New Media is Taking Over
By: Armchair Banker
Tags: Newsletter, YouTube, News, Spotify, New Media

Image Courtesy: TechCrunch

It used to be the big 3 networks. Then came Cable TV. Now anyone can tell their story.

Substack Revolution

The biggest news in journalism during the past few weeks was Glenn Greenwald leaving the Intercept. He founded the Intercept with Laura Poitras and Silicon Valley mogul Pierre Omidyar after his reporting on Edward Snowden. But due to editorial differences and censorship, Glenn left the media empire he helped to create. Now Glenn, just like many others, has joined the newsletter platform Substack. Substack is a newsletter startup based in Silicon Valley but inspired by WeChat (showing the rise of global tech copying China). Some other famous journalists who have left big-name media companies to join substack include:

Matt Taibbi (formerly at the Rolling Stone — famous for his “Vampire Squid” article)

Matthew Yglesias (co-founded Vox with Ezra Klein)

One of Substack’s angel investors is Bill Bishop, who writes the China-focused newsletter Sinocism and is one of the top “China watchers” trusted by leaders in business, finance, and policy.

YouTube and Podcasts

YouTube has become a place for people to get their news. Instead of turning on their TVs, younger viewers are logging on to watch their favorite news channel on YouTube. Joe Rogan’s interview with Edward Snowden 2 months ago was watched by more than 8 million people. His YouTube channel alone has more than 10 million subscribers. Even veteran journalists like Megyn Kelly are going the podcast route.

New Media is becoming “Newer”

Even the founders of new media companies are leaving to reinvent the field again. For example, Mike Allen and Jim VenderHei both created Politico. Politico went against traditional media in Washington, D.C. to become the “ESPN” of politics and cover politics like it's a sport. Both Mike and Jim then left Politico to start Axios, which is described by both the founders as “the Economist meets Twitter” and is telling the news in a way that is fit for a new generation that only reads and responds with 280 characters. Even the Intercept, Glenn Greenwald’s former news media company, was already a start-up media project created to be a different voice from the mainstream media.

Big Tech and VC are Realizing the Potential of New Media

Big tech is noticing the rising influence of new media and its creators. Joe Rogan signed an exclusive deal with Spotify to have his podcast be exclusive to the music and podcast streaming service. The deal was worth $100 million. Dreamworks Studios co-founder and investor Jeffrey Katzenberg invested $20 million in the YouTube political news channel The Young Turks. Amazon wants to buy the last podcast maker Wondery. Google, Apple, Spotify, SoundCloud, Podbean and so many other start-ups are giving independent podcasters a chance to promote their work.

The Information Highway is Only Getting Wider

Information is key for everything. Whether you an investor, power broker, decision-maker or just an ordinary John or Jane Doe, knowing what is going on in the world is important. News is also important for setting the agenda. If data is the new oil news is the new fuel. Now you don’t have to be Rupert Murdoch or be a high-paid newscaster on cable TV to tell the news. You also don’t have to go to journalism school to call yourself a journalist or be a writer. Anyone with a decent Wi-Fi connection and a laptop can start writing. That is why I even started writing on Medium. I wanted to be able to give my analysis and view. I have always loved writing and wanted to be a storyteller. Medium is giving me the chance to pursue my dream.

With substack and podcasting also comes independence. No one has to censor your ideas or be controlled by the “thought police”. You are truly an independent journalist and writer. That is why veteran journalists like Glenn Greenwald, Matt Taibbi, and Matthew Yglesias are leaving established journalism outfits to be independent writers. The information highway is only getting wider and is giving everyone a voice. The winners of the new media revolution will be the writers and podcasters who can offer a unique perspective and provide value to listeners and readers and is not seen, heard, or repeated by mainstream pundits.

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