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padding-bottom:1.5rem;"><style> .bh__byline_wrapper { font-size: .875rem; line-height: 1.25rem; vertical-align: middle; justify-content: space-between; display: block; } .bh__byline_social_wrapper { display: flex; margin-top: 0.5rem; align-items: center; } .bh__byline_social_wrapper > * + * { margin-left: 1rem; } @media (min-width: 768px) { .bh__byline_wrapper { display: flex; } .bh__byline_social_wrapper { margin-top: 0rem; } } </style><div id="web-header" style="padding-left: 20px; padding-right: 20px; color: var(--wt-text-on-background-color) !important; padding-bottom: 2rem;"><h1 style="font-size: 36px; font-family:'Helvetica',Arial,sans-serif; line-height: 2.5rem; padding-bottom: 8px; font-weight: 700;">What's the Buzz with Beehiiv? 🐝</h1><h2 style="font-size: 20px; font-family:'Helvetica',Arial,sans-serif; line-height: 1.75rem; padding-bottom: 20px; color: #8A8A8A; font-weight: 400;">A closer look into our favorite newsletter platform (and the new home of Exec Sum)</h2><div class="bh__byline_wrapper"><div><div style="display:flex;"><div style="display:flex; flex-direction:row; justify-content:flex-start;"><div style="display:flex;"><img alt="Author" height="40" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/user/profile_picture/2e8f4f5d-5856-4463-ad71-a48cbba10c7a/thumb_litcap.jpg" style="height:40px;width:40px;border:4px solid rgba(0,0,0,0);left:-4px;z-index:10;box-sizing:content-box;position:relative;border-radius:9999px;" width="40"></div><div style="display:flex; align-items:center;"><p style="left:8px;position:relative;font-family:'Helvetica',Arial,sans-serif;font-weight:normal;font-size:14px;color: var(--wt-text-on-background-color);margin:0px;line-height:20px;"><span><a href="https://www.execsum.co/authors/2e8f4f5d-5856-4463-ad71-a48cbba10c7a" target="_blank" style="color:var(--wt-text-on-background-color) !important;text-decoration:underline !important;">Litquidity Capital</a></span><br><span class="text-wt-text-on-background" style="opacity:0.75;"> November 21, 2021 </span></p></div></div></div></div><div class="bh__byline_social_wrapper"><a href="https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.execsum.co%2Fp%2Fwhats-buzz-beehiiv" target="_blank"><div style="max-width:28px;"><svg fill="none" height="100%" viewBox="0 0 212 212" width="100%" xmlns="http://www.w3.org/2000/svg"><circle cx="106.214" cy="105.5" fill-opacity="0.15" fill="#9CA3AF" r="105.5"></circle><path d="M96.9223 92.1778H87.0327V105.498H96.9223V145.461H113.405V105.498H125.273L126.591 92.1778H113.405V86.5165C113.405 83.5193 114.064 82.1873 117.031 82.1873H126.591V65.5364H114.064C102.197 65.5364 96.9223 70.8647 96.9223 80.8552V92.1778Z" fill="#BAC2CE"></path></svg></div></a><a 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src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1506/Screen_Shot_2021-11-21_at_11.33.42_AM.png?t=1637512462"></div><div id="content-blocks"><div style="padding-bottom:3px;padding-left:20px;padding-right:20px;padding-top:11px;"><h1 style="color:#001585;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:25px;font-weight:normal;line-height:38px;margin:0;text-align:left;"><b>What’s the Buzz with Beehiiv? </b>🐝</h1></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Happy Sunday everybody. We’ve had an eventful seven days: Musk <a class="link" href="https://twitter.com/elonmusk/status/1459891238384115722?s=20" target="_blank" style="-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;">trolled</a> Sanders, Ken Griffin <a class="link" href="https://www.nytimes.com/2021/11/19/business/ken-griffin-constitution.html" target="_blank" style="-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;">rug pulled</a> the Constitution DAO, and Michael Dell <a class="link" href="https://twitter.com/BigTechAlert/status/1462236832666693635?s=20" target="_blank" style="-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;">followed</a> @litcapital on Twitter. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> But it’s Sunday, and we don’t care about markets on Sundays (unless you’re a degenerate crypto or futures trader). We also don’t send an Exec Sum newsletter on Sunday... until now! </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> You may recall our inaugural "LitCap Deep Dive" breaking down <a class="link" href="https://www.execsum.co/p/blockfi-great-banking-disruptor" target="_blank" style="-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;">BlockFi's</a> business model and the great FinTech race to build super apps that do it all. Well we're back with our second one. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> To refresh y'all on what our Deep Dives will be: it's a new series where we’ll attempt to break down businesses in a fun and interesting way. We’ll dive into the history, metrics, business model, and opportunity of companies doing cool things and changing the game. Think of it like an investment memo but made public. Some may be sponsored and others might be me staffing Karl over the weekend to eat up his free time. Monday through Friday, you’ll continue to receive the best content from Wall Street to Silicon Valley. On Sundays, you’ll read about our favorite up-and-coming companies and trends we're following across the investment landscape. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> We're excited about this deep dive because: </p></div><div style="padding-bottom:7px;padding-left:40px;padding-right:32px;padding-top:7px;"><ol start="1" style="color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;list-style-type:decimal;margin:0px 0px 0px 25px;padding:0;"><li style="margin:5px 0px 0px 0px;"><p style="text-align:left;"> We're writing it on the company's platform (<i>there’s nothing more meta than writing about a newsletter platform on that newsletter platform)</i></p></li><li style="margin:5px 0px 0px 0px;"><p style="text-align:left;"> It's one of several Litquidity Capital portfolio companies, so it's basically a public investment memo as to why I made the investment </p></li></ol></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> So without further ado, we're here to talk about <b><a class="link" href="https://www.beehiiv.com/?via=litquidity&_gl=1*wk2e49*_ga*MTc1MTI4NTk4OC4xNjM4NzkzOTI4*_ga_E6Y4WLQ2EC*MTY1Njk1MTgyNC45NzkuMS4xNjU2OTUyMDgxLjYw&_ga=2.68091284.425865747.1655068082-1751285988.1638793928" target="_blank" style="-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;">beehiiv</a></b>, a newsletter platform that just raised a $2.6M seed round led by Social Leverage. </p></div><style> .twitter-wrapper { max-width: 520px; } @media only screen and (max-width: 640px) { .twitter-wrapper { padding-left: 20px; padding-right: 20px; } } </style><div class="py-2"><div class="twitter-wrapper mx-auto"><blockquote align="center" class="twitter-tweet"><p dir="ltr" lang="en"></p><p>Litquidity Capital out here grinding 😤 </p><p>Excited to be a part of <span>@trybeehiiv</span>’s $2.6M seed round 🤝</p><p></p><a data-skip-tracking="true" href="https://twitter.com/litcapital/status/1445406520406073349?s=20"><p> — litquidity (@litcapital) <br> 3:12 PM • Oct 5, 2021 </p></a></blockquote></div></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> If you're a newsletter publisher or a creator looking to launch a newsletter, be sure to check out <a class="link" href="https://www.beehiiv.com/?via=litquidity&_gl=1*wk2e49*_ga*MTc1MTI4NTk4OC4xNjM4NzkzOTI4*_ga_E6Y4WLQ2EC*MTY1Njk1MTgyNC45NzkuMS4xNjU2OTUyMDgxLjYw&_ga=2.68091284.425865747.1655068082-1751285988.1638793928" target="_blank" style="-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;">beehiiv</a>. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"><b>Let’s get into it.</b></p></div><div style="padding: 18px 0;"><div style="margin: 0 auto; border-top: 1px solid #E5E5E5; width:90%;"></div></div><div style="padding-bottom:3px;padding-left:20px;padding-right:20px;padding-top:11px;"><h1 style="color:#001585;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:25px;font-weight:normal;line-height:38px;margin:0;text-align:left;"><b>What Is Beehiiv?</b></h1></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"><a class="link" href="https://www.beehiiv.com/?via=litquidity&_gl=1*wk2e49*_ga*MTc1MTI4NTk4OC4xNjM4NzkzOTI4*_ga_E6Y4WLQ2EC*MTY1Njk1MTgyNC45NzkuMS4xNjU2OTUyMDgxLjYw&_ga=2.68091284.425865747.1655068082-1751285988.1638793928" target="_blank" style="-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;">Beehiiv</a> is the newsletter platform built by content creators, for content creators. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> The COVID-19 pandemic forever changed the labor market. Remote work is here to stay, office landlords are punching the air, and individuals have never had more freedom to strike out on their own. Creators who curate great content have a great opportunity to build and monetize their personal brands online. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> The platforms that can provide the most value to the next generation of creators will dominate this decade, and that’s why we like beehiiv. We'll get into all of the things beehiiv offers creators that will make it great. </p></div><div style="padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;"><h2 style="color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;"><b>The Team</b></h2></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Beehiiv was founded by three former Morning Brew employees and one technical advisor:<a class="link" href="https://www.linkedin.com/in/tyler-denk" target="_blank" style="-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;"> Tyler Denk</a> (CEO), <a class="link" href="https://www.linkedin.com/in/hargettbenjamin" target="_blank" style="-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;">Benjamin Hargett</a>, <a class="link" href="https://www.linkedin.com/in/jacob-hurd-1bb869100/" target="_blank" style="-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;">Jacob Hurd</a>, and <a class="link" href="https://www.linkedin.com/in/andrewplatkin/" target="_blank" style="-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;">Andrew Platkin</a> (CTO). They worked across a variety of positions at Morning Brew, ranging from Senior Product Lead to Software Engineer, and they played integral roles in building one of the largest newsletter companies out there. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> So why did they leave Morning Brew to build their own newsletter platform? Tyler says it best: </p></div><style> .twitter-wrapper { max-width: 520px; } @media only screen and (max-width: 640px) { .twitter-wrapper { padding-left: 20px; padding-right: 20px; } } </style><div class="py-2"><div class="twitter-wrapper mx-auto"><blockquote align="center" class="twitter-tweet"><p dir="ltr" lang="en"></p><p>the playbook isn’t how we can build a platform like substack </p><p>the playbook is taking what I built at morning brew (scaled 3m subs / $75m exit) and democratize that so any creator has the same tools and growth potential 🚀</p><p>3/</p><p></p><a data-skip-tracking="true" href="https://twitter.com/denk_tweets/status/1404817549657841677?s=20"><p> — Tyler Denk 🐝 (@denk_tweets) <br> 3:06 PM • Jun 15, 2021 </p></a></blockquote></div></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Instead of continuing to build an established newsletter company, they want to build a platform that would support all creators.  </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Before sharing <b><i>how</i></b> beehiiv is changing the newsletter game, we'll explain <b><i>why</i></b> the game needs changing. </p></div><div style="padding: 18px 0;"><div style="margin: 0 auto; border-top: 1px solid #E5E5E5; width:90%;"></div></div><div style="padding-bottom:3px;padding-left:20px;padding-right:20px;padding-top:11px;"><h1 style="color:#001585;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:25px;font-weight:normal;line-height:38px;margin:0;text-align:left;"><b>The Problem with Newsletter Monetization</b></h1></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Most writing platforms follow either the Medium or Substack business models. </p></div><div style="padding-bottom:4px;padding-left:20px;padding-right:20px;padding-top:14px;"><h3 style="color:#696969;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;font-weight:normal;line-height:24px;margin:0;text-align:left;"><b>Medium</b></h3></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Readers can view up to five free articles per month. To read additional articles, they must pay for a $5 subscription to the site. Readers subscribe to the website itself, not individual writers. These writers’ earnings are determined by three variables. </p></div><div style="padding-bottom:7px;padding-left:40px;padding-right:32px;padding-top:7px;"><ol start="1" style="color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;list-style-type:decimal;margin:0px 0px 0px 25px;padding:0;"><li style="margin:5px 0px 0px 0px;"><p style="text-align:left;"> How much time subscribers spend reading your story </p></li><li style="margin:5px 0px 0px 0px;"><p style="text-align:left;"> What percent of a subscriber’s monthly reading time is spent on your story </p></li><li style="margin:5px 0px 0px 0px;"><p style="text-align:left;"> How many Medium members signed up from one of your articles </p></li></ol></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> More members spending more time on your stories drives higher earnings. If a reader spends 20% of their time on your stories, you will receive 20% of their monthly fee ($1). If a reader subscribes to Medium through one of your stories, you will receive half of their first payment ($25 for an annual subscription, $2.50 for a monthly subscription). </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> While Medium does provide hundreds of thousands of readers, this audience is controlled by the platform itself.  </p></div><div style="padding-bottom:4px;padding-left:20px;padding-right:20px;padding-top:14px;"><h3 style="color:#696969;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;font-weight:normal;line-height:24px;margin:0;text-align:left;"><b>Substack</b></h3></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Substack’s model is straightforward. Writers can publish free or premium newsletters. Substack does not charge writers who publish free newsletters but they do take a 10% cut of all paid subscriptions.  </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> While Substack offers a highly polished product and enables anyone to monetize their writing, that 10% cut on all paid subscriptions adds up quickly for creators.  </p></div><div style="padding: 18px 0;"><div style="margin: 0 auto; border-top: 1px solid #E5E5E5; width:90%;"></div></div><div style="padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;"><h2 style="color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;"><b>The Two Biggest Problems with These Models</b></h2></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> It’s difficult for writers to build their own audiences on Medium. The platform controls the readers, and creators engage in a Hunger Game-esque competition to gain audience attention month after month. The platform isn’t working for the writers; it’s actually the inverse. The writers are cogs fueling the platform. Creators drive readers to the site, the company makes $5 a month from each subscription, and the creators compete for the leftover cash. <b>When hundreds of thousands of writers are competing for hundreds of thousands of viewers, it is difficult to consistently produce high-paying articles.</b></p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> To its credit, Substack’s platform is more creator-friendly than Medium. Writers have access to their audience's emails and readers subscribe to specific publications. You control the following that you build, creating huge upside for writers with large audiences. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> However, Substack takes a 10% cut of subscription revenue. That cut keeps scaling as your following grows. If you're making $100k a year with a newsletter, Substack takes $10k. With a million dollar newsletter, the company takes $100k. While the upside is still great, Substack takes a massive rake from its top authors. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"><b>Medium and Substack both give writers venues to publish online, but creators leave a lot of money on the table.</b></p></div><div style="padding: 18px 0;"><div style="margin: 0 auto; border-top: 1px solid #E5E5E5; width:90%;"></div></div><div style="padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;"><h2 style="color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;"><b>Getting Paid as a Writer</b></h2></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> We just discussed how platforms make money, but it’s even more important to know how the writers themselves get paid. There are tons of newsletters out there, but there are two primary ways writers can generate revenue: </p></div><div style="padding-bottom:7px;padding-left:40px;padding-right:32px;padding-top:7px;"><ul style="color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;list-style-type:disc;margin:0px 0px 0px 25px;padding:0;"><li style="margin:5px 0px 0px 0px;"><p style="text-align:left;"> Paid subscriptions </p></li><li style="margin:5px 0px 0px 0px;"><p style="text-align:left;"> Ads </p></li></ul></div><div style="padding-bottom:4px;padding-left:20px;padding-right:20px;padding-top:14px;"><h3 style="color:#696969;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;font-weight:normal;line-height:24px;margin:0;text-align:left;"><b>Paid Subscriptions</b></h3></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Paid subscriptions are straight-forward: you create interesting content that readers enjoy, and they pay you for said content. This strategy works well for inch-wide, mile-deep publications where readers digest detailed information. You will have a smaller total market, but more dedicated readers. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Examples: </p></div><div style="padding-bottom:7px;padding-left:40px;padding-right:32px;padding-top:7px;"><ul style="color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;list-style-type:disc;margin:0px 0px 0px 25px;padding:0;"><li style="margin:5px 0px 0px 0px;"><p style="text-align:left;"> Bill Bishop’s <a class="link" href="https://sinocism.com/" target="_blank" style="-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;">Sinocism</a> - China </p></li><li style="margin:5px 0px 0px 0px;"><p style="text-align:left;"> Edwin Dorsey’s <a class="link" href="https://thebearcave.substack.com/" target="_blank" style="-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;">Bear Cave</a> - short-seller news </p></li><li style="margin:5px 0px 0px 0px;"><p style="text-align:left;"><a class="link" href="https://thedispatch.com/" target="_blank" style="-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;">The Dispatch</a> - politics  </p></li><li style="margin:5px 0px 0px 0px;"><p style="text-align:left;"><a class="link" href="https://foot.substack.com/" target="_blank" style="-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;">Foot Guns</a> - crypto trading </p></li><li style="margin:5px 0px 0px 0px;"><p style="text-align:left;"><a class="link" href="https://newsletter.banklesshq.com/about?sort=about" target="_blank" style="-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;">Bankless</a> - crypto / DeFi </p></li></ul></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Paid subscriptions are difficult to scale, because everyone wants free material. However, revenue is consistent and readers are sticky, thus making it a stable, lucrative option for successful writers.  </p></div><div style="padding-bottom:4px;padding-left:20px;padding-right:20px;padding-top:14px;"><h3 style="color:#696969;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;font-weight:normal;line-height:24px;margin:0;text-align:left;"><b>Ads</b></h3></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Monetizing a newsletter with ads is the opposite. Writers build the biggest audiences possible, then sell ad space for their large audience. Typically, these advertisements consist of small shoutouts, images, and links inserted throughout the newsletter. Free content monetized through advertising is pervasive throughout online media today: podcasts, Youtube videos, and radio are just a few platforms that have used this model for years. It works for newsletters as well: </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Some examples: </p></div><div style="padding-bottom:7px;padding-left:40px;padding-right:32px;padding-top:7px;"><ul style="color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;list-style-type:disc;margin:0px 0px 0px 25px;padding:0;"><li style="margin:5px 0px 0px 0px;"><p style="text-align:left;"> Packy McCormick’s <a class="link" href="https://www.notboring.co/" target="_blank" style="-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;">Not Boring</a></p></li><li style="margin:5px 0px 0px 0px;"><p style="text-align:left;"> Matt Levine’s <a class="link" href="https://www.bloomberg.com/account/newsletters/money-stuff" target="_blank" style="-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;">Money Stuff</a></p></li><li style="margin:5px 0px 0px 0px;"><p style="text-align:left;"> Litquidity’s <a class="link" href="https://execsum.co/" target="_blank" style="-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;">Exec Sum</a> <i>(meta af)</i></p></li></ul></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Free newsletters with ads are easier to grow, but revenue is less predictable. The creator must negotiate terms with sponsors to make money. Time spent working with sponsors is time not spent writing. And when you're putting out a daily newsletter, a creator will be spending a lot of time trying to fill out ad inventory. Normally this results in outsourcing sales to an agency / sales team or hiring someone to handle. That's a lot more work and a higher cost than securing revenue through paid subs. </p></div><div style="padding: 18px 0;"><div style="margin: 0 auto; border-top: 1px solid #E5E5E5; width:90%;"></div></div><div style="padding-bottom:3px;padding-left:20px;padding-right:20px;padding-top:11px;"><h1 style="color:#001585;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:25px;font-weight:normal;line-height:38px;margin:0;text-align:left;"><b>The Solution: Beehiiv</b></h1></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"><b><a class="link" href="https://www.beehiiv.com/?via=litquidity&_gl=1*wk2e49*_ga*MTc1MTI4NTk4OC4xNjM4NzkzOTI4*_ga_E6Y4WLQ2EC*MTY1Njk1MTgyNC45NzkuMS4xNjU2OTUyMDgxLjYw&_ga=2.68091284.425865747.1655068082-1751285988.1638793928" target="_blank" style="-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;">Beehiiv</a></b> provides a platform for both premium and ad-based newsletters at a lower cost than other companies, because it flipped the payment structure upside down. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"><b>Writers pay beehiiv to use its platform. </b></p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> You read that correctly. But why would the content creators pay the platform? Because this method is actually less expensive for the writer. Here are beehiiv’s subscription tiers: </p></div><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><img alt="" style="margin:0 auto 0 auto;width:100%;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1497/Screen_Shot_2021-11-20_at_11.10.09_PM.png"></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> The tiers apply to different audience sizes, and more expensive levels offer more tools to creators. Paying the platform makes sense, because the cost is flat. Let’s check out how this would impact paid subscription newsletters. </p></div><div style="padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;"><h2 style="color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;"><b>Premium Newsletters</b></h2></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Imagine that you write a newsletter for paying subscribers. I had Karl put together an illustrative table to highlight the cost differential between Substack and beehiiv as your revenue grows: </p></div><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><img alt="" style="margin:0 auto 0 auto;width:100%;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1498/Screen_Shot_2021-11-20_at_11.24.38_PM.png"></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> That money really begins to add up.  </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"><b>Beehiiv’s model benefits writers who bet on themselves</b>. You think you can grow your newsletter? They’ll give you the tools to make it happen for a flat cost. If you’re successful, you reap the extra rewards. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Beehiiv also benefits free newsletters that rely on ad revenue. </p></div><div style="padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;"><h2 style="color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;"><b>Ad Monetization</b></h2></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Like I mentioned earlier, free newsletters make money through ads. Exec Sum is one such example. You’ve seen us mention our sponsors throughout the Monday - Friday editions. Publications that already have sponsors can move over to beehiiv at no additional cost. Exec Sum has ~100k subscribers. We moved over to beehiiv from our prior ESP from hell without missing a beat <i>(shoutout Tyler and Jake)</i>. