned about the future.

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