a16zSubstack Cofounder on AI Slop Content & the Decline of Social Media
CHAPTERS
Attention becomes scarce: Substack’s bet on “better culture”
The conversation opens with a framing that media’s core scarcity has flipped: content is abundant, but worthwhile attention is limited. Substack positions itself as an economic engine that helps people spend attention on higher-quality writing and culture.
- •Attention—not content—is the scarce resource in modern media
- •Great writing and culture are inherently valuable and shape who we become
- •Substack’s role is framed as enabling “better uses” of time and attention
- •Media consumption is treated as a life choice with long-term effects
2020’s speech crackdown and why Substack became a refuge
Katherine Boyle revisits the 2020–2021 media climate: firings, social pressure, and high-profile deplatforming created fear around heterodox expression. She argues Substack’s decision to protect free speech meaningfully shaped today’s cultural landscape.
- •Examples from 2020: NYT op-ed controversy, mass firings, deplatforming of political figures
- •Widespread fear among writers and “thought leadership” circles
- •Substack is described as an early, prominent platform defending free expression
- •Claim: today’s broader Overton window shift would look different without Substack
Founding philosophy: independence as the main pillar (not partisanship)
Chris Best explains that free speech is foundational but not the primary mission; the core goal is independence for creators through better economic incentives. Substack aims to give writers editorial freedom, direct audience relationships, and a sustainable way to earn.
- •Substack’s mission: a “new economic engine for culture”
- •Independence requires editorial freedom + the ability to earn directly
- •Internet-era ad/network business models warped incentives for media
- •Free speech is a prerequisite for healthy culture, not a partisan stance
Saving blogging: from dead ecosystem to ‘blogging with a business model’
Andrew Chen describes the decline of the open blogging era (spam, hacks, no monetization) and why Substack mattered as a clean, paid model. Best embraces the early criticism that Substack was “just blogging with a business model,” arguing that’s precisely the point—and it expands beyond writing.
- •Old blogging ecosystem: WordPress-era fragility and weak monetization
- •Prior monetization options: AdSense, affiliates—often low-quality or cumbersome
- •Stratechery as an early proof of paid writing viability
- •Substack simplifies payments + publishing; later expands into podcasts and a network
Direct audience ownership: email, portability, and the ‘right to exit’
The discussion highlights Substack’s commitment to letting creators export their audience—counter to typical platform lock-in. Best argues portability forces Substack to continually earn loyalty, creating healthier incentives and long-term trust.
- •Email lists and subscriber relationships are more durable than follower counts
- •Substack’s export features enable leaving—and returning (‘boomerangs’)
- •“Right to exit” aligns incentives: platform must keep creating real value
- •Trust grows when creators aren’t trapped by the platform
Overriding the algorithm: subscriptions as a creative risk tool
Best argues subscriptions provide more than revenue—they provide a reliable channel to reach people directly, enabling creative experiments that algorithms might suppress. This reduces dependence on ‘pleasing the feed’ and enables creators to call on audience trust for non-obvious work.
- •Creators on algorithmic platforms fear making content that won’t be distributed
- •Subscriptions grant a right to “tap you on the shoulder” (email/push/inbox reach)
- •Direct connection enables creative risk and format experimentation
- •Audience feedback is explicit: success or unsubscribe, not opaque distribution
From newsletters to network: why Substack built a destination (Notes)
Best explains the evolution from a paid newsletter tool to building a broader network—because creators still depended on Twitter/Facebook/LinkedIn for discovery. Substack’s long-term goal is a discovery network with different ‘laws of physics’ that actually benefits creators and readers.
- •Early lesson: paid newsletters needed a free tier to convert new readers
- •Second lesson: creators needed upstream social platforms for top-of-funnel
- •Platform risk: external networks can change rules overnight (e.g., turning off politics)
- •Substack’s ambition: a creator-aligned network/destination with better incentives
Algorithms aren’t evil—objective functions are
Rather than rejecting algorithms, Best argues the problem is what they optimize for (often ads and engagement). Substack’s aspiration is to use algorithms that optimize for user value—helping people find what they deeply care about instead of maximizing screen time.
- •Major platforms shift toward ‘For You’ feeds reduces value of follower graphs
- •Creators can have large followings yet reach few followers due to algorithmic control
- •Algorithms are tools; outcomes depend on the objective function
- •Vision: recommendation systems optimized for reader value, not ad impressions
Advertising and sponsorships: adding revenue without importing toxic incentives
The hosts explore whether Substack might build an ad network and the trade-offs of ads vs subscriptions. Best says advertising can be powerful, but copying legacy ad models would import misaligned incentives; the challenge is designing an aligned, creator-friendly version.
- •Bear case: ads incentivize clickbait and content dilution
- •Bull case: ads help niche creators monetize without high paywalls
- •Many Substackers already run sponsorships successfully
- •If Substack does ads, it must be designed from first principles to preserve independence
AI slop vs creative leverage: production tools and the fight for attention quality
AI is framed as a force multiplier that can either flood feeds with low-value ‘slop’ or give serious creators leverage to produce higher-quality work across formats. The group argues AI highlights the shortage of extraordinary content and increases the premium on trust and taste.
- •Example AI workflow: conversation → produced podcast/video/clips/transcript/translations
- •Risk: mass production of ‘AI slop’ optimized for clicks
- •Opportunity: reduce creative friction (writer’s block, production overhead)
- •Attention scarcity makes quality—and willingness to pay for it—more important
Two futures of media: wireheading entertainment vs culture that makes you better
Best outlines a bifurcating future: hyper-addictive entertainment optimized like a drug, and a second path where media supports culture, agency, and self-improvement. Substack’s goal is to make the ‘better’ future compelling enough to compete with addictive feeds.
- •Media can function like a drug: momentary pleasure vs long-term harm
- •AI will supercharge addictive consumption patterns (a ‘wireheading’ direction)
- •Alternative future: media as culture—helping people learn, connect, and act in society
- •Substack’s north star: users should feel proud of time spent in the app
Beyond journalism: academia, books, and long-form’s cultural supply chain
The conversation broadens to adjacent institutions. Best critiques academic publishing and peer review, while Andrew contrasts the slow, scarce book pipeline with instant internet distribution; they argue moral panics focus on medium rather than the continuity of reading and ideas.
- •Best’s critique: academic publishing incentives and peer review may be failing
- •Books: multi-year effort vs instant publishing to large audiences
- •Cultural prestige lags behind new formats (plays → film → TV → YouTube)
- •Long-form writing influences elites who translate ideas downstream into mass formats
Unbundling and rebundling: creators become founders and build new media companies
Substack is described as enabling value capture and experimentation: top writers can earn far more independently, and some build larger ‘Substack-first’ media companies. Best compares this to venture’s effect on software—unleashing talent increases variance and creates breakthroughs.
- •Substack enables price discovery: creators capture more of the value they create
- •Shift from institutions to individual-led, founder-like creator models
- •Rebundling: teams and networks form around successful independent voices
- •Analogy: VC-era software—put builders in charge to drive a cultural renaissance
Why raise $100M now: scaling the network era of Substack
Best explains the fundraising as fuel for a new phase: Substack’s network is now “alive” and needs investment to grow into an internet-scale destination aligned with independence. The company aims to rebuild product and organization to match that expanded ambition.
- •Core ‘handshake’: independence-supporting business model + internet-scale network
- •Notes and network features represent a shift from tool to destination
- •Capital enables product expansion and company transformation for the next stage
- •Goal: increase creator economic value and cultural value as the network scales