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> However, building sponsor relationships is difficult and time consuming. If you're a writer who wants to focus on delivering a high quality free newsletter, you may not have the bandwidth or existing relationships with sponsors to deal with the sales process daily. What about up-and-coming writers who are just beginning to pursue ad monetization? beehiiv is developing a solution for these creators who don’t want to worry about sourcing their own ads, and it’s launching in Spring 2022. Stay tuned 👀 </p></div><div style="padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;"><h2 style="color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;"><b>Other Monetization Methods</b></h2></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> For years, subscription revenue and sponsored product advertisements have driven 99% of newsletter revenue. However, newsletters are no longer just newsletters. Writers are no longer just writers. Great creators build large followings. Large audiences offer a variety of opportunities that stem beyond paid subscriptions and product ads. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Beehiiv is more than a newsletter platform. It’s a brand platform providing a Swiss army knife of tools for its writers. In January 2022, the company is releasing another monetization channel that will change the game for writers. Unfortunately, I can’t disclose details right now but I'll come back to update this once it's live. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Fortunately, you will see it first hand in about two months. </p></div><div style="padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;"><h2 style="color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;"><b>Referral Program</b></h2></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Two years ago, CEO Tyler Denk <a class="link" href="https://medium.com/the-mission/how-morning-brews-referral-program-built-an-audience-of-1-5-million-subscribers-3315482c1aa5" target="_blank" style="-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;">wrote</a> about how the referral program he built for Morning Brew helped the company explode from 100k to 1.5M subscribers in just 18 months. The TL;DR: <b>referrals incentivize readers to actively recruit new readers.</b></p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> The first step is creating content that people actually want to read. If you consistently produce quality content, you will build a sizable audience over time. Once you hit a critical following size, you can kick growth into overdrive with a solid referral program. </p></div><div style="padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;"><h2 style="color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;">How It Works</h2></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> You, the creator, determine milestones and incentives for your program. Maybe 10 referrals lands someone a shoutout in the newsletter. 25 is free merch. 50 and they pick the article topic for next Monday. You get the idea. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> However you want to structure your referrals, beehiiv will provide the infrastructure for both implementing and tracking referrals. Turning your audience into your marketers is a low-cost way to scale your subscriber base quickly, <i>especially with the current influencer pricing and Facebook / Google ad rates in this elevated inflationary environment!</i></p></div><div style="padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;"><h2 style="color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;"><b>Product Summary</b></h2></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Here are beehiiv’s offerings: </p></div><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><img alt="" style="margin:0 auto 0 auto;width:65%;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1499/Screen_Shot_2021-11-20_at_11.47.37_PM.png"><div style="margin:0 auto 0 auto;padding-left:4px;padding-right:4px;padding-top:4px;text-align:left;width:65%;"><small style="color:#C0C0C0;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:12px;font-style:italic;text-decoration-color:#C0C0C0;text-decoration:none;"><p>via Litquidity</p></small></div></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> No other platform is offering this range of optionality at this price. By offering everything that a creator could need from one location, beehiiv is well-positioned to attract and retain top newsletter writers.  </p></div><div style="padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;"><h2 style="color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;"><b>Leveraging the Creator Economy</b></h2></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Writers on beehiiv <span style="text-decoration:underline;">are</span> the creator economy. Small businesses on Shopify <span style="text-decoration:underline;">are</span> the creator economy. Landlords on Airbnb <span style="text-decoration:underline;">are</span> the creator economy. Free-lance drone photographers, TikTok stars with millions of followers, dog sitters advertising on Facebook, and anyone else making money doing their own thing outside of the traditional corporate structure is part of the “creator economy”. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Transfer of information used to be linear: point A to B, rinse, repeat. With the internet, information can spread from millions of distribution points. </p></div><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><img alt="" style="margin:0 auto 0 auto;width:100%;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1500/Screen_Shot_2021-11-21_at_12.07.36_AM.png"><div style="margin:0 auto 0 auto;padding-left:4px;padding-right:4px;padding-top:4px;text-align:left;width:100%;"><small style="color:#C0C0C0;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:12px;font-style:italic;text-decoration-color:#C0C0C0;text-decoration:none;"><p>via Litquidity</p></small></div></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> COVID-19 accelerated this change. Every white collar job in America went remote. Suddenly, employees and employers realized they didn’t have to be in the office to get their work done. Employees had opportunities to explore other interests during work hours <i>(myself included)</i>. While this may have been frowned upon in the office, no one really knows what you’re doing from the comfort of your own home. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Some workers realized these other interests could be lucrative. The infrastructure for the creator economy has existed for years, but a pandemic-induced lockdown kicked it into overdrive. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> For the first time since the Industrial Revolution, individuals are striving to build their own brands and make a living on their own terms. The most obvious place where we're seeing this? </p></div><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><img alt="" style="margin:0 auto 0 auto;width:83%;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1496/Screen_Shot_2021-11-20_at_10.38.02_PM.png"></div><div style="padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;"><h2 style="color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;"><b>Journalism</b></h2></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> You no longer <i><span style="text-decoration:underline;">have</span></i> to work for Bloomberg, The New Yorker, or any other massive publication to make a living writing. In fact, with a payroll of one (you) and no overhead costs, you capture the vast majority of the upside of your own writing. Thanks to the internet, marketing can be free if you know how to play the <a class="link" href="https://www.notboring.co/p/the-great-online-game" target="_blank" style="-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;">Great Online Game</a> <i>(shoutout to Packy)</i>. Anyone can be a writer on their own terms and a lot of writers are <a class="link" href="https://www.nytimes.com/2021/04/11/business/media/substack-newsletter-competition.html" target="_blank" style="-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;">doing just that</a>. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Writers want to build their own newsletters for two reasons: </p></div><div style="padding-bottom:7px;padding-left:40px;padding-right:32px;padding-top:7px;"><ol start="1" style="color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;list-style-type:decimal;margin:0px 0px 0px 25px;padding:0;"><li style="margin:5px 0px 0px 0px;"><p style="text-align:left;"> Freedom to produce the content they want </p></li><li style="margin:5px 0px 0px 0px;"><p style="text-align:left;"> Higher potential upside </p></li></ol></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> When you write for the New York Times, you aren’t writing for yourself. You are writing for the New York Times. If the company doesn’t like your content, it’s not getting a green light. Media publications have largely become attention seekers with political leanings. Not an ideal environment for a writer. Personalized newsletters represent true freedom of the press. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Additionally, writing for a company means that your checks are signed by that company. Salaries have ceilings, and pay-per-view business models imply revenue splits with your employer. If you curate great content, why wouldn’t you want to work for yourself? </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> The internet has made this shift from media audience to writer audience possible. <b>When</b><b><a class="link" href="https://www.forbes.com/sites/falonfatemi/2021/01/20/the-rise-of-substack-and-whats-behind-it/?sh=7bf2b4ee159f" target="_blank" style="-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;"> 66% of</a></b><b> readers now follow journalists as individuals instead of their publications, are the publications still necessary? No.</b></p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Writers from The New York Times, New York Magazine, Vox, Yahoo, among other publications, <a class="link" href="https://www.nytimes.com/2021/04/11/business/media/substack-newsletter-competition.html" target="_blank" style="-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;">are transitioning</a> to their own platforms in droves. Creator economy startups provide the path to six figure incomes if a writer has a relatively small (but loyal) following. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> If software is eating the world, then individual content is eating traditional media. Writers want to build their own brands, and they are going to flock to the platforms that provide the most support for the best price. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> That’s why Exec Sum is now a beehiiv publication. </p></div><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><img alt="" style="margin:0 auto 0 auto;width:64%;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1494/Screen_Shot_2021-11-20_at_9.46.14_PM.png"></div><div style="padding: 18px 0;"><div style="margin: 0 auto; border-top: 1px solid #E5E5E5; width:90%;"></div></div><div style="padding-bottom:3px;padding-left:20px;padding-right:20px;padding-top:11px;"><h1 style="color:#001585;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:25px;font-weight:normal;line-height:38px;margin:0;text-align:left;"><b>Why Did Litquidity Switch Over to Beehiiv?</b></h1></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> More money, more optionality, and better user experience. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Exec Sum is a newsletter with ~100k subscribers (thanks to y'all 🤝). Exec Sum also generates most of its revenue through advertisements. That’s no secret: you guys have seen them at the beginning of every daily email. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Beehiiv is the platform that allows us to keep the highest percentage of our income, while providing a comprehensive suite of tools to help us produce great content. The platform also allows great optionality. For example, we can add multiple writers to the same publication and also publish different types of content from one central location. Exec Sum hits your inbox every morning before the market opens, but we can seamlessly integrate new publications under our brand. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> It's really, really easy to use. And I'm not a tech guy. Check out the dashboard view.** </p></div><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><img style="margin:0 auto 0 auto;width:100%;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1387/image.png"></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"><i>**Dashboard altered to hide specific subscription & engagement metrics</i></p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> The writing interface is also intuitive. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Beehiiv offers us the best platform to produce quality content at a reasonable cost, so the switch was a no brainer. Tyler is the real deal, and we support his vision of building the best company to support content creators. </p></div><div style="padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;"><h2 style="color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;"><b>Actively Building</b></h2></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Sticking to their engineering roots, the beehiiv team is tuned into user feedback, shipping new product updates almost daily. Since making the switch to beehiiv, we have seen the progress in real time. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> It also helps that the CEO posts company updates directly on twitter: </p></div><style> .twitter-wrapper { max-width: 520px; } @media only screen and (max-width: 640px) { .twitter-wrapper { padding-left: 20px; padding-right: 20px; } } </style><div class="py-2"><div class="twitter-wrapper mx-auto"><blockquote align="center" class="twitter-tweet"><p dir="ltr" lang="en"></p><p>12 months ago: started building <br>4 months ago: small private beta <br>3 months ago: quit our jobs <br>1 month ago: announced $2.6M seed <br>today: launched publicly</p><p>couldn’t be more proud of this team or excited about the future 🐝</p><p></p><a data-skip-tracking="true" href="https://twitter.com/denk_tweets/status/1460972355904102404?s=20"><p> — Tyler Denk 🐝 (@denk_tweets) <br> 2:05 PM • Nov 17, 2021 </p></a></blockquote></div></div><div style="padding: 18px 0;"><div style="margin: 0 auto; border-top: 1px solid #E5E5E5; width:90%;"></div></div><div style="padding-bottom:3px;padding-left:20px;padding-right:20px;padding-top:11px;"><h1 style="color:#001585;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:25px;font-weight:normal;line-height:38px;margin:0;text-align:left;"><b>Due Dilly: LitCap Investment Rundown</b></h1></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Now here's the fun part. So why did Litquidity Capital invest in beehiiv? Is Karl just yolo'ing bucks and seeing what sticks? Not exactly. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> The investment decision was made around these key points: strong team, our interest in supporting creator-driven startups, platform stickiness, and the fact that we use it ourselves. </p></div><div style="padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;"><h2 style="color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;"><b>Top-Tier Team</b></h2></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> If you've ever read a sell side CIM, you know there's always a "seasoned management team" slide with some random boomers who've worked at so & so firm for over 50 years. These guys are actually legit. Tyler, Benjamin, and Jacob all came from Morning Brew. They developed the products and software that turned a start-up newsletter into one of the fastest growing media companies in the US. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Scaling a startup is hard. They weren’t engineers hired at Google after it was an established behemoth, they took the risk to build the tech powering Morning Brew's media business (which <a class="link" href="https://www.axios.com/insider-inc-buys-majority-stake-morning-brew-e6ec0673-4354-4bc7-9feb-e0b149508c9a.html" target="_blank" style="-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;">sold</a> to Business Insider at a $75M valuation last year). </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Scaling a small newsletter into a big newsletter is also tough. These guys did it on a company level. They know what works and what doesn’t. They know the struggles that writers face because they had to overcome those same issues. Instead of continuing to build one brand,<b> they wanted to create a platform best suited to help all writers</b>. </p></div><div style="padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;"><h2 style="color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;"><b>Growing The Creator Economy</b></h2></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> This was already covered above, but we believe individual content is the future of media. We also believe beehiiv is going to provide the best value to those creators. It helps that we are one of the creators in question. </p></div><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><img alt="" style="margin:0 auto 0 auto;width:62%;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1495/Screen_Shot_2021-11-20_at_10.12.50_PM.png"></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Substack has been the talk of the town the past year, every VC / tech bro / journalist seemingly has their own newsletter. They have proved that there is demand for the product and that there is a lot of value in catering to creators. That's why they've raised over $80M to-date and were most recently <a class="link" href="https://www.axios.com/substack-andreessen-horowitz-newsletter-36cb98ea-a7b3-43b1-883a-fa45586eaad4.html" target="_blank" style="-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;">valued</a> at ~$650M in a Series B led by a16z.  </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Beehiiv is well-positioned to capitalize on this trend by partnering closely with creators and building their platform by targeting their pain points. Give your users exactly what they want at a fair price and that's a recipe for success. </p></div><div style="padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;"><h2 style="color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;"><b>Stickiness</b></h2></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> There are a million reasons to use a product, but there is one reason to invest in a company: you think its value will increase. What makes companies more valuable? You think the company will make more money in the future. How will beehiiv make more money? Retain and grow its writer base. </p></div><div style="padding-bottom:7px;padding-left:40px;padding-right:32px;padding-top:7px;"><ul style="color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;list-style-type:disc;margin:0px 0px 0px 25px;padding:0;"><li style="margin:5px 0px 0px 0px;"><p style="text-align:left;"> Writers are <a class="link" href="https://medium.com/the-partnered-pen/top-writers-are-leaving-or-have-left-the-platform-3f22d2fa35c" target="_blank" style="-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;">leaving Medium</a> in droves  </p></li><li style="margin:5px 0px 0px 0px;"><p style="text-align:left;"> Facebook<i> (Meta?)</i> is worried that <a class="link" href="https://fortune.com/2021/10/18/facebook-and-instagram-fret-over-losing-teens-to-snapchat-and-tiktok/" target="_blank" style="-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;">TikTok will kill Instagram</a></p></li><li style="margin:5px 0px 0px 0px;"><p style="text-align:left;"> The entertainment business is fickle, with creators and consumers both leaving as soon as something better appears </p></li></ul></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"><b>Why is beehiiv better positioned for longevity?</b></p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Its business model is aligned with the interests of creators. Writers are leaving Medium because they aren’t making enough money. When the platform controls the audience, and every writer is competing for the same eyeballs, the creators have every reason to be frustrated. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Meanwhile, Substack is susceptible to churn from its top publications. Say a writer builds a newsletter with 10k subscribers paying $100 a year. That’s a million-dollar business, and the creator is paying $100k to Substack every year. This writer could buy their own domain and write on mailchimp, or switch to another platform like Revue or beehiiv, and relocate their entire audience overnight. $100k of revenue for Substack disappears. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> In contrast, beehiiv provides similar <i>(and soon, even more)</i> value at a fraction of the cost. Writers on beehiiv will essentially have a fixed cost base as they scale from 0k to 100k+ to 1M subscribers.  Beehiiv’s suite of tools creates a hub that writers will be hesitant to leave. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"><b>Good platforms become great platforms when they align their incentives with their users’. beehiiv is doing that from day one. </b></p></div><div style="padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;"><h2 style="color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;"><b>Invest in Products You Love</b></h2></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Anyone who enjoys their Apple iPhone, Tesla Model S, or Lululemon leggings could have made a ridiculous return by investing in the companies behind their favorite products. We recently moved Exec Sum to beehiiv because we love the product, and we think you will too. </p></div><div style="padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;"><h2 style="color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;"><b>Risks</b></h2></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Obviously a due dilly sesh is not complete without thinking of the downsides. While we love beehiiv, it's an early-stage startup that faces risks just like any other company.    </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Now we're not gonna go full 10-K risk disclosure mode so we'll focus on the two key risks we see: </p></div><div style="padding-bottom:7px;padding-left:40px;padding-right:32px;padding-top:7px;"><ol start="1" style="color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;list-style-type:decimal;margin:0px 0px 0px 25px;padding:0;"><li style="margin:5px 0px 0px 0px;"><p style="text-align:left;"><b>Pressure from incumbents ("what if Mailchimp or Substack builds this?")</b></p></li><li style="margin:5px 0px 0px 0px;"><p style="text-align:left;"><b>Writer churn</b></p></li></ol></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"><b>1. Pressure from incumbents:</b> One of beehiiv's biggest risks is competitors like Substack copying its business model. Beehiiv offers lower costs to writers, thus making it the financially advantageous choice for them. Substack switching from a 10% cut of revenue to a SaaS fee model could pressure beehiiv, especially considering the amount of existing writers that are on its platform. Substack, Mailchimp, Revue, etc. are all well-capitalized and have the fire power to do so, but it'd be a big business decision for any of them to change their business models / build out new offerings. Beehiiv's success will come from having great writers and providing even more features / value to them than competitors.  </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"><b>2. Writer churn: </b>The existential threat for all newsletter platforms. Creators can change platforms as they wish, making retention incredibly important. Again, with all of the features that beehiiv has in the product roadmap and its low cost relative to other players, they're in a strong position to retain writers that come onto the platform. When creators implement several of beehiiv's offerings into their publications (especially those that are still under wraps), the switching costs of changing platforms just won't make sense. The company that provides the most value at the lowest cost will win, and that's what we see in beehiiv.  </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> There's obviously other risks like ability to execute, the world blows up, cyber hacks, etc. that we won't get into here but rest assured Karl take excellent notes when I was on diligence calls with management team.  </p></div><div style="padding: 18px 0;"><div style="margin: 0 auto; border-top: 1px solid #E5E5E5; width:90%;"></div></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> And that's a wrap, folks. Hope you enjoyed this rundown. Let me know what other companies or industries you think would be cool to drill into. If you're a founder building a sick business, hit me up as well.  </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> For more beehiiv content, follow <a class="link" href="https://twitter.com/trybeehiiv" target="_blank" style="-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;">beehiiv</a> and <a class="link" href="https://twitter.com/denk_tweets" target="_blank" style="-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;">Tyler</a> on Twitter. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> We’re excited for our future on the platform and hope some of you decide to join as well. If you're a newsletter writer looking to switch over to a dope platform, <a class="link" href="https://www.beehiiv.com/?via=litquidity&_gl=1*wk2e49*_ga*MTc1MTI4NTk4OC4xNjM4NzkzOTI4*_ga_E6Y4WLQ2EC*MTY1Njk1MTgyNC45NzkuMS4xNjU2OTUyMDgxLjYw&_ga=2.68091284.425865747.1655068082-1751285988.1638793928" target="_blank" style="-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;">check out beehiiv</a>. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Time to pound some beers and watch football. </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Happy Sunday, </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> Lit </p></div><style> p span[style*="font-size"] { line-height: 1.6; } </style><div style="padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;"><p style="color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;"> (P.S. If there's anyone who can design an absolutely fire website for a reasonable price, hit me up. Going for that classic VC portfolio tab to the site 🙏) </p></div></div></div></div></div></div></div></div></div></div></div><div class="px-4"></div><div id="comments" class="space-y-8 px-4"><div class="pb-8"><div class="mx-auto max-w-2xl" style="padding-left:20px;padding-right:20px"><div class="flex items-center justify-between gap-4 py-2"><h4 class="leading-none text-wt-text-on-background text-lg sm:text-xl font-bold">Reply</h4><div class=""><div class="relative inline-block text-left" data-headlessui-state=""><div><button class="inline-flex w-full justify-center whitespace-nowrap rounded-wt border bg-wt-background px-4 py-1 text-sm font-medium text-wt-text-on-background" id="headlessui-menu-button-:R1innal:" type="button" aria-haspopup="menu" aria-expanded="false" data-headlessui-state="">Newest first<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" aria-hidden="true" data-slot="icon" class="-mr-1 ml-2 h-5 w-5 text-wt-text-on-background"><path fill-rule="evenodd" d="M5.22 8.22a.75.75 0 0 1 1.06 0L10 11.94l3.72-3.72a.75.75 0 1 1 1.06 1.06l-4.25 4.25a.75.75 0 0 1-1.06 0L5.22 9.28a.75.75 0 0 1 0-1.06Z" clip-rule="evenodd"></path></svg></button></div></div></div></div><div class="pb-4"><div class="relative"><div class="overflow-hidden rounded-wt border border-gray-300 shadow-sm focus-within:border-wt-primary focus-within:ring-1 focus-within:ring-wt-primary"><label for="comment" class="sr-only">Add your comment</label><textarea rows="2" name="content" id="comment" class="block w-full resize-none border-0 bg-transparent py-3 text-sm focus:ring-0" placeholder="Add your comment..." required=""></textarea><div class="py-2" aria-hidden="true"><div class="py-px"><div class="h-6"></div></div></div></div><div class="absolute inset-x-0 bottom-0 flex justify-between py-2 pl-3 pr-2"><div class="flex items-center space-x-5"><div class="flex-shrink-0"></div></div><div class="flex-shrink-0 pr-1"><button type="button" class="border font-medium shadow-sm wt-button-font inline-flex items-center disabled:bg-gray-400 disabled:cursor-not-allowed focus:outline-none focus:ring-2 focus:ring-offset-2 justify-center transition-colors rounded-wt px-2 py-1 text-sm border-wt-primary text-wt-text-on-primary bg-wt-primary disabled:border-gray-500 focus:ring-wt-primary">Login</button></div></div></div><span class="opacity-75 wt-body-font text-wt-text-on-background text-xs sm:text-sm font-regular"><button><span class="underline">Login</span></button> or <button><span class="underline">Subscribe</span></button> to participate.</span></div><div class="flex w-full animate-pulse flex-col space-y-6"><div class="space-y-4"><div class="h-8 w-full rounded bg-gray-300/80"></div><div class="h-8 w-full rounded bg-gray-300/80"></div><div class="h-8 w-full rounded bg-gray-300/80"></div><div class="h-8 w-full rounded bg-gray-300/80"></div></div></div></div></div></div></div></main><footer class="px-4 sm:px-6 py-8" style="background-color:#F4F4F4"><div class="mx-auto w-full max-w-6xl"><div class="flex flex-col gap-y-6"><div class="grid grid-cols-1 gap-y-6 sm:grid-cols-3"><div class="sm:px-6"><div class="flex w-full flex-col items-center sm:items-start"><div class="flex items-center gap-x-2 py-4"><img src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/publication/logo/f2aedf85-682c-47c2-8ad0-f44433524834/thumb_Screen_Shot_2021-11-12_at_12.05.03_AM.png" alt="The daily newsletter that curates major news from Wall Street to Silicon Valley, with a touch of memes. 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font-family:\u0026#39;Helvetica\u0026#39;,Arial,sans-serif; line-height: 2.5rem; padding-bottom: 8px; font-weight: 700;'\u003eWhat\u0026#39;s the Buzz with Beehiiv? 🐝\u003c/h1\u003e\u003ch2 style='font-size: 20px; font-family:\u0026#39;Helvetica\u0026#39;,Arial,sans-serif; line-height: 1.75rem; padding-bottom: 20px; color: #8A8A8A; font-weight: 400;'\u003eA closer look into our favorite newsletter platform (and the new home of Exec Sum)\u003c/h2\u003e\u003cdiv class='bh__byline_wrapper'\u003e\u003cdiv\u003e\u003cdiv style='display:flex;'\u003e\u003cdiv style='display:flex; flex-direction:row; justify-content:flex-start;'\u003e\u003cdiv style='display:flex;'\u003e\u003cimg alt='Author' height='40' src='https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/user/profile_picture/2e8f4f5d-5856-4463-ad71-a48cbba10c7a/thumb_litcap.jpg' style='height:40px;width:40px;border:4px solid 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href='https://www.linkedin.com/sharing/share-offsite?url=https%3A%2F%2Fwww.execsum.co%2Fp%2Fwhats-buzz-beehiiv' target='_blank'\u003e\u003cdiv style='max-width:28px;'\u003e\u003csvg fill='none' height='100%' viewBox='0 0 211 211' width='100%' xmlns='http://www.w3.org/2000/svg'\u003e\u003ccircle cx='105.5' cy='105.5' fill-opacity='0.15' fill='#9CA3AF' r='105.5'\u003e\u003c/circle\u003e\u003cpath d='M82.1892 75.4698C82.1892 80.1362 78.526 83.8026 73.8638 83.8026C69.2015 83.8026 65.5383 80.1362 65.5383 75.4698C65.5383 70.8034 69.2015 67.137 73.8638 67.137C78.526 67.137 82.1892 70.8034 82.1892 75.4698ZM82.1892 90.4689H65.5383V143.799H82.1892V90.4689ZM108.831 90.4689H92.1797V143.799H108.831V115.801C108.831 100.135 128.812 98.8017 128.812 115.801V143.799H145.463V110.134C145.463 83.8026 115.824 84.8026 108.831 97.8018V90.4689Z' fill='#BAC2CE'\u003e\u003c/path\u003e\u003c/svg\u003e\u003c/div\u003e\u003c/a\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003cdiv style='padding-bottom:2rem;'\u003e\u003cimg style=\"margin-left:auto; margin-right:auto;\" src=\"https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1506/Screen_Shot_2021-11-21_at_11.33.42_AM.png?t=1637512462\"/\u003e\u003c/div\u003e\u003cdiv id='content-blocks'\u003e\u003cdiv style=\"padding-bottom:3px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch1 style=\"color:#001585;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:25px;font-weight:normal;line-height:38px;margin:0;text-align:left;\"\u003e\u003cb\u003eWhat’s the Buzz with Beehiiv? \u003c/b\u003e🐝\u003c/h1\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Happy Sunday everybody. We’ve had an eventful seven days: Musk \u003ca class=\"link\" href=\"https://twitter.com/elonmusk/status/1459891238384115722?s=20\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003etrolled\u003c/a\u003e Sanders, Ken Griffin \u003ca class=\"link\" href=\"https://www.nytimes.com/2021/11/19/business/ken-griffin-constitution.html\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003erug pulled\u003c/a\u003e the Constitution DAO, and Michael Dell \u003ca class=\"link\" href=\"https://twitter.com/BigTechAlert/status/1462236832666693635?s=20\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003efollowed\u003c/a\u003e @litcapital on Twitter. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e But it’s Sunday, and we don’t care about markets on Sundays (unless you’re a degenerate crypto or futures trader). We also don’t send an Exec Sum newsletter on Sunday... until now! \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e You may recall our inaugural \u0026quot;LitCap Deep Dive\u0026quot; breaking down \u003ca class=\"link\" href=\"https://www.execsum.co/p/blockfi-great-banking-disruptor\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eBlockFi\u0026#39;s\u003c/a\u003e business model and the great FinTech race to build super apps that do it all. Well we\u0026#39;re back with our second one. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e To refresh y\u0026#39;all on what our Deep Dives will be: it\u0026#39;s a new series where we’ll attempt to break down businesses in a fun and interesting way. We’ll dive into the history, metrics, business model, and opportunity of companies doing cool things and changing the game. Think of it like an investment memo but made public. Some may be sponsored and others might be me staffing Karl over the weekend to eat up his free time. Monday through Friday, you’ll continue to receive the best content from Wall Street to Silicon Valley. On Sundays, you’ll read about our favorite up-and-coming companies and trends we\u0026#39;re following across the investment landscape. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e We\u0026#39;re excited about this deep dive because: \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:7px;padding-left:40px;padding-right:32px;padding-top:7px;\"\u003e\u003col start=\"1\" style=\"color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;list-style-type:decimal;margin:0px 0px 0px 25px;padding:0;\"\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e We\u0026#39;re writing it on the company\u0026#39;s platform (\u003ci\u003ethere’s nothing more meta than writing about a newsletter platform on that newsletter platform)\u003c/i\u003e\u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e It\u0026#39;s one of several Litquidity Capital portfolio companies, so it\u0026#39;s basically a public investment memo as to why I made the investment \u003c/p\u003e\u003c/li\u003e\u003c/ol\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e So without further ado, we\u0026#39;re here to talk about \u003cb\u003e\u003ca class=\"link\" href=\"https://www.beehiiv.com/?via=litquidity\u0026_gl=1*wk2e49*_ga*MTc1MTI4NTk4OC4xNjM4NzkzOTI4*_ga_E6Y4WLQ2EC*MTY1Njk1MTgyNC45NzkuMS4xNjU2OTUyMDgxLjYw\u0026_ga=2.68091284.425865747.1655068082-1751285988.1638793928\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003ebeehiiv\u003c/a\u003e\u003c/b\u003e, a newsletter platform that just raised a $2.6M seed round led by Social Leverage. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n .twitter-wrapper {\n max-width: 520px;\n }\n \n @media only screen and (max-width: 640px) {\n .twitter-wrapper {\n padding-left: 20px;\n padding-right: 20px;\n }\n }\n\u003c/style\u003e\u003cdiv class='py-2'\u003e\u003cdiv class='twitter-wrapper mx-auto'\u003e\u003cblockquote align='center' class='twitter-tweet'\u003e\u003cp dir='ltr' lang='en'\u003e\u003cp\u003eLitquidity Capital out here grinding 😤 \u003c/p\u003e\u003cp\u003eExcited to be a part of \u003cspan\u003e@trybeehiiv\u003c/span\u003e’s $2.6M seed round 🤝\u003c/p\u003e\u003c/p\u003e\u003ca data-skip-tracking='true' href='https://twitter.com/litcapital/status/1445406520406073349?s=20'\u003e\u003cp\u003e \u0026mdash; litquidity (@litcapital) \u003cbr\u003e 3:12 PM • Oct 5, 2021 \u003c/p\u003e\u003c/a\u003e\u003c/blockquote\u003e\u003c/div\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e If you\u0026#39;re a newsletter publisher or a creator looking to launch a newsletter, be sure to check out \u003ca class=\"link\" href=\"https://www.beehiiv.com/?via=litquidity\u0026_gl=1*wk2e49*_ga*MTc1MTI4NTk4OC4xNjM4NzkzOTI4*_ga_E6Y4WLQ2EC*MTY1Njk1MTgyNC45NzkuMS4xNjU2OTUyMDgxLjYw\u0026_ga=2.68091284.425865747.1655068082-1751285988.1638793928\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003ebeehiiv\u003c/a\u003e. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e\u003cb\u003eLet’s get into it.\u003c/b\u003e\u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding: 18px 0;\"\u003e\u003cdiv style=\"margin: 0 auto; border-top: 1px solid #E5E5E5; width:90%;\"\u003e\u003c/div\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:3px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch1 style=\"color:#001585;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:25px;font-weight:normal;line-height:38px;margin:0;text-align:left;\"\u003e\u003cb\u003eWhat Is Beehiiv?\u003c/b\u003e\u003c/h1\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e\u003ca class=\"link\" href=\"https://www.beehiiv.com/?via=litquidity\u0026_gl=1*wk2e49*_ga*MTc1MTI4NTk4OC4xNjM4NzkzOTI4*_ga_E6Y4WLQ2EC*MTY1Njk1MTgyNC45NzkuMS4xNjU2OTUyMDgxLjYw\u0026_ga=2.68091284.425865747.1655068082-1751285988.1638793928\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eBeehiiv\u003c/a\u003e is the newsletter platform built by content creators, for content creators. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e The COVID-19 pandemic forever changed the labor market. Remote work is here to stay, office landlords are punching the air, and individuals have never had more freedom to strike out on their own. Creators who curate great content have a great opportunity to build and monetize their personal brands online. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e The platforms that can provide the most value to the next generation of creators will dominate this decade, and that’s why we like beehiiv. We\u0026#39;ll get into all of the things beehiiv offers creators that will make it great. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eThe Team\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Beehiiv was founded by three former Morning Brew employees and one technical advisor:\u003ca class=\"link\" href=\"https://www.linkedin.com/in/tyler-denk\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003e Tyler Denk\u003c/a\u003e (CEO), \u003ca class=\"link\" href=\"https://www.linkedin.com/in/hargettbenjamin\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eBenjamin Hargett\u003c/a\u003e, \u003ca class=\"link\" href=\"https://www.linkedin.com/in/jacob-hurd-1bb869100/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eJacob Hurd\u003c/a\u003e, and \u003ca class=\"link\" href=\"https://www.linkedin.com/in/andrewplatkin/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eAndrew Platkin\u003c/a\u003e (CTO). They worked across a variety of positions at Morning Brew, ranging from Senior Product Lead to Software Engineer, and they played integral roles in building one of the largest newsletter companies out there. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e So why did they leave Morning Brew to build their own newsletter platform? Tyler says it best: \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n .twitter-wrapper {\n max-width: 520px;\n }\n \n @media only screen and (max-width: 640px) {\n .twitter-wrapper {\n padding-left: 20px;\n padding-right: 20px;\n }\n }\n\u003c/style\u003e\u003cdiv class='py-2'\u003e\u003cdiv class='twitter-wrapper mx-auto'\u003e\u003cblockquote align='center' class='twitter-tweet'\u003e\u003cp dir='ltr' lang='en'\u003e\u003cp\u003ethe playbook isn’t how we can build a platform like substack \u003c/p\u003e\u003cp\u003ethe playbook is taking what I built at morning brew (scaled 3m subs / $75m exit) and democratize that so any creator has the same tools and growth potential 🚀\u003c/p\u003e\u003cp\u003e3/\u003c/p\u003e\u003c/p\u003e\u003ca data-skip-tracking='true' href='https://twitter.com/denk_tweets/status/1404817549657841677?s=20'\u003e\u003cp\u003e \u0026mdash; Tyler Denk 🐝 (@denk_tweets) \u003cbr\u003e 3:06 PM • Jun 15, 2021 \u003c/p\u003e\u003c/a\u003e\u003c/blockquote\u003e\u003c/div\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Instead of continuing to build an established newsletter company, they want to build a platform that would support all creators. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Before sharing \u003cb\u003e\u003ci\u003ehow\u003c/i\u003e\u003c/b\u003e beehiiv is changing the newsletter game, we\u0026#39;ll explain \u003cb\u003e\u003ci\u003ewhy\u003c/i\u003e\u003c/b\u003e the game needs changing. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding: 18px 0;\"\u003e\u003cdiv style=\"margin: 0 auto; border-top: 1px solid #E5E5E5; width:90%;\"\u003e\u003c/div\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:3px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch1 style=\"color:#001585;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:25px;font-weight:normal;line-height:38px;margin:0;text-align:left;\"\u003e\u003cb\u003eThe Problem with Newsletter Monetization\u003c/b\u003e\u003c/h1\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Most writing platforms follow either the Medium or Substack business models. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:4px;padding-left:20px;padding-right:20px;padding-top:14px;\"\u003e\u003ch3 style=\"color:#696969;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;font-weight:normal;line-height:24px;margin:0;text-align:left;\"\u003e\u003cb\u003eMedium\u003c/b\u003e\u003c/h3\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Readers can view up to five free articles per month. To read additional articles, they must pay for a $5 subscription to the site. Readers subscribe to the website itself, not individual writers. These writers’ earnings are determined by three variables. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:7px;padding-left:40px;padding-right:32px;padding-top:7px;\"\u003e\u003col start=\"1\" style=\"color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;list-style-type:decimal;margin:0px 0px 0px 25px;padding:0;\"\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e How much time subscribers spend reading your story \u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e What percent of a subscriber’s monthly reading time is spent on your story \u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e How many Medium members signed up from one of your articles \u003c/p\u003e\u003c/li\u003e\u003c/ol\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e More members spending more time on your stories drives higher earnings. If a reader spends 20% of their time on your stories, you will receive 20% of their monthly fee ($1). If a reader subscribes to Medium through one of your stories, you will receive half of their first payment ($25 for an annual subscription, $2.50 for a monthly subscription). \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e While Medium does provide hundreds of thousands of readers, this audience is controlled by the platform itself. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:4px;padding-left:20px;padding-right:20px;padding-top:14px;\"\u003e\u003ch3 style=\"color:#696969;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;font-weight:normal;line-height:24px;margin:0;text-align:left;\"\u003e\u003cb\u003eSubstack\u003c/b\u003e\u003c/h3\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Substack’s model is straightforward. Writers can publish free or premium newsletters. Substack does not charge writers who publish free newsletters but they do take a 10% cut of all paid subscriptions. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e While Substack offers a highly polished product and enables anyone to monetize their writing, that 10% cut on all paid subscriptions adds up quickly for creators. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding: 18px 0;\"\u003e\u003cdiv style=\"margin: 0 auto; border-top: 1px solid #E5E5E5; width:90%;\"\u003e\u003c/div\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eThe Two Biggest Problems with These Models\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e It’s difficult for writers to build their own audiences on Medium. The platform controls the readers, and creators engage in a Hunger Game-esque competition to gain audience attention month after month. The platform isn’t working for the writers; it’s actually the inverse. The writers are cogs fueling the platform. Creators drive readers to the site, the company makes $5 a month from each subscription, and the creators compete for the leftover cash. \u003cb\u003eWhen hundreds of thousands of writers are competing for hundreds of thousands of viewers, it is difficult to consistently produce high-paying articles.\u003c/b\u003e\u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e To its credit, Substack’s platform is more creator-friendly than Medium. Writers have access to their audience\u0026#39;s emails and readers subscribe to specific publications. You control the following that you build, creating huge upside for writers with large audiences. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e However, Substack takes a 10% cut of subscription revenue. That cut keeps scaling as your following grows. If you\u0026#39;re making $100k a year with a newsletter, Substack takes $10k. With a million dollar newsletter, the company takes $100k. While the upside is still great, Substack takes a massive rake from its top authors. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e\u003cb\u003eMedium and Substack both give writers venues to publish online, but creators leave a lot of money on the table.\u003c/b\u003e\u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding: 18px 0;\"\u003e\u003cdiv style=\"margin: 0 auto; border-top: 1px solid #E5E5E5; width:90%;\"\u003e\u003c/div\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eGetting Paid as a Writer\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e We just discussed how platforms make money, but it’s even more important to know how the writers themselves get paid. There are tons of newsletters out there, but there are two primary ways writers can generate revenue: \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:7px;padding-left:40px;padding-right:32px;padding-top:7px;\"\u003e\u003cul style=\"color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;list-style-type:disc;margin:0px 0px 0px 25px;padding:0;\"\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e Paid subscriptions \u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e Ads \u003c/p\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:4px;padding-left:20px;padding-right:20px;padding-top:14px;\"\u003e\u003ch3 style=\"color:#696969;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;font-weight:normal;line-height:24px;margin:0;text-align:left;\"\u003e\u003cb\u003ePaid Subscriptions\u003c/b\u003e\u003c/h3\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Paid subscriptions are straight-forward: you create interesting content that readers enjoy, and they pay you for said content. This strategy works well for inch-wide, mile-deep publications where readers digest detailed information. You will have a smaller total market, but more dedicated readers. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Examples: \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:7px;padding-left:40px;padding-right:32px;padding-top:7px;\"\u003e\u003cul style=\"color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;list-style-type:disc;margin:0px 0px 0px 25px;padding:0;\"\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e Bill Bishop’s \u003ca class=\"link\" href=\"https://sinocism.com/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eSinocism\u003c/a\u003e - China \u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e Edwin Dorsey’s \u003ca class=\"link\" href=\"https://thebearcave.substack.com/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eBear Cave\u003c/a\u003e - short-seller news \u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e\u003ca class=\"link\" href=\"https://thedispatch.com/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eThe Dispatch\u003c/a\u003e - politics \u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e\u003ca class=\"link\" href=\"https://foot.substack.com/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eFoot Guns\u003c/a\u003e - crypto trading \u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e\u003ca class=\"link\" href=\"https://newsletter.banklesshq.com/about?sort=about\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eBankless\u003c/a\u003e - crypto / DeFi \u003c/p\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Paid subscriptions are difficult to scale, because everyone wants free material. However, revenue is consistent and readers are sticky, thus making it a stable, lucrative option for successful writers. