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
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