Puck’s Jon Kelly on why ads are still a good business

Puck launched two years ago, heralded as Vanity Fair for the Substack era. A big part of the pitch was a subscription model. But like others, such as Punchbowl, Puck has found that its subscription business, with its direct connections, and vertical focus lends itself well to a strong direct-sold ad business. Other topics we cover: What ails legacy publishing models Raising $10 million in a rough funding climate The pendulum shift from institutions to individuals The enduring value of scarcity The benefits of starting small