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:4px;padding-left:20px;padding-right:20px;padding-top:14px;\"\u003e\u003ch3 style=\"color:#696969;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;font-weight:normal;line-height:24px;margin:0;text-align:left;\"\u003e\u003cb\u003eAds\u003c/b\u003e\u003c/h3\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Monetizing a newsletter with ads is the opposite. Writers build the biggest audiences possible, then sell ad space for their large audience. Typically, these advertisements consist of small shoutouts, images, and links inserted throughout the newsletter. Free content monetized through advertising is pervasive throughout online media today: podcasts, Youtube videos, and radio are just a few platforms that have used this model for years. It works for newsletters as well: \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Some examples: \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:7px;padding-left:40px;padding-right:32px;padding-top:7px;\"\u003e\u003cul style=\"color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;list-style-type:disc;margin:0px 0px 0px 25px;padding:0;\"\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e Packy McCormick’s \u003ca class=\"link\" href=\"https://www.notboring.co/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eNot Boring\u003c/a\u003e\u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e Matt Levine’s \u003ca class=\"link\" href=\"https://www.bloomberg.com/account/newsletters/money-stuff\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eMoney Stuff\u003c/a\u003e\u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e Litquidity’s \u003ca class=\"link\" href=\"https://execsum.co/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eExec Sum\u003c/a\u003e \u003ci\u003e(meta af)\u003c/i\u003e\u003c/p\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Free newsletters with ads are easier to grow, but revenue is less predictable. The creator must negotiate terms with sponsors to make money. Time spent working with sponsors is time not spent writing. And when you\u0026#39;re putting out a daily newsletter, a creator will be spending a lot of time trying to fill out ad inventory. Normally this results in outsourcing sales to an agency / sales team or hiring someone to handle. That\u0026#39;s a lot more work and a higher cost than securing revenue through paid subs. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding: 18px 0;\"\u003e\u003cdiv style=\"margin: 0 auto; border-top: 1px solid #E5E5E5; width:90%;\"\u003e\u003c/div\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:3px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch1 style=\"color:#001585;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:25px;font-weight:normal;line-height:38px;margin:0;text-align:left;\"\u003e\u003cb\u003eThe Solution: Beehiiv\u003c/b\u003e\u003c/h1\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e\u003cb\u003e\u003ca class=\"link\" href=\"https://www.beehiiv.com/?via=litquidity\u0026_gl=1*wk2e49*_ga*MTc1MTI4NTk4OC4xNjM4NzkzOTI4*_ga_E6Y4WLQ2EC*MTY1Njk1MTgyNC45NzkuMS4xNjU2OTUyMDgxLjYw\u0026_ga=2.68091284.425865747.1655068082-1751285988.1638793928\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eBeehiiv\u003c/a\u003e\u003c/b\u003e provides a platform for both premium and ad-based newsletters at a lower cost than other companies, because it flipped the payment structure upside down. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e\u003cb\u003eWriters pay beehiiv to use its platform. \u003c/b\u003e\u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e You read that correctly. But why would the content creators pay the platform? Because this method is actually less expensive for the writer. Here are beehiiv’s subscription tiers: \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cimg alt=\"\" style=\"margin:0 auto 0 auto;width:100%;\" src=\"https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1497/Screen_Shot_2021-11-20_at_11.10.09_PM.png\"/\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e The tiers apply to different audience sizes, and more expensive levels offer more tools to creators. Paying the platform makes sense, because the cost is flat. Let’s check out how this would impact paid subscription newsletters. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003ePremium Newsletters\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Imagine that you write a newsletter for paying subscribers. I had Karl put together an illustrative table to highlight the cost differential between Substack and beehiiv as your revenue grows: \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cimg alt=\"\" style=\"margin:0 auto 0 auto;width:100%;\" src=\"https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1498/Screen_Shot_2021-11-20_at_11.24.38_PM.png\"/\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e That money really begins to add up. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e\u003cb\u003eBeehiiv’s model benefits writers who bet on themselves\u003c/b\u003e. You think you can grow your newsletter? They’ll give you the tools to make it happen for a flat cost. If you’re successful, you reap the extra rewards. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Beehiiv also benefits free newsletters that rely on ad revenue. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eAd Monetization\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Like I mentioned earlier, free newsletters make money through ads. Exec Sum is one such example. You’ve seen us mention our sponsors throughout the Monday - Friday editions. Publications that already have sponsors can move over to beehiiv at no additional cost. Exec Sum has ~100k subscribers. We moved over to beehiiv from our prior ESP from hell without missing a beat \u003ci\u003e(shoutout Tyler and Jake)\u003c/i\u003e. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e However, building sponsor relationships is difficult and time consuming. If you\u0026#39;re a writer who wants to focus on delivering a high quality free newsletter, you may not have the bandwidth or existing relationships with sponsors to deal with the sales process daily. What about up-and-coming writers who are just beginning to pursue ad monetization? beehiiv is developing a solution for these creators who don’t want to worry about sourcing their own ads, and it’s launching in Spring 2022. Stay tuned 👀 \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eOther Monetization Methods\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e For years, subscription revenue and sponsored product advertisements have driven 99% of newsletter revenue. However, newsletters are no longer just newsletters. Writers are no longer just writers. Great creators build large followings. Large audiences offer a variety of opportunities that stem beyond paid subscriptions and product ads. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Beehiiv is more than a newsletter platform. It’s a brand platform providing a Swiss army knife of tools for its writers. In January 2022, the company is releasing another monetization channel that will change the game for writers. Unfortunately, I can’t disclose details right now but I\u0026#39;ll come back to update this once it\u0026#39;s live. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Fortunately, you will see it first hand in about two months. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eReferral Program\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Two years ago, CEO Tyler Denk \u003ca class=\"link\" href=\"https://medium.com/the-mission/how-morning-brews-referral-program-built-an-audience-of-1-5-million-subscribers-3315482c1aa5\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003ewrote\u003c/a\u003e about how the referral program he built for Morning Brew helped the company explode from 100k to 1.5M subscribers in just 18 months. The TL;DR: \u003cb\u003ereferrals incentivize readers to actively recruit new readers.\u003c/b\u003e\u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e The first step is creating content that people actually want to read. If you consistently produce quality content, you will build a sizable audience over time. Once you hit a critical following size, you can kick growth into overdrive with a solid referral program. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003eHow It Works\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e You, the creator, determine milestones and incentives for your program. Maybe 10 referrals lands someone a shoutout in the newsletter. 25 is free merch. 50 and they pick the article topic for next Monday. You get the idea. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e However you want to structure your referrals, beehiiv will provide the infrastructure for both implementing and tracking referrals. Turning your audience into your marketers is a low-cost way to scale your subscriber base quickly, \u003ci\u003eespecially with the current influencer pricing and Facebook / Google ad rates in this elevated inflationary environment!\u003c/i\u003e\u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eProduct Summary\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Here are beehiiv’s offerings: \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cimg alt=\"\" style=\"margin:0 auto 0 auto;width:65%;\" src=\"https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1499/Screen_Shot_2021-11-20_at_11.47.37_PM.png\"/\u003e\u003cdiv style=\"margin:0 auto 0 auto;padding-left:4px;padding-right:4px;padding-top:4px;text-align:left;width:65%;\"\u003e\u003csmall style=\"color:#C0C0C0;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:12px;font-style:italic;text-decoration-color:#C0C0C0;text-decoration:none;\"\u003e\u003cp\u003evia Litquidity\u003c/p\u003e\u003c/small\u003e\u003c/div\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e No other platform is offering this range of optionality at this price. By offering everything that a creator could need from one location, beehiiv is well-positioned to attract and retain top newsletter writers. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eLeveraging the Creator Economy\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Writers on beehiiv \u003cspan style=\"text-decoration:underline;\"\u003eare\u003c/span\u003e the creator economy. Small businesses on Shopify \u003cspan style=\"text-decoration:underline;\"\u003eare\u003c/span\u003e the creator economy. Landlords on Airbnb \u003cspan style=\"text-decoration:underline;\"\u003eare\u003c/span\u003e the creator economy. Free-lance drone photographers, TikTok stars with millions of followers, dog sitters advertising on Facebook, and anyone else making money doing their own thing outside of the traditional corporate structure is part of the “creator economy”. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Transfer of information used to be linear: point A to B, rinse, repeat. With the internet, information can spread from millions of distribution points. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cimg alt=\"\" style=\"margin:0 auto 0 auto;width:100%;\" src=\"https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1500/Screen_Shot_2021-11-21_at_12.07.36_AM.png\"/\u003e\u003cdiv style=\"margin:0 auto 0 auto;padding-left:4px;padding-right:4px;padding-top:4px;text-align:left;width:100%;\"\u003e\u003csmall style=\"color:#C0C0C0;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:12px;font-style:italic;text-decoration-color:#C0C0C0;text-decoration:none;\"\u003e\u003cp\u003evia Litquidity\u003c/p\u003e\u003c/small\u003e\u003c/div\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e COVID-19 accelerated this change. Every white collar job in America went remote. Suddenly, employees and employers realized they didn’t have to be in the office to get their work done. Employees had opportunities to explore other interests during work hours \u003ci\u003e(myself included)\u003c/i\u003e. While this may have been frowned upon in the office, no one really knows what you’re doing from the comfort of your own home. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Some workers realized these other interests could be lucrative. The infrastructure for the creator economy has existed for years, but a pandemic-induced lockdown kicked it into overdrive. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e For the first time since the Industrial Revolution, individuals are striving to build their own brands and make a living on their own terms. The most obvious place where we\u0026#39;re seeing this? \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cimg alt=\"\" style=\"margin:0 auto 0 auto;width:83%;\" src=\"https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1496/Screen_Shot_2021-11-20_at_10.38.02_PM.png\"/\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eJournalism\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e You no longer \u003ci\u003e\u003cspan style=\"text-decoration:underline;\"\u003ehave\u003c/span\u003e\u003c/i\u003e to work for Bloomberg, The New Yorker, or any other massive publication to make a living writing. In fact, with a payroll of one (you) and no overhead costs, you capture the vast majority of the upside of your own writing. Thanks to the internet, marketing can be free if you know how to play the \u003ca class=\"link\" href=\"https://www.notboring.co/p/the-great-online-game\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eGreat Online Game\u003c/a\u003e \u003ci\u003e(shoutout to Packy)\u003c/i\u003e. Anyone can be a writer on their own terms and a lot of writers are \u003ca class=\"link\" href=\"https://www.nytimes.com/2021/04/11/business/media/substack-newsletter-competition.html\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003edoing just that\u003c/a\u003e. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Writers want to build their own newsletters for two reasons: \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:7px;padding-left:40px;padding-right:32px;padding-top:7px;\"\u003e\u003col start=\"1\" style=\"color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;list-style-type:decimal;margin:0px 0px 0px 25px;padding:0;\"\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e Freedom to produce the content they want \u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e Higher potential upside \u003c/p\u003e\u003c/li\u003e\u003c/ol\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e When you write for the New York Times, you aren’t writing for yourself. You are writing for the New York Times. If the company doesn’t like your content, it’s not getting a green light. Media publications have largely become attention seekers with political leanings. Not an ideal environment for a writer. Personalized newsletters represent true freedom of the press. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Additionally, writing for a company means that your checks are signed by that company. Salaries have ceilings, and pay-per-view business models imply revenue splits with your employer. If you curate great content, why wouldn’t you want to work for yourself? \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e The internet has made this shift from media audience to writer audience possible. \u003cb\u003eWhen\u003c/b\u003e\u003cb\u003e\u003ca class=\"link\" href=\"https://www.forbes.com/sites/falonfatemi/2021/01/20/the-rise-of-substack-and-whats-behind-it/?sh=7bf2b4ee159f\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003e 66% of\u003c/a\u003e\u003c/b\u003e\u003cb\u003e readers now follow journalists as individuals instead of their publications, are the publications still necessary? No.\u003c/b\u003e\u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Writers from The New York Times, New York Magazine, Vox, Yahoo, among other publications, \u003ca class=\"link\" href=\"https://www.nytimes.com/2021/04/11/business/media/substack-newsletter-competition.html\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eare transitioning\u003c/a\u003e to their own platforms in droves. Creator economy startups provide the path to six figure incomes if a writer has a relatively small (but loyal) following. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e If software is eating the world, then individual content is eating traditional media. Writers want to build their own brands, and they are going to flock to the platforms that provide the most support for the best price. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e That’s why Exec Sum is now a beehiiv publication. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cimg alt=\"\" style=\"margin:0 auto 0 auto;width:64%;\" src=\"https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1494/Screen_Shot_2021-11-20_at_9.46.14_PM.png\"/\u003e\u003c/div\u003e\u003cdiv style=\"padding: 18px 0;\"\u003e\u003cdiv style=\"margin: 0 auto; border-top: 1px solid #E5E5E5; width:90%;\"\u003e\u003c/div\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:3px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch1 style=\"color:#001585;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:25px;font-weight:normal;line-height:38px;margin:0;text-align:left;\"\u003e\u003cb\u003eWhy Did Litquidity Switch Over to Beehiiv?\u003c/b\u003e\u003c/h1\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e More money, more optionality, and better user experience. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Exec Sum is a newsletter with ~100k subscribers (thanks to y\u0026#39;all 🤝). Exec Sum also generates most of its revenue through advertisements. That’s no secret: you guys have seen them at the beginning of every daily email. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Beehiiv is the platform that allows us to keep the highest percentage of our income, while providing a comprehensive suite of tools to help us produce great content. The platform also allows great optionality. For example, we can add multiple writers to the same publication and also publish different types of content from one central location. Exec Sum hits your inbox every morning before the market opens, but we can seamlessly integrate new publications under our brand. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e It\u0026#39;s really, really easy to use. And I\u0026#39;m not a tech guy. Check out the dashboard view.** \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cimg style=\"margin:0 auto 0 auto;width:100%;\" src=\"https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1387/image.png\"/\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e\u003ci\u003e**Dashboard altered to hide specific subscription \u0026 engagement metrics\u003c/i\u003e\u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e The writing interface is also intuitive. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Beehiiv offers us the best platform to produce quality content at a reasonable cost, so the switch was a no brainer. Tyler is the real deal, and we support his vision of building the best company to support content creators. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eActively Building\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Sticking to their engineering roots, the beehiiv team is tuned into user feedback, shipping new product updates almost daily. Since making the switch to beehiiv, we have seen the progress in real time. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e It also helps that the CEO posts company updates directly on twitter: \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n .twitter-wrapper {\n max-width: 520px;\n }\n \n @media only screen and (max-width: 640px) {\n .twitter-wrapper {\n padding-left: 20px;\n padding-right: 20px;\n }\n }\n\u003c/style\u003e\u003cdiv class='py-2'\u003e\u003cdiv class='twitter-wrapper mx-auto'\u003e\u003cblockquote align='center' class='twitter-tweet'\u003e\u003cp dir='ltr' lang='en'\u003e\u003cp\u003e12 months ago: started building \u003cbr\u003e4 months ago: small private beta \u003cbr\u003e3 months ago: quit our jobs \u003cbr\u003e1 month ago: announced $2.6M seed \u003cbr\u003etoday: launched publicly\u003c/p\u003e\u003cp\u003ecouldn’t be more proud of this team or excited about the future 🐝\u003c/p\u003e\u003c/p\u003e\u003ca data-skip-tracking='true' href='https://twitter.com/denk_tweets/status/1460972355904102404?s=20'\u003e\u003cp\u003e \u0026mdash; Tyler Denk 🐝 (@denk_tweets) \u003cbr\u003e 2:05 PM • Nov 17, 2021 \u003c/p\u003e\u003c/a\u003e\u003c/blockquote\u003e\u003c/div\u003e\u003c/div\u003e\u003cdiv style=\"padding: 18px 0;\"\u003e\u003cdiv style=\"margin: 0 auto; border-top: 1px solid #E5E5E5; width:90%;\"\u003e\u003c/div\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:3px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch1 style=\"color:#001585;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:25px;font-weight:normal;line-height:38px;margin:0;text-align:left;\"\u003e\u003cb\u003eDue Dilly: LitCap Investment Rundown\u003c/b\u003e\u003c/h1\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Now here\u0026#39;s the fun part. So why did Litquidity Capital invest in beehiiv? Is Karl just yolo\u0026#39;ing bucks and seeing what sticks? Not exactly. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e The investment decision was made around these key points: strong team, our interest in supporting creator-driven startups, platform stickiness, and the fact that we use it ourselves. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eTop-Tier Team\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e If you\u0026#39;ve ever read a sell side CIM, you know there\u0026#39;s always a \u0026quot;seasoned management team\u0026quot; slide with some random boomers who\u0026#39;ve worked at so \u0026 so firm for over 50 years. These guys are actually legit. Tyler, Benjamin, and Jacob all came from Morning Brew. They developed the products and software that turned a start-up newsletter into one of the fastest growing media companies in the US. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Scaling a startup is hard. They weren’t engineers hired at Google after it was an established behemoth, they took the risk to build the tech powering Morning Brew\u0026#39;s media business (which \u003ca class=\"link\" href=\"https://www.axios.com/insider-inc-buys-majority-stake-morning-brew-e6ec0673-4354-4bc7-9feb-e0b149508c9a.html\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003esold\u003c/a\u003e to Business Insider at a $75M valuation last year). \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Scaling a small newsletter into a big newsletter is also tough. These guys did it on a company level. They know what works and what doesn’t. They know the struggles that writers face because they had to overcome those same issues. Instead of continuing to build one brand,\u003cb\u003e they wanted to create a platform best suited to help all writers\u003c/b\u003e. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eGrowing The Creator Economy\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e This was already covered above, but we believe individual content is the future of media. We also believe beehiiv is going to provide the best value to those creators. It helps that we are one of the creators in question. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cimg alt=\"\" style=\"margin:0 auto 0 auto;width:62%;\" src=\"https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1495/Screen_Shot_2021-11-20_at_10.12.50_PM.png\"/\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Substack has been the talk of the town the past year, every VC / tech bro / journalist seemingly has their own newsletter. They have proved that there is demand for the product and that there is a lot of value in catering to creators. That\u0026#39;s why they\u0026#39;ve raised over $80M to-date and were most recently \u003ca class=\"link\" href=\"https://www.axios.com/substack-andreessen-horowitz-newsletter-36cb98ea-a7b3-43b1-883a-fa45586eaad4.html\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003evalued\u003c/a\u003e at ~$650M in a Series B led by a16z. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Beehiiv is well-positioned to capitalize on this trend by partnering closely with creators and building their platform by targeting their pain points. Give your users exactly what they want at a fair price and that\u0026#39;s a recipe for success. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eStickiness\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e There are a million reasons to use a product, but there is one reason to invest in a company: you think its value will increase. What makes companies more valuable? You think the company will make more money in the future. How will beehiiv make more money? Retain and grow its writer base. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:7px;padding-left:40px;padding-right:32px;padding-top:7px;\"\u003e\u003cul style=\"color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;list-style-type:disc;margin:0px 0px 0px 25px;padding:0;\"\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e Writers are \u003ca class=\"link\" href=\"https://medium.com/the-partnered-pen/top-writers-are-leaving-or-have-left-the-platform-3f22d2fa35c\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eleaving Medium\u003c/a\u003e in droves \u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e Facebook\u003ci\u003e (Meta?)\u003c/i\u003e is worried that \u003ca class=\"link\" href=\"https://fortune.com/2021/10/18/facebook-and-instagram-fret-over-losing-teens-to-snapchat-and-tiktok/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eTikTok will kill Instagram\u003c/a\u003e\u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e The entertainment business is fickle, with creators and consumers both leaving as soon as something better appears \u003c/p\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e\u003cb\u003eWhy is beehiiv better positioned for longevity?\u003c/b\u003e\u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Its business model is aligned with the interests of creators. Writers are leaving Medium because they aren’t making enough money. When the platform controls the audience, and every writer is competing for the same eyeballs, the creators have every reason to be frustrated. