Enthusiast media, aka niche consumer, is my favorite sector because it prioritizes depth over scale, and its KPIs are different from general consumer media's chasing eyeballs for advertisers. Instead of being dumb pipes driven by vanity metrics and anecdata, they can build self-sustaining communities with deep engagement that offers diversified revenue streams, including valuable intersections for marketing partners seeking strategic, long-term relationships. In its ideal form, enthusiast media (and some B2B verticals) combines community engagement, editorial integrity, and paid content into a diversified suite of relevant products and services which simultaneously minimizes its reliance on advertising while optimizing its effectiveness for savvier marketing partners.
One could reasonably argue there were TOO MANY publishers at the Bookfair when you think about the relatively small markets they cater to for literary fiction, poetry, and creative nonfiction, as well as the often myopic focus on a single magazine, ignoring or discounting other ways they could serve their community while ensuring a sustainable future. The relatively low barrier for entry into (and expectations of) literary publishing “let’s people wade in a little over their heads,” as Creative Nonfiction‘s Hattie Fletcher noted during the Literary Innovation session, and many publishers often find themselves living on the brink of insolvency, one time-consuming fundraising pitch away from failure.
Facebook doesn't view publishers as valued partners and never has, despite so many helping it grow and engage a worldwide audience, handing over tons of invaluable data along the way, not just from engagement on Facebook itself, but from their own websites too. All for free! Facebook has transformed that invaluable data into billions of dollars of advertising revenue every year while steadily throttling publishers' ability to reach their own audiences without becoming paid advertisers themselves. It's an objectively and diabolically brilliant model that I simultaneously admire and despise.
As broadcast and cable TV fragmented into hundreds of channels serving various overlapping demographics in search of the occasional mainstream hit, and streaming competitors leveraged nostalgia and cheap licenses to fund their own original mix of niche and mainstream content, YouTube was quietly "democratizing" video content the same way Blogger and WordPress did years ago, to similar effect.
Back in 2005, I spent two hours over cold beers talking with Charlie Huston about Moon Knight and the pressure of living up to the hype surrounding his relaunch; what “decompression” and “9-out-of-10 of those single issues sucked!” have in common; and what Doug Moench and Steve Gerber don’t have in common. The resulting interview, originally published at Buzzscope, is my favorite ever.