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Meanwhile, Substack is susceptible to churn from its top publications. Say a writer builds a newsletter with 10k subscribers paying $100 a year. That’s a million-dollar business, and the creator is paying $100k to Substack every year. This writer could buy their own domain and write on mailchimp, or switch to another platform like Revue or beehiiv, and relocate their entire audience overnight. $100k of revenue for Substack disappears. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e In contrast, beehiiv provides similar \u003ci\u003e(and soon, even more)\u003c/i\u003e value at a fraction of the cost. Writers on beehiiv will essentially have a fixed cost base as they scale from 0k to 100k+ to 1M subscribers. Beehiiv’s suite of tools creates a hub that writers will be hesitant to leave. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e\u003cb\u003eGood platforms become great platforms when they align their incentives with their users’. beehiiv is doing that from day one. \u003c/b\u003e\u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eInvest in Products You Love\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Anyone who enjoys their Apple iPhone, Tesla Model S, or Lululemon leggings could have made a ridiculous return by investing in the companies behind their favorite products. We recently moved Exec Sum to beehiiv because we love the product, and we think you will too. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eRisks\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Obviously a due dilly sesh is not complete without thinking of the downsides. While we love beehiiv, it\u0026#39;s an early-stage startup that faces risks just like any other company. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Now we\u0026#39;re not gonna go full 10-K risk disclosure mode so we\u0026#39;ll focus on the two key risks we see: \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:7px;padding-left:40px;padding-right:32px;padding-top:7px;\"\u003e\u003col start=\"1\" style=\"color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;list-style-type:decimal;margin:0px 0px 0px 25px;padding:0;\"\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e\u003cb\u003ePressure from incumbents (\u0026quot;what if Mailchimp or Substack builds this?\u0026quot;)\u003c/b\u003e\u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e\u003cb\u003eWriter churn\u003c/b\u003e\u003c/p\u003e\u003c/li\u003e\u003c/ol\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e\u003cb\u003e1. Pressure from incumbents:\u003c/b\u003e One of beehiiv\u0026#39;s biggest risks is competitors like Substack copying its business model. Beehiiv offers lower costs to writers, thus making it the financially advantageous choice for them. Substack switching from a 10% cut of revenue to a SaaS fee model could pressure beehiiv, especially considering the amount of existing writers that are on its platform. Substack, Mailchimp, Revue, etc. are all well-capitalized and have the fire power to do so, but it\u0026#39;d be a big business decision for any of them to change their business models / build out new offerings. Beehiiv\u0026#39;s success will come from having great writers and providing even more features / value to them than competitors. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e\u003cb\u003e2. Writer churn: \u003c/b\u003eThe existential threat for all newsletter platforms. Creators can change platforms as they wish, making retention incredibly important. Again, with all of the features that beehiiv has in the product roadmap and its low cost relative to other players, they\u0026#39;re in a strong position to retain writers that come onto the platform. When creators implement several of beehiiv\u0026#39;s offerings into their publications (especially those that are still under wraps), the switching costs of changing platforms just won\u0026#39;t make sense. The company that provides the most value at the lowest cost will win, and that\u0026#39;s what we see in beehiiv. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e There\u0026#39;s obviously other risks like ability to execute, the world blows up, cyber hacks, etc. that we won\u0026#39;t get into here but rest assured Karl take excellent notes when I was on diligence calls with management team. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding: 18px 0;\"\u003e\u003cdiv style=\"margin: 0 auto; border-top: 1px solid #E5E5E5; width:90%;\"\u003e\u003c/div\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e And that\u0026#39;s a wrap, folks. Hope you enjoyed this rundown. Let me know what other companies or industries you think would be cool to drill into. If you\u0026#39;re a founder building a sick business, hit me up as well. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e For more beehiiv content, follow \u003ca class=\"link\" href=\"https://twitter.com/trybeehiiv\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003ebeehiiv\u003c/a\u003e and \u003ca class=\"link\" href=\"https://twitter.com/denk_tweets\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eTyler\u003c/a\u003e on Twitter. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e We’re excited for our future on the platform and hope some of you decide to join as well. If you\u0026#39;re a newsletter writer looking to switch over to a dope platform, \u003ca class=\"link\" href=\"https://www.beehiiv.com/?via=litquidity\u0026_gl=1*wk2e49*_ga*MTc1MTI4NTk4OC4xNjM4NzkzOTI4*_ga_E6Y4WLQ2EC*MTY1Njk1MTgyNC45NzkuMS4xNjU2OTUyMDgxLjYw\u0026_ga=2.68091284.425865747.1655068082-1751285988.1638793928\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003echeck out beehiiv\u003c/a\u003e. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Time to pound some beers and watch football. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Happy Sunday, \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Lit \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e (P.S. If there\u0026#39;s anyone who can design an absolutely fire website for a reasonable price, hit me up. Going for that classic VC portfolio tab to the site 🙏) \u003c/p\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003c/body\u003e\u003c/html\u003e","hide_premium_post":false,"contains_subscriber_break":false,"paywall_shown":false,"force_premium":false},"publication":{"id":"f2aedf85-682c-47c2-8ad0-f44433524834","name":"Exec Sum","description":"The daily newsletter that curates major news from Wall Street to Silicon Valley, with a touch of memes. Read by 300K+ investment bankers, institutional investors, venture capitalists, and more.","tags":[{"id":37,"name":"business","created_at":"2021-06-15T00:05:23.579Z","updated_at":"2021-06-15T00:05:23.579Z"},{"id":49,"name":"venture capital","created_at":"2021-06-15T00:05:23.835Z","updated_at":"2021-06-15T00:05:23.835Z"},{"id":107,"name":"finance","created_at":"2021-06-15T00:05:25.285Z","updated_at":"2021-06-15T00:05:25.285Z"}],"url":"https://www.execsum.co/","web_theme":{"primary_color":"#001585","text_on_primary_color":"#FFFFFF","secondary_color":"#F9FAFB","text_on_secondary_color":"#030712","tertiary_color":"#FFFFFF","text_on_tertiary_color":"#222222","background_color":"#FFFFFF","text_on_background_color":"#222222","subscribe_background_color":"#FFFFFF","text_on_subscribe_background_color":"#222222","subscribe_theme":"light","content_theme":"light","border_style":"round","border_radius":"8px","border_color":"#E5E7EB","header_font":"Roboto","body_font":"Roboto","button_font":"Roboto","logo_shadow":"md","name":null,"purpose":"web","owner_id":"f2aedf85-682c-47c2-8ad0-f44433524834"},"cta_text":"Subscribe 🔥","copyright_text":"","noindex_enabled":false,"double_opt_required":false,"premium_enabled":false,"premium_offering_name":"Premium Membership","premium_summary":"","premium_features":[],"stripe_user_id":"acct_1Hzlj9ENMCWoN6by","facebook_url":"","instagram_url":"https://www.instagram.com/exec.sum","linkedin_url":"https://www.linkedin.com/company/litquidity","tiktok_url":"","twitter_url":"https://www.twitter.com/exec_sum","youtube_url":"","discord_url":null,"threads_url":null,"tiktok_pixel":"CABP05JC77U9LQHLPNDG","facebook_pixel":"5096411673800309","google_analytics_4_pixel":"","twitter_pixel":"","google_analytics_pixel":"UA-185800001-9","gtm_pixel":"","gsc_verification_code":null,"post_subscribe_form_id":"5e0b90b7-1bd9-44c2-a80e-22349a6a9748","post_unsubscribe_form_id":null,"email_sender_name":"Exec Sum - Litquidity","render_authors_widget":false,"render_breadcrumbs":true,"render_pagination":true,"enable_cookie_banner":null,"enable_signup_confirmation":null,"terms_of_service":null,"has_referral_program":true,"has_recommendations":true,"beehiiv_branding":false,"has_polls":true,"stripe_payment_method_domain_enabled":true,"has_pages":true,"language":"en","configured_domain":"www.execsum.co","has_live_web_posts":true,"has_web_builder_v2":true,"has_landing_pages":true,"has_upgrade_page":true,"has_subscriber_preferences":true,"has_subscription_password":true,"private":false,"require_subscriber_approval":false,"subscriber_tax_id_collection_enabled":false,"thumbnail":{"url":"https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/publication/thumbnail/f2aedf85-682c-47c2-8ad0-f44433524834/landscape_Screen_Shot_2021-12-26_at_8.39.40_PM.png"},"web_template":{"id":9618,"theme":"default","post_padding":"20px","enable_featured_post_badges":false,"enable_recommended_reading":true,"enable_customize_category_ids":false,"enable_recommendations":true,"enable_recaptcha":true,"category_ids":[],"signup_flow":[{"id":1,"title":"Recommendations Page","href":"/subscribe?recommendations=true","managed_type":"recommendations","enabled":true,"full_url":"https://www.execsum.co/subscribe?recommendations=true","action_text":"Remove","modal_header":"Remove any recommendations or boosts first!","modal_body":"To remove this page from your subscribe flow, you will need to make sure you have removed any active recommendations or boosts you currently have set up.","page_message":""},{"id":2,"title":"Exec Sum's Post Subscription Form","href":"/forms/5e0b90b7-1bd9-44c2-a80e-22349a6a9748","managed_type":"survey","enabled":true,"full_url":"https://www.execsum.co/forms/5e0b90b7-1bd9-44c2-a80e-22349a6a9748","action_text":"Remove","modal_header":"Remove Survey","modal_body":"This will remove the survey that users see after subscribing. 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Not to worry, the page will still be live and available on your site and you can always add it back to the subscribe flow later.","page_message":""},{"id":5,"title":"Home Page","href":"","managed_type":"custom","enabled":false,"full_url":"","action_text":"Remove","modal_header":"Remove Custom Redirect","modal_body":"This will remove the custom redirect. When users complete the subscribe flow they will now be sent to the default home page. 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Your Email","post_page_background_color":"#FFFFFF","post_page_text_color":"#222222","posts_home_page_header_style":"default","post_background_fill_enabled":true,"post_background_color":"#FFFFFF","post_border_radius":"lg","post_border_color":"#E5E7EB","post_content_tags_enabled":true,"post_content_tags_background_color":"#082F49","post_content_tags_text_color":"#F9FAFB","post_insights_likes_comments_enabled":true,"post_insights_time_fields_enabled":true,"post_insights_color":"#001585","post_premium_badge_background_color":"#D1D5DB","post_premium_badge_text_color":"#030712","post_heading_font_family":"Roboto","post_heading_font_color":"#222222","post_description_font_family":"Roboto","post_description_font_color":"#222222","post_authors_font_color":"#001585","post_authors_show_image":true,"footer_background_color":"#F4F4F4","footer_text_color":"#222222","footer_logo_width":"100","footer_external_link_color":null,"footer_external_link_underline_color":null,"subscribe_widget_text_color":"#FFFFFF"},"global_fonts":["https://fonts.googleapis.com/css2?family=Roboto\u0026display=swap"],"nav_groups":[{"id":"8f7ee2d5-7d21-44af-8f40-7983c1585f3d","title":"Buy 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Curry","profile_picture":{"url":"https://beehiiv-images-production.s3.amazonaws.com/static_assets/defaults/profile_picture.png","thumb":{"url":"https://beehiiv-images-production.s3.amazonaws.com/static_assets/defaults/thumb_profile_picture.png"},"landscape":{"url":null}}},{"id":"a58f2284-2bb0-494e-ba5c-977817f36d1a","name":"Aadil Khan","profile_picture":{"url":"https://beehiiv-images-production.s3.amazonaws.com/static_assets/defaults/profile_picture.png","thumb":{"url":"https://beehiiv-images-production.s3.amazonaws.com/static_assets/defaults/thumb_profile_picture.png"},"landscape":{"url":null}}},{"id":"321b3fe6-beab-4f94-96fd-6b8417c1367e","name":"G 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width: 100% !important;\n }\n}\n\n\u003c/style\u003e\u003cscript async=\"\" id=\"tiktok-script\" src=\"https://www.tiktok.com/embed.js\" type=\"text/javascript\"\u003e\u003c/script\u003e\u003cscript async=\"\" defer=\"\" id=\"twitter-wjs\" src=\"https://platform.twitter.com/widgets.js\" type=\"text/javascript\"\u003e\u003c/script\u003e\u003cstyle\u003e\n .table-base, .table-c, .table-h { border: 1px solid #C0C0C0; }\n .table-c { padding:5px; background-color:#FFFFFF; }\n .table-c p { color: #2D2D2D; font-family:'Helvetica',Arial,sans-serif !important; overflow-wrap: break-word; }\n .table-h { padding:5px; background-color:#F1F1F1; }\n .table-h p { color: #2A2A2A; font-family:'Trebuchet MS','Lucida Grande',Tahoma,sans-serif !important; overflow-wrap: break-word; }\n\u003c/style\u003e\u003c/div\u003e\u003cdiv class=\"bg-wt-background\" style=\"color: var(--wt-text-on-background-color) !important;\"\u003e\u003cdiv class=\"rendered-post\" style=\"max-width: 672px; margin: 0 auto;\"\u003e\u003cdiv class=\"bg-wt-background text-wt-text-on-background\"\u003e\u003cdiv style=\"padding-top:1.5rem; padding-bottom:1.5rem;\"\u003e\u003cstyle\u003e\n .bh__byline_wrapper {\n font-size: .875rem;\n line-height: 1.25rem;\n vertical-align: middle;\n justify-content: space-between;\n display: block;\n }\n \n .bh__byline_social_wrapper {\n display: flex;\n margin-top: 0.5rem;\n align-items: center;\n }\n \n .bh__byline_social_wrapper \u003e * + * {\n margin-left: 1rem;\n }\n \n @media (min-width: 768px) {\n .bh__byline_wrapper {\n display: flex;\n }\n \n .bh__byline_social_wrapper {\n margin-top: 0rem;\n }\n }\n\u003c/style\u003e\u003cdiv id=\"web-header\" style=\"padding-left: 20px; padding-right: 20px; color: var(--wt-text-on-background-color) !important; padding-bottom: 2rem;\"\u003e\u003ch1 style=\"font-size: 36px; font-family:'Helvetica',Arial,sans-serif; line-height: 2.5rem; padding-bottom: 8px; font-weight: 700;\"\u003eWhat's the Buzz with Beehiiv? 🐝\u003c/h1\u003e\u003ch2 style=\"font-size: 20px; font-family:'Helvetica',Arial,sans-serif; line-height: 1.75rem; padding-bottom: 20px; color: #8A8A8A; font-weight: 400;\"\u003eA closer look into our favorite newsletter platform (and the new home of Exec Sum)\u003c/h2\u003e\u003cdiv class=\"bh__byline_wrapper\"\u003e\u003cdiv\u003e\u003cdiv style=\"display:flex;\"\u003e\u003cdiv style=\"display:flex; flex-direction:row; justify-content:flex-start;\"\u003e\u003cdiv style=\"display:flex;\"\u003e\u003cimg alt=\"Author\" height=\"40\" src=\"https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/user/profile_picture/2e8f4f5d-5856-4463-ad71-a48cbba10c7a/thumb_litcap.jpg\" style=\"height:40px;width:40px;border:4px solid rgba(0,0,0,0);left:-4px;z-index:10;box-sizing:content-box;position:relative;border-radius:9999px;\" width=\"40\"\u003e\u003c/div\u003e\u003cdiv style=\"display:flex; align-items:center;\"\u003e\u003cp style=\"left:8px;position:relative;font-family:'Helvetica',Arial,sans-serif;font-weight:normal;font-size:14px;color: var(--wt-text-on-background-color);margin:0px;line-height:20px;\"\u003e\u003cspan\u003e\u003ca href=\"https://www.execsum.co/authors/2e8f4f5d-5856-4463-ad71-a48cbba10c7a\" target=\"_blank\" style=\"color:var(--wt-text-on-background-color) !important;text-decoration:underline !important;\"\u003eLitquidity Capital\u003c/a\u003e\u003c/span\u003e\u003cbr\u003e\u003cspan class=\"text-wt-text-on-background\" style=\"opacity:0.75;\"\u003e November 21, 2021 \u003c/span\u003e\u003c/p\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003cdiv class=\"bh__byline_social_wrapper\"\u003e\u003ca href=\"https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.execsum.co%2Fp%2Fwhats-buzz-beehiiv\" target=\"_blank\"\u003e\u003cdiv style=\"max-width:28px;\"\u003e\u003csvg fill=\"none\" height=\"100%\" viewBox=\"0 0 212 212\" width=\"100%\" 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src=\"https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1506/Screen_Shot_2021-11-21_at_11.33.42_AM.png?t=1637512462\"\u003e\u003c/div\u003e\u003cdiv id=\"content-blocks\"\u003e\u003cdiv style=\"padding-bottom:3px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch1 style=\"color:#001585;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:25px;font-weight:normal;line-height:38px;margin:0;text-align:left;\"\u003e\u003cb\u003eWhat’s the Buzz with Beehiiv?\u0026nbsp;\u003c/b\u003e🐝\u003c/h1\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Happy Sunday everybody. We’ve had an eventful seven days: Musk \u003ca class=\"link\" href=\"https://twitter.com/elonmusk/status/1459891238384115722?s=20\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003etrolled\u003c/a\u003e Sanders, Ken Griffin \u003ca class=\"link\" href=\"https://www.nytimes.com/2021/11/19/business/ken-griffin-constitution.html\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003erug pulled\u003c/a\u003e the Constitution DAO, and Michael Dell \u003ca class=\"link\" href=\"https://twitter.com/BigTechAlert/status/1462236832666693635?s=20\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003efollowed\u003c/a\u003e @litcapital on Twitter. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e But it’s Sunday, and we don’t care about markets on Sundays (unless you’re a degenerate crypto or futures trader). We also don’t send an Exec Sum newsletter on Sunday... until now! \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e You may recall our inaugural \"LitCap Deep Dive\" breaking down \u003ca class=\"link\" href=\"https://www.execsum.co/p/blockfi-great-banking-disruptor\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eBlockFi's\u003c/a\u003e business model and the great FinTech race to build super apps that do it all. Well we're back with our second one. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e To refresh y'all on what our Deep Dives will be: it's a new series where we’ll attempt to break down businesses in a fun and interesting way. We’ll dive into the history, metrics, business model, and opportunity of companies doing cool things and changing the game. Think of it like an investment memo but made public. Some may be sponsored and others might be me staffing Karl over the weekend to eat up his free time. Monday through Friday, you’ll continue to receive the best content from Wall Street to Silicon Valley. On Sundays, you’ll read about our favorite up-and-coming companies and trends we're following across the investment landscape. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e We're excited about this deep dive because: \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:7px;padding-left:40px;padding-right:32px;padding-top:7px;\"\u003e\u003col start=\"1\" style=\"color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;list-style-type:decimal;margin:0px 0px 0px 25px;padding:0;\"\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e We're writing it on the company's platform (\u003ci\u003ethere’s nothing more meta than writing about a newsletter platform on that newsletter platform)\u003c/i\u003e\u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e It's one of several Litquidity Capital portfolio companies, so it's basically a public investment memo as to why I made the investment \u003c/p\u003e\u003c/li\u003e\u003c/ol\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e So without further ado, we're here to talk about\u0026nbsp;\u003cb\u003e\u003ca class=\"link\" href=\"https://www.beehiiv.com/?via=litquidity\u0026amp;_gl=1*wk2e49*_ga*MTc1MTI4NTk4OC4xNjM4NzkzOTI4*_ga_E6Y4WLQ2EC*MTY1Njk1MTgyNC45NzkuMS4xNjU2OTUyMDgxLjYw\u0026amp;_ga=2.68091284.425865747.1655068082-1751285988.1638793928\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003ebeehiiv\u003c/a\u003e\u003c/b\u003e, a newsletter platform that just raised a $2.6M seed round led by Social Leverage. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n .twitter-wrapper {\n max-width: 520px;\n }\n \n @media only screen and (max-width: 640px) {\n .twitter-wrapper {\n padding-left: 20px;\n padding-right: 20px;\n }\n }\n\u003c/style\u003e\u003cdiv class=\"py-2\"\u003e\u003cdiv class=\"twitter-wrapper mx-auto\"\u003e\u003cblockquote align=\"center\" class=\"twitter-tweet\"\u003e\u003cp dir=\"ltr\" lang=\"en\"\u003e\u003c/p\u003e\u003cp\u003eLitquidity Capital out here grinding 😤 \u003c/p\u003e\u003cp\u003eExcited to be a part of \u003cspan\u003e@trybeehiiv\u003c/span\u003e’s $2.6M seed round 🤝\u003c/p\u003e\u003cp\u003e\u003c/p\u003e\u003ca data-skip-tracking=\"true\" href=\"https://twitter.com/litcapital/status/1445406520406073349?s=20\"\u003e\u003cp\u003e — litquidity (@litcapital) \u003cbr\u003e 3:12 PM • Oct 5, 2021 \u003c/p\u003e\u003c/a\u003e\u003c/blockquote\u003e\u003c/div\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e If you're a newsletter publisher or a creator looking to launch a newsletter, be sure to check out \u003ca class=\"link\" href=\"https://www.beehiiv.com/?via=litquidity\u0026amp;_gl=1*wk2e49*_ga*MTc1MTI4NTk4OC4xNjM4NzkzOTI4*_ga_E6Y4WLQ2EC*MTY1Njk1MTgyNC45NzkuMS4xNjU2OTUyMDgxLjYw\u0026amp;_ga=2.68091284.425865747.1655068082-1751285988.1638793928\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003ebeehiiv\u003c/a\u003e. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e\u003cb\u003eLet’s get into it.\u003c/b\u003e\u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding: 18px 0;\"\u003e\u003cdiv style=\"margin: 0 auto; border-top: 1px solid #E5E5E5; width:90%;\"\u003e\u003c/div\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:3px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch1 style=\"color:#001585;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:25px;font-weight:normal;line-height:38px;margin:0;text-align:left;\"\u003e\u003cb\u003eWhat Is Beehiiv?\u003c/b\u003e\u003c/h1\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e\u003ca class=\"link\" href=\"https://www.beehiiv.com/?via=litquidity\u0026amp;_gl=1*wk2e49*_ga*MTc1MTI4NTk4OC4xNjM4NzkzOTI4*_ga_E6Y4WLQ2EC*MTY1Njk1MTgyNC45NzkuMS4xNjU2OTUyMDgxLjYw\u0026amp;_ga=2.68091284.425865747.1655068082-1751285988.1638793928\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eBeehiiv\u003c/a\u003e is the newsletter platform built by content creators, for content creators. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e The COVID-19 pandemic forever changed the labor market. Remote work is here to stay, office landlords are punching the air, and individuals have never had more freedom to strike out on their own. Creators who curate great content have a great opportunity to build and monetize their personal brands online. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e The platforms that can provide the most value to the next generation of creators will dominate this decade, and that’s why we like beehiiv. We'll get into all of the things beehiiv offers creators that will make it great. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eThe Team\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Beehiiv was founded by three former Morning Brew employees and one technical advisor:\u003ca class=\"link\" href=\"https://www.linkedin.com/in/tyler-denk\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003e Tyler Denk\u003c/a\u003e (CEO),\u0026nbsp;\u003ca class=\"link\" href=\"https://www.linkedin.com/in/hargettbenjamin\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eBenjamin Hargett\u003c/a\u003e,\u0026nbsp;\u003ca class=\"link\" href=\"https://www.linkedin.com/in/jacob-hurd-1bb869100/\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eJacob Hurd\u003c/a\u003e, and\u0026nbsp;\u003ca class=\"link\" href=\"https://www.linkedin.com/in/andrewplatkin/\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eAndrew Platkin\u003c/a\u003e (CTO). They worked across a variety of positions at Morning Brew, ranging from Senior Product Lead to Software Engineer, and they played integral roles in building one of the largest newsletter companies out there. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e So why did they leave Morning Brew to build their own newsletter platform? Tyler says it best: \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n .twitter-wrapper {\n max-width: 520px;\n }\n \n @media only screen and (max-width: 640px) {\n .twitter-wrapper {\n padding-left: 20px;\n padding-right: 20px;\n }\n }\n\u003c/style\u003e\u003cdiv class=\"py-2\"\u003e\u003cdiv class=\"twitter-wrapper mx-auto\"\u003e\u003cblockquote align=\"center\" class=\"twitter-tweet\"\u003e\u003cp dir=\"ltr\" lang=\"en\"\u003e\u003c/p\u003e\u003cp\u003ethe playbook isn’t how we can build a platform like substack \u003c/p\u003e\u003cp\u003ethe playbook is taking what I built at morning brew (scaled 3m subs / $75m exit) and democratize that so any creator has the same tools and growth potential 🚀\u003c/p\u003e\u003cp\u003e3/\u003c/p\u003e\u003cp\u003e\u003c/p\u003e\u003ca data-skip-tracking=\"true\" href=\"https://twitter.com/denk_tweets/status/1404817549657841677?s=20\"\u003e\u003cp\u003e — Tyler Denk 🐝 (@denk_tweets) \u003cbr\u003e 3:06 PM • Jun 15, 2021 \u003c/p\u003e\u003c/a\u003e\u003c/blockquote\u003e\u003c/div\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Instead of continuing to build an established newsletter company, they want to build a platform that would support all creators.\u0026nbsp; \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Before sharing \u003cb\u003e\u003ci\u003ehow\u003c/i\u003e\u003c/b\u003e beehiiv is changing the newsletter game, we'll explain\u0026nbsp;\u003cb\u003e\u003ci\u003ewhy\u003c/i\u003e\u003c/b\u003e the game needs changing. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding: 18px 0;\"\u003e\u003cdiv style=\"margin: 0 auto; border-top: 1px solid #E5E5E5; width:90%;\"\u003e\u003c/div\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:3px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch1 style=\"color:#001585;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:25px;font-weight:normal;line-height:38px;margin:0;text-align:left;\"\u003e\u003cb\u003eThe Problem with Newsletter Monetization\u003c/b\u003e\u003c/h1\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Most writing platforms follow either the Medium or Substack business models. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:4px;padding-left:20px;padding-right:20px;padding-top:14px;\"\u003e\u003ch3 style=\"color:#696969;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;font-weight:normal;line-height:24px;margin:0;text-align:left;\"\u003e\u003cb\u003eMedium\u003c/b\u003e\u003c/h3\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Readers can view up to five free articles per month. To read additional articles, they must pay for a $5 subscription to the site. Readers subscribe to the website itself, not individual writers. These writers’ earnings are determined by three variables. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:7px;padding-left:40px;padding-right:32px;padding-top:7px;\"\u003e\u003col start=\"1\" style=\"color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;list-style-type:decimal;margin:0px 0px 0px 25px;padding:0;\"\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e How much time subscribers spend reading your story \u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e What percent of a subscriber’s monthly reading time is spent on your story \u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e How many Medium members signed up from one of your articles \u003c/p\u003e\u003c/li\u003e\u003c/ol\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e More members spending more time on your stories drives higher earnings. If a reader spends 20% of their time on your stories, you will receive 20% of their monthly fee ($1). If a reader subscribes to Medium through one of your stories, you will receive half of their first payment ($25 for an annual subscription, $2.50 for a monthly subscription). \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e While Medium does provide hundreds of thousands of readers, this audience is controlled by the platform itself.\u0026nbsp; \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:4px;padding-left:20px;padding-right:20px;padding-top:14px;\"\u003e\u003ch3 style=\"color:#696969;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;font-weight:normal;line-height:24px;margin:0;text-align:left;\"\u003e\u003cb\u003eSubstack\u003c/b\u003e\u003c/h3\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Substack’s model is straightforward. Writers can publish free or premium newsletters. Substack does not charge writers who publish free newsletters but they do take a 10% cut of all paid subscriptions.\u0026nbsp; \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e While Substack offers a highly polished product and enables anyone to monetize their writing, that 10% cut on all paid subscriptions adds up quickly for creators.\u0026nbsp; \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding: 18px 0;\"\u003e\u003cdiv style=\"margin: 0 auto; border-top: 1px solid #E5E5E5; width:90%;\"\u003e\u003c/div\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eThe Two Biggest Problems with These Models\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e It’s difficult for writers to build their own audiences on Medium. The platform controls the readers, and creators engage in a Hunger Game-esque competition to gain audience attention month after month. The platform isn’t working for the writers; it’s actually the inverse. The writers are cogs fueling the platform. Creators drive readers to the site, the company makes $5 a month from each subscription, and the creators compete for the leftover cash. \u003cb\u003eWhen hundreds of thousands of writers are competing for hundreds of thousands of viewers, it is difficult to consistently produce high-paying articles.\u003c/b\u003e\u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e To its credit, Substack’s platform is more creator-friendly than Medium. Writers have access to their audience's emails and readers subscribe to specific publications. You control the following that you build, creating huge upside for writers with large audiences. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e However, Substack takes a 10% cut of subscription revenue. That cut keeps scaling as your following grows. If you're making $100k a year with a newsletter, Substack takes $10k. With a million dollar newsletter, the company takes $100k. While the upside is still great, Substack takes a massive rake from its top authors. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e\u003cb\u003eMedium and Substack both give writers venues to publish online, but creators leave a lot of money on the table.\u003c/b\u003e\u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding: 18px 0;\"\u003e\u003cdiv style=\"margin: 0 auto; border-top: 1px solid #E5E5E5; width:90%;\"\u003e\u003c/div\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eGetting Paid as a Writer\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e We just discussed how platforms make money, but it’s even more important to know how the writers themselves get paid. There are tons of newsletters out there, but there are two primary ways writers can generate revenue: \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:7px;padding-left:40px;padding-right:32px;padding-top:7px;\"\u003e\u003cul style=\"color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;list-style-type:disc;margin:0px 0px 0px 25px;padding:0;\"\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e Paid subscriptions \u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e Ads \u003c/p\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:4px;padding-left:20px;padding-right:20px;padding-top:14px;\"\u003e\u003ch3 style=\"color:#696969;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;font-weight:normal;line-height:24px;margin:0;text-align:left;\"\u003e\u003cb\u003ePaid Subscriptions\u003c/b\u003e\u003c/h3\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Paid subscriptions are straight-forward: you create interesting content that readers enjoy, and they pay you for said content. This strategy works well for inch-wide, mile-deep publications where readers digest detailed information. You will have a smaller total market, but more dedicated readers. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Examples: \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:7px;padding-left:40px;padding-right:32px;padding-top:7px;\"\u003e\u003cul style=\"color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;list-style-type:disc;margin:0px 0px 0px 25px;padding:0;\"\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e Bill Bishop’s\u0026nbsp;\u003ca class=\"link\" href=\"https://sinocism.com/\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eSinocism\u003c/a\u003e\u0026nbsp;- China \u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e Edwin Dorsey’s\u0026nbsp;\u003ca class=\"link\" href=\"https://thebearcave.substack.com/\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eBear Cave\u003c/a\u003e\u0026nbsp;- short-seller news \u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e\u003ca class=\"link\" href=\"https://thedispatch.com/\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eThe Dispatch\u003c/a\u003e\u0026nbsp;- politics\u0026nbsp; \u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e\u003ca class=\"link\" href=\"https://foot.substack.com/\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eFoot Guns\u003c/a\u003e\u0026nbsp;- crypto trading \u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e\u003ca class=\"link\" href=\"https://newsletter.banklesshq.com/about?sort=about\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eBankless\u003c/a\u003e\u0026nbsp;- crypto / DeFi \u003c/p\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Paid subscriptions are difficult to scale, because everyone wants free material. However, revenue is consistent and readers are sticky, thus making it a stable, lucrative option for successful writers.\u0026nbsp; \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:4px;padding-left:20px;padding-right:20px;padding-top:14px;\"\u003e\u003ch3 style=\"color:#696969;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;font-weight:normal;line-height:24px;margin:0;text-align:left;\"\u003e\u003cb\u003eAds\u003c/b\u003e\u003c/h3\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Monetizing a newsletter with ads is the opposite. Writers build the biggest audiences possible, then sell ad space for their large audience. Typically, these advertisements consist of small shoutouts, images, and links inserted throughout the newsletter. Free content monetized through advertising is pervasive throughout online media today: podcasts, Youtube videos, and radio are just a few platforms that have used this model for years. It works for newsletters as well: \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Some examples: \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:7px;padding-left:40px;padding-right:32px;padding-top:7px;\"\u003e\u003cul style=\"color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;list-style-type:disc;margin:0px 0px 0px 25px;padding:0;\"\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e Packy McCormick’s\u0026nbsp;\u003ca class=\"link\" href=\"https://www.notboring.co/\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eNot Boring\u003c/a\u003e\u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e Matt Levine’s\u0026nbsp;\u003ca class=\"link\" href=\"https://www.bloomberg.com/account/newsletters/money-stuff\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eMoney Stuff\u003c/a\u003e\u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e Litquidity’s\u0026nbsp;\u003ca class=\"link\" href=\"https://execsum.co/\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eExec Sum\u003c/a\u003e\u0026nbsp;\u003ci\u003e(meta af)\u003c/i\u003e\u003c/p\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Free newsletters with ads are easier to grow, but revenue is less predictable. The creator must negotiate terms with sponsors to make money. Time spent working with sponsors is time not spent writing. And when you're putting out a daily newsletter, a creator will be spending a lot of time trying to fill out ad inventory. Normally this results in outsourcing sales to an agency / sales team or hiring someone to handle. That's a lot more work and a higher cost than securing revenue through paid subs. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding: 18px 0;\"\u003e\u003cdiv style=\"margin: 0 auto; border-top: 1px solid #E5E5E5; width:90%;\"\u003e\u003c/div\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:3px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch1 style=\"color:#001585;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:25px;font-weight:normal;line-height:38px;margin:0;text-align:left;\"\u003e\u003cb\u003eThe Solution: Beehiiv\u003c/b\u003e\u003c/h1\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e\u003cb\u003e\u003ca class=\"link\" href=\"https://www.beehiiv.com/?via=litquidity\u0026amp;_gl=1*wk2e49*_ga*MTc1MTI4NTk4OC4xNjM4NzkzOTI4*_ga_E6Y4WLQ2EC*MTY1Njk1MTgyNC45NzkuMS4xNjU2OTUyMDgxLjYw\u0026amp;_ga=2.68091284.425865747.1655068082-1751285988.1638793928\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eBeehiiv\u003c/a\u003e\u003c/b\u003e provides a platform for both premium and ad-based newsletters at a lower cost than other companies, because it flipped the payment structure upside down. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e\u003cb\u003eWriters pay beehiiv to use its platform.\u0026nbsp;\u003c/b\u003e\u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e You read that correctly. But why would the content creators pay the platform? Because this method is actually less expensive for the writer. Here are beehiiv’s subscription tiers: \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cimg alt=\"\" style=\"margin:0 auto 0 auto;width:100%;\" src=\"https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1497/Screen_Shot_2021-11-20_at_11.10.09_PM.png\"\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e The tiers apply to different audience sizes, and more expensive levels offer more tools to creators. Paying the platform makes sense, because the cost is flat. Let’s check out how this would impact paid subscription newsletters. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003ePremium Newsletters\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Imagine that you write a newsletter for paying subscribers. I had Karl put together an illustrative table to highlight the cost differential between Substack and beehiiv as your revenue grows: \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cimg alt=\"\" style=\"margin:0 auto 0 auto;width:100%;\" src=\"https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1498/Screen_Shot_2021-11-20_at_11.24.38_PM.png\"\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e That money really begins to add up.\u0026nbsp; \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e\u003cb\u003eBeehiiv’s model benefits writers who bet on themselves\u003c/b\u003e. You think you can grow your newsletter? They’ll give you the tools to make it happen for a flat cost. If you’re successful, you reap the extra rewards. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Beehiiv also benefits free newsletters that rely on ad revenue. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eAd Monetization\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Like I mentioned earlier, free newsletters make money through ads. Exec Sum is one such example. You’ve seen us mention our sponsors throughout the Monday - Friday editions. Publications that already have sponsors can move over to beehiiv at no additional cost. Exec Sum has ~100k subscribers. We moved over to beehiiv from our prior ESP from hell without missing a beat \u003ci\u003e(shoutout Tyler and Jake)\u003c/i\u003e. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e However, building sponsor relationships is difficult and time consuming. If you're a writer who wants to focus on delivering a high quality free newsletter, you may not have the bandwidth or existing relationships with sponsors to deal with the sales process daily. What about up-and-coming writers who are just beginning to pursue ad monetization? beehiiv is developing a solution for these creators who don’t want to worry about sourcing their own ads, and it’s launching in Spring 2022. Stay tuned 👀 \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eOther Monetization Methods\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e For years, subscription revenue and sponsored product advertisements have driven 99% of newsletter revenue. However, newsletters are no longer just newsletters. Writers are no longer just writers. Great creators build large followings. Large audiences offer a variety of opportunities that stem beyond paid subscriptions and product ads. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Beehiiv is more than a newsletter platform. It’s a brand platform providing a Swiss army knife of tools for its writers. In January 2022, the company is releasing another monetization channel that will change the game for writers. Unfortunately, I can’t disclose details right now but I'll come back to update this once it's live. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Fortunately, you will see it first hand in about two months. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eReferral Program\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Two years ago, CEO Tyler Denk\u0026nbsp;\u003ca class=\"link\" href=\"https://medium.com/the-mission/how-morning-brews-referral-program-built-an-audience-of-1-5-million-subscribers-3315482c1aa5\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003ewrote\u003c/a\u003e about how the referral program he built for Morning Brew helped the company explode from 100k to 1.5M subscribers in just 18 months. The TL;DR: \u003cb\u003ereferrals incentivize readers to actively recruit new readers.\u003c/b\u003e\u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e The first step is creating content that people actually want to read. If you consistently produce quality content, you will build a sizable audience over time. Once you hit a critical following size, you can kick growth into overdrive with a solid referral program. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003eHow It Works\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e You, the creator, determine milestones and incentives for your program. Maybe 10 referrals lands someone a shoutout in the newsletter. 25 is free merch. 50 and they pick the article topic for next Monday. You get the idea. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e However you want to structure your referrals, beehiiv will provide the infrastructure for both implementing and tracking referrals. Turning your audience into your marketers is a low-cost way to scale your subscriber base quickly, \u003ci\u003eespecially with the current influencer pricing and Facebook / Google ad rates in this elevated inflationary environment!\u003c/i\u003e\u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eProduct Summary\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Here are beehiiv’s offerings: \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cimg alt=\"\" style=\"margin:0 auto 0 auto;width:65%;\" src=\"https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1499/Screen_Shot_2021-11-20_at_11.47.37_PM.png\"\u003e\u003cdiv style=\"margin:0 auto 0 auto;padding-left:4px;padding-right:4px;padding-top:4px;text-align:left;width:65%;\"\u003e\u003csmall style=\"color:#C0C0C0;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:12px;font-style:italic;text-decoration-color:#C0C0C0;text-decoration:none;\"\u003e\u003cp\u003evia Litquidity\u003c/p\u003e\u003c/small\u003e\u003c/div\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e No other platform is offering this range of optionality at this price. By offering everything that a creator could need from one location, beehiiv is well-positioned to attract and retain top newsletter writers.\u0026nbsp; \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eLeveraging the Creator Economy\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Writers on beehiiv \u003cspan style=\"text-decoration:underline;\"\u003eare\u003c/span\u003e the creator economy. Small businesses on Shopify \u003cspan style=\"text-decoration:underline;\"\u003eare\u003c/span\u003e the creator economy. Landlords on Airbnb \u003cspan style=\"text-decoration:underline;\"\u003eare\u003c/span\u003e the creator economy. Free-lance drone photographers, TikTok stars with millions of followers, dog sitters advertising on Facebook, and anyone else making money doing their own thing outside of the traditional corporate structure is part of the “creator economy”. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Transfer of information used to be linear: point A to B, rinse, repeat. With the internet, information can spread from millions of distribution points. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cimg alt=\"\" style=\"margin:0 auto 0 auto;width:100%;\" src=\"https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1500/Screen_Shot_2021-11-21_at_12.07.36_AM.png\"\u003e\u003cdiv style=\"margin:0 auto 0 auto;padding-left:4px;padding-right:4px;padding-top:4px;text-align:left;width:100%;\"\u003e\u003csmall style=\"color:#C0C0C0;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:12px;font-style:italic;text-decoration-color:#C0C0C0;text-decoration:none;\"\u003e\u003cp\u003evia Litquidity\u003c/p\u003e\u003c/small\u003e\u003c/div\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e COVID-19 accelerated this change. Every white collar job in America went remote. Suddenly, employees and employers realized they didn’t have to be in the office to get their work done. Employees had opportunities to explore other interests during work hours \u003ci\u003e(myself included)\u003c/i\u003e. While this may have been frowned upon in the office, no one really knows what you’re doing from the comfort of your own home. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Some workers realized these other interests could be lucrative. The infrastructure for the creator economy has existed for years, but a pandemic-induced lockdown kicked it into overdrive. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e For the first time since the Industrial Revolution, individuals are striving to build their own brands and make a living on their own terms. The most obvious place where we're seeing this? \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cimg alt=\"\" style=\"margin:0 auto 0 auto;width:83%;\" src=\"https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1496/Screen_Shot_2021-11-20_at_10.38.02_PM.png\"\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eJournalism\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e You no longer \u003ci\u003e\u003cspan style=\"text-decoration:underline;\"\u003ehave\u003c/span\u003e\u003c/i\u003e to work for Bloomberg, The New Yorker, or any other massive publication to make a living writing. In fact, with a payroll of one (you) and no overhead costs, you capture the vast majority of the upside of your own writing. Thanks to the internet, marketing can be free if you know how to play the \u003ca class=\"link\" href=\"https://www.notboring.co/p/the-great-online-game\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eGreat Online Game\u003c/a\u003e\u0026nbsp;\u003ci\u003e(shoutout to Packy)\u003c/i\u003e. Anyone can be a writer on their own terms and a lot of writers are\u0026nbsp;\u003ca class=\"link\" href=\"https://www.nytimes.com/2021/04/11/business/media/substack-newsletter-competition.html\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003edoing just that\u003c/a\u003e. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Writers want to build their own newsletters for two reasons: \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:7px;padding-left:40px;padding-right:32px;padding-top:7px;\"\u003e\u003col start=\"1\" style=\"color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;list-style-type:decimal;margin:0px 0px 0px 25px;padding:0;\"\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e Freedom to produce the content they want \u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e Higher potential upside \u003c/p\u003e\u003c/li\u003e\u003c/ol\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e When you write for the New York Times, you aren’t writing for yourself. You are writing for the New York Times. If the company doesn’t like your content, it’s not getting a green light. Media publications have largely become attention seekers with political leanings. Not an ideal environment for a writer. Personalized newsletters represent true freedom of the press. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Additionally, writing for a company means that your checks are signed by that company. Salaries have ceilings, and pay-per-view business models imply revenue splits with your employer. If you curate great content, why wouldn’t you want to work for yourself? \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e The internet has made this shift from media audience to writer audience possible. \u003cb\u003eWhen\u003c/b\u003e\u003cb\u003e\u003ca class=\"link\" href=\"https://www.forbes.com/sites/falonfatemi/2021/01/20/the-rise-of-substack-and-whats-behind-it/?sh=7bf2b4ee159f\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003e 66% of\u003c/a\u003e\u003c/b\u003e\u003cb\u003e readers now follow journalists as individuals instead of their publications, are the publications still necessary? No.\u003c/b\u003e\u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Writers from The New York Times, New York Magazine, Vox, Yahoo, among other publications,\u0026nbsp;\u003ca class=\"link\" href=\"https://www.nytimes.com/2021/04/11/business/media/substack-newsletter-competition.html\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eare transitioning\u003c/a\u003e to their own platforms in droves. Creator economy startups provide the path to six figure incomes if a writer has a relatively small (but loyal) following. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e If software is eating the world, then individual content is eating traditional media. Writers want to build their own brands, and they are going to flock to the platforms that provide the most support for the best price. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e That’s why Exec Sum is now a beehiiv publication. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cimg alt=\"\" style=\"margin:0 auto 0 auto;width:64%;\" src=\"https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1494/Screen_Shot_2021-11-20_at_9.46.14_PM.png\"\u003e\u003c/div\u003e\u003cdiv style=\"padding: 18px 0;\"\u003e\u003cdiv style=\"margin: 0 auto; border-top: 1px solid #E5E5E5; width:90%;\"\u003e\u003c/div\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:3px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch1 style=\"color:#001585;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:25px;font-weight:normal;line-height:38px;margin:0;text-align:left;\"\u003e\u003cb\u003eWhy Did Litquidity Switch Over to Beehiiv?\u003c/b\u003e\u003c/h1\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e More money, more optionality, and better user experience. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Exec Sum is a newsletter with ~100k subscribers (thanks to y'all 🤝). Exec Sum also generates most of its revenue through advertisements. That’s no secret: you guys have seen them at the beginning of every daily email. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Beehiiv is the platform that allows us to keep the highest percentage of our income, while providing a comprehensive suite of tools to help us produce great content. The platform also allows great optionality. For example, we can add multiple writers to the same publication and also publish different types of content from one central location. Exec Sum hits your inbox every morning before the market opens, but we can seamlessly integrate new publications under our brand. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e It's really, really easy to use. And I'm not a tech guy. Check out the dashboard view.** \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cimg style=\"margin:0 auto 0 auto;width:100%;\" src=\"https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1387/image.png\"\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e\u003ci\u003e**Dashboard altered to hide specific subscription \u0026amp; engagement metrics\u003c/i\u003e\u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e The writing interface is also intuitive. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Beehiiv offers us the best platform to produce quality content at a reasonable cost, so the switch was a no brainer. Tyler is the real deal, and we support his vision of building the best company to support content creators. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eActively Building\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Sticking to their engineering roots, the beehiiv team is tuned into user feedback, shipping new product updates almost daily. Since making the switch to beehiiv, we have seen the progress in real time. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e It also helps that the CEO posts company updates directly on twitter: \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n .twitter-wrapper {\n max-width: 520px;\n }\n \n @media only screen and (max-width: 640px) {\n .twitter-wrapper {\n padding-left: 20px;\n padding-right: 20px;\n }\n }\n\u003c/style\u003e\u003cdiv class=\"py-2\"\u003e\u003cdiv class=\"twitter-wrapper mx-auto\"\u003e\u003cblockquote align=\"center\" class=\"twitter-tweet\"\u003e\u003cp dir=\"ltr\" lang=\"en\"\u003e\u003c/p\u003e\u003cp\u003e12 months ago: started building \u003cbr\u003e4 months ago: small private beta \u003cbr\u003e3 months ago: quit our jobs \u003cbr\u003e1 month ago: announced $2.6M seed \u003cbr\u003etoday: launched publicly\u003c/p\u003e\u003cp\u003ecouldn’t be more proud of this team or excited about the future 🐝\u003c/p\u003e\u003cp\u003e\u003c/p\u003e\u003ca data-skip-tracking=\"true\" href=\"https://twitter.com/denk_tweets/status/1460972355904102404?s=20\"\u003e\u003cp\u003e — Tyler Denk 🐝 (@denk_tweets) \u003cbr\u003e 2:05 PM • Nov 17, 2021 \u003c/p\u003e\u003c/a\u003e\u003c/blockquote\u003e\u003c/div\u003e\u003c/div\u003e\u003cdiv style=\"padding: 18px 0;\"\u003e\u003cdiv style=\"margin: 0 auto; border-top: 1px solid #E5E5E5; width:90%;\"\u003e\u003c/div\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:3px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch1 style=\"color:#001585;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:25px;font-weight:normal;line-height:38px;margin:0;text-align:left;\"\u003e\u003cb\u003eDue Dilly: LitCap Investment Rundown\u003c/b\u003e\u003c/h1\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Now here's the fun part. So why did Litquidity Capital invest in beehiiv? Is Karl just yolo'ing bucks and seeing what sticks? Not exactly. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e The investment decision was made around these key points: strong team, our interest in supporting creator-driven startups, platform stickiness, and the fact that we use it ourselves. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eTop-Tier Team\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e If you've ever read a sell side CIM, you know there's always a \"seasoned management team\" slide with some random boomers who've worked at so \u0026amp; so firm for over 50 years. These guys are actually legit. Tyler, Benjamin, and Jacob all came from Morning Brew. They developed the products and software that turned a start-up newsletter into one of the fastest growing media companies in the US. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Scaling a startup is hard. They weren’t engineers hired at Google after it was an established behemoth, they took the risk to build the tech powering Morning Brew's media business (which \u003ca class=\"link\" href=\"https://www.axios.com/insider-inc-buys-majority-stake-morning-brew-e6ec0673-4354-4bc7-9feb-e0b149508c9a.html\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003esold\u003c/a\u003e to Business Insider at a $75M valuation last year). \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Scaling a small newsletter into a big newsletter is also tough. These guys did it on a company level. They know what works and what doesn’t. They know the struggles that writers face because they had to overcome those same issues. Instead of continuing to build one brand,\u003cb\u003e they wanted to create a platform best suited to help all writers\u003c/b\u003e. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eGrowing The Creator Economy\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e This was already covered above, but we believe individual content is the future of media. We also believe beehiiv is going to provide the best value to those creators. It helps that we are one of the creators in question. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cimg alt=\"\" style=\"margin:0 auto 0 auto;width:62%;\" src=\"https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1495/Screen_Shot_2021-11-20_at_10.12.50_PM.png\"\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Substack has been the talk of the town the past year, every VC / tech bro / journalist seemingly has their own newsletter. They have proved that there is demand for the product and that there is a lot of value in catering to creators. That's why they've raised over $80M to-date and were most recently \u003ca class=\"link\" href=\"https://www.axios.com/substack-andreessen-horowitz-newsletter-36cb98ea-a7b3-43b1-883a-fa45586eaad4.html\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003evalued\u003c/a\u003e at ~$650M in a Series B led by a16z.\u0026nbsp; \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Beehiiv is well-positioned to capitalize on this trend by partnering closely with creators and building their platform by targeting their pain points. Give your users exactly what they want at a fair price and that's a recipe for success. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eStickiness\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e There are a million reasons to use a product, but there is one reason to invest in a company: you think its value will increase. What makes companies more valuable? You think the company will make more money in the future. How will beehiiv make more money? Retain and grow its writer base. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:7px;padding-left:40px;padding-right:32px;padding-top:7px;\"\u003e\u003cul style=\"color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;list-style-type:disc;margin:0px 0px 0px 25px;padding:0;\"\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e Writers are\u0026nbsp;\u003ca class=\"link\" href=\"https://medium.com/the-partnered-pen/top-writers-are-leaving-or-have-left-the-platform-3f22d2fa35c\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eleaving Medium\u003c/a\u003e in droves\u0026nbsp; \u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e Facebook\u003ci\u003e (Meta?)\u003c/i\u003e is worried that\u0026nbsp;\u003ca class=\"link\" href=\"https://fortune.com/2021/10/18/facebook-and-instagram-fret-over-losing-teens-to-snapchat-and-tiktok/\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eTikTok will kill Instagram\u003c/a\u003e\u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e The entertainment business is fickle, with creators and consumers both leaving as soon as something better appears \u003c/p\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e\u003cb\u003eWhy is beehiiv better positioned for longevity?\u003c/b\u003e\u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Its business model is aligned with the interests of creators. Writers are leaving Medium because they aren’t making enough money. When the platform controls the audience, and every writer is competing for the same eyeballs, the creators have every reason to be frustrated. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Meanwhile, Substack is susceptible to churn from its top publications. Say a writer builds a newsletter with 10k subscribers paying $100 a year. That’s a million-dollar business, and the creator is paying $100k to Substack every year. This writer could buy their own domain and write on mailchimp, or switch to another platform like Revue or beehiiv, and relocate their entire audience overnight. $100k of revenue for Substack disappears. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e In contrast, beehiiv provides similar \u003ci\u003e(and soon, even more)\u003c/i\u003e value at a fraction of the cost. Writers on beehiiv will essentially have a fixed cost base as they scale from 0k to 100k+ to 1M subscribers.\u0026nbsp; Beehiiv’s suite of tools creates a hub that writers will be hesitant to leave. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e\u003cb\u003eGood platforms become great platforms when they align their incentives with their users’. beehiiv is doing that from day one.\u0026nbsp;\u003c/b\u003e\u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eInvest in Products You Love\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Anyone who enjoys their Apple iPhone, Tesla Model S, or Lululemon leggings could have made a ridiculous return by investing in the companies behind their favorite products. We recently moved Exec Sum to beehiiv because we love the product, and we think you will too. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eRisks\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Obviously a due dilly sesh is not complete without thinking of the downsides. While we love beehiiv, it's an early-stage startup that faces risks just like any other company.\u0026nbsp; \u0026nbsp; \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Now we're not gonna go full 10-K risk disclosure mode so we'll focus on the two key risks we see: \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:7px;padding-left:40px;padding-right:32px;padding-top:7px;\"\u003e\u003col start=\"1\" style=\"color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;list-style-type:decimal;margin:0px 0px 0px 25px;padding:0;\"\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e\u003cb\u003ePressure from incumbents (\"what if Mailchimp or Substack builds this?\")\u003c/b\u003e\u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e\u003cb\u003eWriter churn\u003c/b\u003e\u003c/p\u003e\u003c/li\u003e\u003c/ol\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e\u003cb\u003e1. Pressure from incumbents:\u003c/b\u003e One of beehiiv's biggest risks is competitors like Substack copying its business model. Beehiiv offers lower costs to writers, thus making it the financially advantageous choice for them. Substack switching from a 10% cut of revenue to a SaaS fee model could pressure beehiiv, especially considering the amount of existing writers that are on its platform. Substack, Mailchimp, Revue, etc. are all well-capitalized and have the fire power to do so, but it'd be a big business decision for any of them to change their business models / build out new offerings. Beehiiv's success will come from having great writers and providing even more features / value to them than competitors.\u0026nbsp; \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e\u003cb\u003e2. Writer churn: \u003c/b\u003eThe existential threat for all newsletter platforms. Creators can change platforms as they wish, making retention incredibly important. Again, with all of the features that beehiiv has in the product roadmap and its low cost relative to other players, they're in a strong position to retain writers that come onto the platform. When creators implement several of beehiiv's offerings into their publications (especially those that are still under wraps), the switching costs of changing platforms just won't make sense. The company that provides the most value at the lowest cost will win, and that's what we see in beehiiv.\u0026nbsp; \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e There's obviously other risks like ability to execute, the world blows up, cyber hacks, etc. that we won't get into here but rest assured Karl take excellent notes when I was on diligence calls with management team.\u0026nbsp; \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding: 18px 0;\"\u003e\u003cdiv style=\"margin: 0 auto; border-top: 1px solid #E5E5E5; width:90%;\"\u003e\u003c/div\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e And that's a wrap, folks. Hope you enjoyed this rundown. Let me know what other companies or industries you think would be cool to drill into. If you're a founder building a sick business, hit me up as well.\u0026nbsp; \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e For more beehiiv content, follow\u0026nbsp;\u003ca class=\"link\" href=\"https://twitter.com/trybeehiiv\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003ebeehiiv\u003c/a\u003e\u0026nbsp;and\u0026nbsp;\u003ca class=\"link\" href=\"https://twitter.com/denk_tweets\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eTyler\u003c/a\u003e\u0026nbsp;on Twitter. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e We’re excited for our future on the platform and hope some of you decide to join as well. If you're a newsletter writer looking to switch over to a dope platform, \u003ca class=\"link\" href=\"https://www.beehiiv.com/?via=litquidity\u0026amp;_gl=1*wk2e49*_ga*MTc1MTI4NTk4OC4xNjM4NzkzOTI4*_ga_E6Y4WLQ2EC*MTY1Njk1MTgyNC45NzkuMS4xNjU2OTUyMDgxLjYw\u0026amp;_ga=2.68091284.425865747.1655068082-1751285988.1638793928\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003echeck out beehiiv\u003c/a\u003e. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Time to pound some beers and watch football. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Happy Sunday, \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Lit \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e (P.S. If there's anyone who can design an absolutely fire website for a reasonable price, hit me up. Going for that classic VC portfolio tab to the site 🙏) \u003c/p\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e","truncatedHtml":"\u003cdiv\u003e\u003cdiv\u003e\u003clink href=\"https://fonts.gstatic.com\" rel=\"preconnect\"\u003e\u003clink href=\"https://fonts.googleapis.com/css2?family=Roboto\u0026amp;display=swap\" rel=\"stylesheet\"\u003e\u003clink href=\"https://fonts.googleapis.com/css2?family=Roboto\u0026amp;display=swap\" rel=\"stylesheet\"\u003e\u003clink href=\"https://fonts.googleapis.com/css2?family=Roboto\u0026amp;display=swap\" rel=\"stylesheet\"\u003e\u003cstyle type=\"text/css\"\u003e\n:root {\n --wt-primary-color: #001585;\n --wt-text-on-primary-color: #FFFFFF;\n\n --wt-secondary-color: #F9FAFB;\n --wt-text-on-secondary-color: #030712;\n\n --wt-tertiary-color: #FFFFFF;\n --wt-text-on-tertiary-color: #222222;\n\n --wt-background-color: #FFFFFF;\n --wt-text-on-background-color: #222222;\n\n 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type=\"text/javascript\"\u003e\u003c/script\u003e\u003cstyle\u003e\n .table-base, .table-c, .table-h { border: 1px solid #C0C0C0; }\n .table-c { padding:5px; background-color:#FFFFFF; }\n .table-c p { color: #2D2D2D; font-family:'Helvetica',Arial,sans-serif !important; overflow-wrap: break-word; }\n .table-h { padding:5px; background-color:#F1F1F1; }\n .table-h p { color: #2A2A2A; font-family:'Trebuchet MS','Lucida Grande',Tahoma,sans-serif !important; overflow-wrap: break-word; }\n\u003c/style\u003e\u003c/div\u003e\u003cdiv class=\"bg-wt-background\" style=\"color: var(--wt-text-on-background-color) !important;\"\u003e\u003cdiv class=\"rendered-post\" style=\"max-width: 672px; margin: 0 auto;\"\u003e\u003cdiv class=\"bg-wt-background text-wt-text-on-background\"\u003e\u003cdiv style=\"padding-top:1.5rem; padding-bottom:1.5rem;\"\u003e\u003cstyle\u003e\n .bh__byline_wrapper {\n font-size: .875rem;\n line-height: 1.25rem;\n vertical-align: middle;\n justify-content: space-between;\n display: block;\n }\n \n .bh__byline_social_wrapper {\n display: flex;\n margin-top: 0.5rem;\n align-items: center;\n }\n \n .bh__byline_social_wrapper \u003e * + * {\n margin-left: 1rem;\n }\n \n @media (min-width: 768px) {\n .bh__byline_wrapper {\n display: flex;\n }\n \n .bh__byline_social_wrapper {\n margin-top: 0rem;\n }\n }\n\u003c/style\u003e\u003cdiv id=\"web-header\" style=\"padding-left: 20px; padding-right: 20px; color: var(--wt-text-on-background-color) !important; padding-bottom: 2rem;\"\u003e\u003ch1 style=\"font-size: 36px; font-family:'Helvetica',Arial,sans-serif; line-height: 2.5rem; padding-bottom: 8px; font-weight: 700;\"\u003eWhat's the Buzz with Beehiiv? 🐝\u003c/h1\u003e\u003ch2 style=\"font-size: 20px; font-family:'Helvetica',Arial,sans-serif; line-height: 1.75rem; padding-bottom: 20px; color: #8A8A8A; font-weight: 400;\"\u003eA closer look into our favorite newsletter platform (and the new home of Exec Sum)\u003c/h2\u003e\u003cdiv class=\"bh__byline_wrapper\"\u003e\u003cdiv\u003e\u003cdiv style=\"display:flex;\"\u003e\u003cdiv style=\"display:flex; flex-direction:row; justify-content:flex-start;\"\u003e\u003cdiv style=\"display:flex;\"\u003e\u003cimg alt=\"Author\" height=\"40\" src=\"https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/user/profile_picture/2e8f4f5d-5856-4463-ad71-a48cbba10c7a/thumb_litcap.jpg\" style=\"height:40px;width:40px;border:4px solid rgba(0,0,0,0);left:-4px;z-index:10;box-sizing:content-box;position:relative;border-radius:9999px;\" width=\"40\"\u003e\u003c/div\u003e\u003cdiv style=\"display:flex; align-items:center;\"\u003e\u003cp style=\"left:8px;position:relative;font-family:'Helvetica',Arial,sans-serif;font-weight:normal;font-size:14px;color: var(--wt-text-on-background-color);margin:0px;line-height:20px;\"\u003e\u003cspan\u003e\u003ca href=\"https://www.execsum.co/authors/2e8f4f5d-5856-4463-ad71-a48cbba10c7a\" target=\"_blank\" style=\"color:var(--wt-text-on-background-color) !important;text-decoration:underline !important;\"\u003eLitquidity Capital\u003c/a\u003e\u003c/span\u003e\u003cbr\u003e\u003cspan class=\"text-wt-text-on-background\" style=\"opacity:0.75;\"\u003e November 21, 2021 \u003c/span\u003e\u003c/p\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003cdiv class=\"bh__byline_social_wrapper\"\u003e\u003ca href=\"https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.execsum.co%2Fp%2Fwhats-buzz-beehiiv\" target=\"_blank\"\u003e\u003cdiv style=\"max-width:28px;\"\u003e\u003csvg fill=\"none\" height=\"100%\" viewBox=\"0 0 212 212\" width=\"100%\" xmlns=\"http://www.w3.org/2000/svg\"\u003e\u003ccircle cx=\"106.214\" cy=\"105.5\" fill-opacity=\"0.15\" fill=\"#9CA3AF\" r=\"105.5\"\u003e\u003c/circle\u003e\u003cpath d=\"M96.9223 92.1778H87.0327V105.498H96.9223V145.461H113.405V105.498H125.273L126.591 92.1778H113.405V86.5165C113.405 83.5193 114.064 82.1873 117.031 82.1873H126.591V65.5364H114.064C102.197 65.5364 96.9223 70.8647 96.9223 80.8552V92.1778Z\" fill=\"#BAC2CE\"\u003e\u003c/path\u003e\u003c/svg\u003e\u003c/div\u003e\u003c/a\u003e\u003ca href=\"https://twitter.com/intent/tweet?text=A+closer+look+into+our+favorite+newsletter+platform+%28and+the+new+home+of+Exec+Sum%29\u0026amp;url=https%3A%2F%2Fwww.execsum.co%2Fp%2Fwhats-buzz-beehiiv\u0026amp;via=litcapital\" target=\"_blank\"\u003e\u003cdiv style=\"max-width:28px;\"\u003e\u003csvg fill=\"none\" height=\"100%\" viewBox=\"0 0 52 52\" width=\"100%\" xmlns=\"http://www.w3.org/2000/svg\"\u003e\u003ccircle cx=\"26\" cy=\"26\" fill-opacity=\"0.15\" fill=\"#9CA3AF\" r=\"26\"\u003e\u003c/circle\u003e\u003cpath d=\"M18.244 2.25h3.308l-7.227 8.26 8.502 11.24H16.17l-5.214-6.817L4.99 21.75H1.68l7.73-8.835L1.254 2.25H8.08l4.713 6.231zm-1.161 17.52h1.833L7.084 4.126H5.117z\" fill=\"#BAC2CE\" transform=\"translate(14,14)\"\u003e\u003c/path\u003e\u003c/svg\u003e\u003c/div\u003e\u003c/a\u003e\u003ca href=\"https://www.threads.net/intent/post?text=A+closer+look+into+our+favorite+newsletter+platform+%28and+the+new+home+of+Exec+Sum%29+https%3A%2F%2Fwww.execsum.co%2Fp%2Fwhats-buzz-beehiiv\" target=\"_blank\"\u003e\u003cdiv style=\"max-width:28px;\"\u003e\u003csvg fill=\"none\" height=\"100%\" viewBox=\"0 0 211 211\" width=\"100%\" xmlns=\"http://www.w3.org/2000/svg\"\u003e\u003ccircle cx=\"105.5\" cy=\"105.5\" fill-opacity=\"0.15\" fill=\"#9CA3AF\" r=\"105.5\"\u003e\u003c/circle\u003e\u003cpath d=\"M125.185 102.469C124.828 102.298 124.465 102.133 124.097 101.975C123.456 90.1702 117.006 83.4121 106.175 83.3429C106.126 83.3426 106.077 83.3426 106.028 83.3426C99.5502 83.3426 94.1624 86.1078 90.8463 91.1396L96.8028 95.2256C99.2801 91.4671 103.168 90.6658 106.031 90.6658C106.064 90.6658 106.097 90.6658 106.13 90.6661C109.696 90.6889 112.387 91.7257 114.129 93.7477C115.397 95.2198 116.244 97.254 116.664 99.8213C113.502 99.2839 110.083 99.1187 106.427 99.3283C96.13 99.9214 89.5101 105.927 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70.8034 69.2015 67.137 73.8638 67.137C78.526 67.137 82.1892 70.8034 82.1892 75.4698ZM82.1892 90.4689H65.5383V143.799H82.1892V90.4689ZM108.831 90.4689H92.1797V143.799H108.831V115.801C108.831 100.135 128.812 98.8017 128.812 115.801V143.799H145.463V110.134C145.463 83.8026 115.824 84.8026 108.831 97.8018V90.4689Z\" fill=\"#BAC2CE\"\u003e\u003c/path\u003e\u003c/svg\u003e\u003c/div\u003e\u003c/a\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2rem;\"\u003e\u003cimg style=\"margin-left:auto; margin-right:auto;\" src=\"https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1506/Screen_Shot_2021-11-21_at_11.33.42_AM.png?t=1637512462\"\u003e\u003c/div\u003e\u003cdiv id=\"content-blocks\"\u003e\u003cdiv style=\"padding-bottom:3px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch1 style=\"color:#001585;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:25px;font-weight:normal;line-height:38px;margin:0;text-align:left;\"\u003e\u003cb\u003eWhat’s the Buzz with Beehiiv?\u0026nbsp;\u003c/b\u003e🐝\u003c/h1\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Happy Sunday everybody. We’ve had an eventful seven days: Musk \u003ca class=\"link\" href=\"https://twitter.com/elonmusk/status/1459891238384115722?s=20\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003etrolled\u003c/a\u003e Sanders, Ken Griffin \u003ca class=\"link\" href=\"https://www.nytimes.com/2021/11/19/business/ken-griffin-constitution.html\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003erug pulled\u003c/a\u003e the Constitution DAO, and Michael Dell \u003ca class=\"link\" href=\"https://twitter.com/BigTechAlert/status/1462236832666693635?s=20\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003efollowed\u003c/a\u003e @litcapital on Twitter. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e But it’s Sunday, and we don’t care about markets on Sundays (unless you’re a degenerate crypto or futures trader). We also don’t send an Exec Sum newsletter on Sunday... until now! \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e You may recall our inaugural \"LitCap Deep Dive\" breaking down \u003ca class=\"link\" href=\"https://www.execsum.co/p/blockfi-great-banking-disruptor\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eBlockFi's\u003c/a\u003e business model and the great FinTech race to build super apps that do it all. Well we're back with our second one. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e To refresh y'all on what our Deep Dives will be: it's a new series where we’ll attempt to break down businesses in a fun and interesting way. We’ll dive into the history, metrics, business model, and opportunity of companies doing cool things and changing the game. Think of it like an investment memo but made public. Some may be sponsored and others might be me staffing Karl over the weekend to eat up his free time. Monday through Friday, you’ll continue to receive the best content from Wall Street to Silicon Valley. On Sundays, you’ll read about our favorite up-and-coming companies and trends we're following across the investment landscape. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e We're excited about this deep dive because: \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:7px;padding-left:40px;padding-right:32px;padding-top:7px;\"\u003e\u003col start=\"1\" style=\"color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;list-style-type:decimal;margin:0px 0px 0px 25px;padding:0;\"\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e We're writing it on the company's platform (\u003ci\u003ethere’s nothing more meta than writing about a newsletter platform on that newsletter platform)\u003c/i\u003e\u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e It's one of several Litquidity Capital portfolio companies, so it's basically a public investment memo as to why I made the investment \u003c/p\u003e\u003c/li\u003e\u003c/ol\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e So without further ado, we're here to talk about\u0026nbsp;\u003cb\u003e\u003ca class=\"link\" href=\"https://www.beehiiv.com/?via=litquidity\u0026amp;_gl=1*wk2e49*_ga*MTc1MTI4NTk4OC4xNjM4NzkzOTI4*_ga_E6Y4WLQ2EC*MTY1Njk1MTgyNC45NzkuMS4xNjU2OTUyMDgxLjYw\u0026amp;_ga=2.68091284.425865747.1655068082-1751285988.1638793928\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003ebeehiiv\u003c/a\u003e\u003c/b\u003e, a newsletter platform that just raised a $2.6M seed round led by Social Leverage. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n .twitter-wrapper {\n max-width: 520px;\n }\n \n @media only screen and (max-width: 640px) {\n .twitter-wrapper {\n padding-left: 20px;\n padding-right: 20px;\n }\n }\n\u003c/style\u003e\u003cdiv class=\"py-2\"\u003e\u003cdiv class=\"twitter-wrapper mx-auto\"\u003e\u003cblockquote align=\"center\" class=\"twitter-tweet\"\u003e\u003cp dir=\"ltr\" lang=\"en\"\u003e\u003c/p\u003e\u003cp\u003eLitquidity Capital out here grinding 😤 \u003c/p\u003e\u003cp\u003eExcited to be a part of \u003cspan\u003e@trybeehiiv\u003c/span\u003e’s $2.6M seed round 🤝\u003c/p\u003e\u003cp\u003e\u003c/p\u003e\u003ca data-skip-tracking=\"true\" href=\"https://twitter.com/litcapital/status/1445406520406073349?s=20\"\u003e\u003cp\u003e — litquidity (@litcapital) \u003cbr\u003e 3:12 PM • Oct 5, 2021 \u003c/p\u003e\u003c/a\u003e\u003c/blockquote\u003e\u003c/div\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e If you're a newsletter publisher or a creator looking to launch a newsletter, be sure to check out \u003ca class=\"link\" href=\"https://www.beehiiv.com/?via=litquidity\u0026amp;_gl=1*wk2e49*_ga*MTc1MTI4NTk4OC4xNjM4NzkzOTI4*_ga_E6Y4WLQ2EC*MTY1Njk1MTgyNC45NzkuMS4xNjU2OTUyMDgxLjYw\u0026amp;_ga=2.68091284.425865747.1655068082-1751285988.1638793928\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003ebeehiiv\u003c/a\u003e. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e\u003cb\u003eLet’s get into it.\u003c/b\u003e\u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding: 18px 0;\"\u003e\u003cdiv style=\"margin: 0 auto; border-top: 1px solid #E5E5E5; width:90%;\"\u003e\u003c/div\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:3px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch1 style=\"color:#001585;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:25px;font-weight:normal;line-height:38px;margin:0;text-align:left;\"\u003e\u003cb\u003eWhat Is Beehiiv?\u003c/b\u003e\u003c/h1\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e\u003ca class=\"link\" href=\"https://www.beehiiv.com/?via=litquidity\u0026amp;_gl=1*wk2e49*_ga*MTc1MTI4NTk4OC4xNjM4NzkzOTI4*_ga_E6Y4WLQ2EC*MTY1Njk1MTgyNC45NzkuMS4xNjU2OTUyMDgxLjYw\u0026amp;_ga=2.68091284.425865747.1655068082-1751285988.1638793928\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eBeehiiv\u003c/a\u003e is the newsletter platform built by content creators, for content creators. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e The COVID-19 pandemic forever changed the labor market. Remote work is here to stay, office landlords are punching the air, and individuals have never had more freedom to strike out on their own. Creators who curate great content have a great opportunity to build and monetize their personal brands online. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e The platforms that can provide the most value to the next generation of creators will dominate this decade, and that’s why we like beehiiv. We'll get into all of the things beehiiv offers creators that will make it great. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eThe Team\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Beehiiv was founded by three former Morning Brew employees and one technical advisor:\u003ca class=\"link\" href=\"https://www.linkedin.com/in/tyler-denk\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003e Tyler Denk\u003c/a\u003e (CEO),\u0026nbsp;\u003ca class=\"link\" href=\"https://www.linkedin.com/in/hargettbenjamin\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eBenjamin Hargett\u003c/a\u003e,\u0026nbsp;\u003ca class=\"link\" href=\"https://www.linkedin.com/in/jacob-hurd-1bb869100/\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eJacob Hurd\u003c/a\u003e, and\u0026nbsp;\u003ca class=\"link\" href=\"https://www.linkedin.com/in/andrewplatkin/\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eAndrew Platkin\u003c/a\u003e (CTO). They worked across a variety of positions at Morning Brew, ranging from Senior Product Lead to Software Engineer, and they played integral roles in building one of the largest newsletter companies out there. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e So why did they leave Morning Brew to build their own newsletter platform? Tyler says it best: \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n .twitter-wrapper {\n max-width: 520px;\n }\n \n @media only screen and (max-width: 640px) {\n .twitter-wrapper {\n padding-left: 20px;\n padding-right: 20px;\n }\n }\n\u003c/style\u003e\u003cdiv class=\"py-2\"\u003e\u003cdiv class=\"twitter-wrapper mx-auto\"\u003e\u003cblockquote align=\"center\" class=\"twitter-tweet\"\u003e\u003cp dir=\"ltr\" lang=\"en\"\u003e\u003c/p\u003e\u003cp\u003ethe playbook isn’t how we can build a platform like substack \u003c/p\u003e\u003cp\u003ethe playbook is taking what I built at morning brew (scaled 3m subs / $75m exit) and democratize that so any creator has the same tools and growth potential 🚀\u003c/p\u003e\u003cp\u003e3/\u003c/p\u003e\u003cp\u003e\u003c/p\u003e\u003ca data-skip-tracking=\"true\" href=\"https://twitter.com/denk_tweets/status/1404817549657841677?s=20\"\u003e\u003cp\u003e — Tyler Denk 🐝 (@denk_tweets) \u003cbr\u003e 3:06 PM • Jun 15, 2021 \u003c/p\u003e\u003c/a\u003e\u003c/blockquote\u003e\u003c/div\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Instead of continuing to build an established newsletter company, they want to build a platform that would support all creators.\u0026nbsp; \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Before sharing \u003cb\u003e\u003ci\u003ehow\u003c/i\u003e\u003c/b\u003e beehiiv is changing the newsletter game, we'll explain\u0026nbsp;\u003cb\u003e\u003ci\u003ewhy\u003c/i\u003e\u003c/b\u003e the game needs changing. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding: 18px 0;\"\u003e\u003cdiv style=\"margin: 0 auto; border-top: 1px solid #E5E5E5; width:90%;\"\u003e\u003c/div\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:3px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch1 style=\"color:#001585;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:25px;font-weight:normal;line-height:38px;margin:0;text-align:left;\"\u003e\u003cb\u003eThe Problem with Newsletter Monetization\u003c/b\u003e\u003c/h1\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Most writing platforms follow either the Medium or Substack business models. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:4px;padding-left:20px;padding-right:20px;padding-top:14px;\"\u003e\u003ch3 style=\"color:#696969;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;font-weight:normal;line-height:24px;margin:0;text-align:left;\"\u003e\u003cb\u003eMedium\u003c/b\u003e\u003c/h3\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Readers can view up to five free articles per month. To read additional articles, they must pay for a $5 subscription to the site. Readers subscribe to the website itself, not individual writers. These writers’ earnings are determined by three variables. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:7px;padding-left:40px;padding-right:32px;padding-top:7px;\"\u003e\u003col start=\"1\" style=\"color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;list-style-type:decimal;margin:0px 0px 0px 25px;padding:0;\"\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e How much time subscribers spend reading your story \u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e What percent of a subscriber’s monthly reading time is spent on your story \u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e How many Medium members signed up from one of your articles \u003c/p\u003e\u003c/li\u003e\u003c/ol\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e More members spending more time on your stories drives higher earnings. If a reader spends 20% of their time on your stories, you will receive 20% of their monthly fee ($1). If a reader subscribes to Medium through one of your stories, you will receive half of their first payment ($25 for an annual subscription, $2.50 for a monthly subscription). \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e While Medium does provide hundreds of thousands of readers, this audience is controlled by the platform itself.\u0026nbsp; \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:4px;padding-left:20px;padding-right:20px;padding-top:14px;\"\u003e\u003ch3 style=\"color:#696969;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;font-weight:normal;line-height:24px;margin:0;text-align:left;\"\u003e\u003cb\u003eSubstack\u003c/b\u003e\u003c/h3\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Substack’s model is straightforward. Writers can publish free or premium newsletters. Substack does not charge writers who publish free newsletters but they do take a 10% cut of all paid subscriptions.\u0026nbsp; \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e While Substack offers a highly polished product and enables anyone to monetize their writing, that 10% cut on all paid subscriptions adds up quickly for creators.\u0026nbsp; \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding: 18px 0;\"\u003e\u003cdiv style=\"margin: 0 auto; border-top: 1px solid #E5E5E5; width:90%;\"\u003e\u003c/div\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eThe Two Biggest Problems with These Models\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e It’s difficult for writers to build their own audiences on Medium. The platform controls the readers, and creators engage in a Hunger Game-esque competition to gain audience attention month after month. The platform isn’t working for the writers; it’s actually the inverse. The writers are cogs fueling the platform. Creators drive readers to the site, the company makes $5 a month from each subscription, and the creators compete for the leftover cash. \u003cb\u003eWhen hundreds of thousands of writers are competing for hundreds of thousands of viewers, it is difficult to consistently produce high-paying articles.\u003c/b\u003e\u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e To its credit, Substack’s platform is more creator-friendly than Medium. Writers have access to their audience's emails and readers subscribe to specific publications. You control the following that you build, creating huge upside for writers with large audiences. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e However, Substack takes a 10% cut of subscription revenue. That cut keeps scaling as your following grows. If you're making $100k a year with a newsletter, Substack takes $10k. With a million dollar newsletter, the company takes $100k. While the upside is still great, Substack takes a massive rake from its top authors. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e\u003cb\u003eMedium and Substack both give writers venues to publish online, but creators leave a lot of money on the table.\u003c/b\u003e\u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding: 18px 0;\"\u003e\u003cdiv style=\"margin: 0 auto; border-top: 1px solid #E5E5E5; width:90%;\"\u003e\u003c/div\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eGetting Paid as a Writer\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e We just discussed how platforms make money, but it’s even more important to know how the writers themselves get paid. There are tons of newsletters out there, but there are two primary ways writers can generate revenue: \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:7px;padding-left:40px;padding-right:32px;padding-top:7px;\"\u003e\u003cul style=\"color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;list-style-type:disc;margin:0px 0px 0px 25px;padding:0;\"\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e Paid subscriptions \u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e Ads \u003c/p\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:4px;padding-left:20px;padding-right:20px;padding-top:14px;\"\u003e\u003ch3 style=\"color:#696969;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;font-weight:normal;line-height:24px;margin:0;text-align:left;\"\u003e\u003cb\u003ePaid Subscriptions\u003c/b\u003e\u003c/h3\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Paid subscriptions are straight-forward: you create interesting content that readers enjoy, and they pay you for said content. This strategy works well for inch-wide, mile-deep publications where readers digest detailed information. You will have a smaller total market, but more dedicated readers. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Examples: \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:7px;padding-left:40px;padding-right:32px;padding-top:7px;\"\u003e\u003cul style=\"color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;list-style-type:disc;margin:0px 0px 0px 25px;padding:0;\"\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e Bill Bishop’s\u0026nbsp;\u003ca class=\"link\" href=\"https://sinocism.com/\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eSinocism\u003c/a\u003e\u0026nbsp;- China \u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e Edwin Dorsey’s\u0026nbsp;\u003ca class=\"link\" href=\"https://thebearcave.substack.com/\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eBear Cave\u003c/a\u003e\u0026nbsp;- short-seller news \u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e\u003ca class=\"link\" href=\"https://thedispatch.com/\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eThe Dispatch\u003c/a\u003e\u0026nbsp;- politics\u0026nbsp; \u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e\u003ca class=\"link\" href=\"https://foot.substack.com/\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eFoot Guns\u003c/a\u003e\u0026nbsp;- crypto trading \u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e\u003ca class=\"link\" href=\"https://newsletter.banklesshq.com/about?sort=about\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eBankless\u003c/a\u003e\u0026nbsp;- crypto / DeFi \u003c/p\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Paid subscriptions are difficult to scale, because everyone wants free material. However, revenue is consistent and readers are sticky, thus making it a stable, lucrative option for successful writers.\u0026nbsp; \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:4px;padding-left:20px;padding-right:20px;padding-top:14px;\"\u003e\u003ch3 style=\"color:#696969;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;font-weight:normal;line-height:24px;margin:0;text-align:left;\"\u003e\u003cb\u003eAds\u003c/b\u003e\u003c/h3\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Monetizing a newsletter with ads is the opposite. Writers build the biggest audiences possible, then sell ad space for their large audience. Typically, these advertisements consist of small shoutouts, images, and links inserted throughout the newsletter. Free content monetized through advertising is pervasive throughout online media today: podcasts, Youtube videos, and radio are just a few platforms that have used this model for years. It works for newsletters as well: \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Some examples: \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:7px;padding-left:40px;padding-right:32px;padding-top:7px;\"\u003e\u003cul style=\"color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;list-style-type:disc;margin:0px 0px 0px 25px;padding:0;\"\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e Packy McCormick’s\u0026nbsp;\u003ca class=\"link\" href=\"https://www.notboring.co/\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eNot Boring\u003c/a\u003e\u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e Matt Levine’s\u0026nbsp;\u003ca class=\"link\" href=\"https://www.bloomberg.com/account/newsletters/money-stuff\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eMoney Stuff\u003c/a\u003e\u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e Litquidity’s\u0026nbsp;\u003ca class=\"link\" href=\"https://execsum.co/\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eExec Sum\u003c/a\u003e\u0026nbsp;\u003ci\u003e(meta af)\u003c/i\u003e\u003c/p\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Free newsletters with ads are easier to grow, but revenue is less predictable. The creator must negotiate terms with sponsors to make money. Time spent working with sponsors is time not spent writing. And when you're putting out a daily newsletter, a creator will be spending a lot of time trying to fill out ad inventory. Normally this results in outsourcing sales to an agency / sales team or hiring someone to handle. That's a lot more work and a higher cost than securing revenue through paid subs. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding: 18px 0;\"\u003e\u003cdiv style=\"margin: 0 auto; border-top: 1px solid #E5E5E5; width:90%;\"\u003e\u003c/div\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:3px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch1 style=\"color:#001585;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:25px;font-weight:normal;line-height:38px;margin:0;text-align:left;\"\u003e\u003cb\u003eThe Solution: Beehiiv\u003c/b\u003e\u003c/h1\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e\u003cb\u003e\u003ca class=\"link\" href=\"https://www.beehiiv.com/?via=litquidity\u0026amp;_gl=1*wk2e49*_ga*MTc1MTI4NTk4OC4xNjM4NzkzOTI4*_ga_E6Y4WLQ2EC*MTY1Njk1MTgyNC45NzkuMS4xNjU2OTUyMDgxLjYw\u0026amp;_ga=2.68091284.425865747.1655068082-1751285988.1638793928\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eBeehiiv\u003c/a\u003e\u003c/b\u003e provides a platform for both premium and ad-based newsletters at a lower cost than other companies, because it flipped the payment structure upside down. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e\u003cb\u003eWriters pay beehiiv to use its platform.\u0026nbsp;\u003c/b\u003e\u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e You read that correctly. But why would the content creators pay the platform? Because this method is actually less expensive for the writer. Here are beehiiv’s subscription tiers: \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cimg alt=\"\" style=\"margin:0 auto 0 auto;width:100%;\" src=\"https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1497/Screen_Shot_2021-11-20_at_11.10.09_PM.png\"\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e The tiers apply to different audience sizes, and more expensive levels offer more tools to creators. Paying the platform makes sense, because the cost is flat. Let’s check out how this would impact paid subscription newsletters. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003ePremium Newsletters\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Imagine that you write a newsletter for paying subscribers. I had Karl put together an illustrative table to highlight the cost differential between Substack and beehiiv as your revenue grows: \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cimg alt=\"\" style=\"margin:0 auto 0 auto;width:100%;\" src=\"https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1498/Screen_Shot_2021-11-20_at_11.24.38_PM.png\"\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e That money really begins to add up.\u0026nbsp; \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e\u003cb\u003eBeehiiv’s model benefits writers who bet on themselves\u003c/b\u003e. You think you can grow your newsletter? They’ll give you the tools to make it happen for a flat cost. If you’re successful, you reap the extra rewards. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Beehiiv also benefits free newsletters that rely on ad revenue. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eAd Monetization\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Like I mentioned earlier, free newsletters make money through ads. Exec Sum is one such example. You’ve seen us mention our sponsors throughout the Monday - Friday editions. Publications that already have sponsors can move over to beehiiv at no additional cost. Exec Sum has ~100k subscribers. We moved over to beehiiv from our prior ESP from hell without missing a beat \u003ci\u003e(shoutout Tyler and Jake)\u003c/i\u003e. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e However, building sponsor relationships is difficult and time consuming. If you're a writer who wants to focus on delivering a high quality free newsletter, you may not have the bandwidth or existing relationships with sponsors to deal with the sales process daily. What about up-and-coming writers who are just beginning to pursue ad monetization? beehiiv is developing a solution for these creators who don’t want to worry about sourcing their own ads, and it’s launching in Spring 2022. Stay tuned 👀 \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eOther Monetization Methods\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e For years, subscription revenue and sponsored product advertisements have driven 99% of newsletter revenue. However, newsletters are no longer just newsletters. Writers are no longer just writers. Great creators build large followings. Large audiences offer a variety of opportunities that stem beyond paid subscriptions and product ads. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Beehiiv is more than a newsletter platform. It’s a brand platform providing a Swiss army knife of tools for its writers. In January 2022, the company is releasing another monetization channel that will change the game for writers. Unfortunately, I can’t disclose details right now but I'll come back to update this once it's live. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Fortunately, you will see it first hand in about two months. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eReferral Program\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Two years ago, CEO Tyler Denk\u0026nbsp;\u003ca class=\"link\" href=\"https://medium.com/the-mission/how-morning-brews-referral-program-built-an-audience-of-1-5-million-subscribers-3315482c1aa5\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003ewrote\u003c/a\u003e about how the referral program he built for Morning Brew helped the company explode from 100k to 1.5M subscribers in just 18 months. The TL;DR: \u003cb\u003ereferrals incentivize readers to actively recruit new readers.\u003c/b\u003e\u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e The first step is creating content that people actually want to read. If you consistently produce quality content, you will build a sizable audience over time. Once you hit a critical following size, you can kick growth into overdrive with a solid referral program. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003eHow It Works\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e You, the creator, determine milestones and incentives for your program. Maybe 10 referrals lands someone a shoutout in the newsletter. 25 is free merch. 50 and they pick the article topic for next Monday. You get the idea. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e However you want to structure your referrals, beehiiv will provide the infrastructure for both implementing and tracking referrals. Turning your audience into your marketers is a low-cost way to scale your subscriber base quickly, \u003ci\u003eespecially with the current influencer pricing and Facebook / Google ad rates in this elevated inflationary environment!\u003c/i\u003e\u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eProduct Summary\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Here are beehiiv’s offerings: \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cimg alt=\"\" style=\"margin:0 auto 0 auto;width:65%;\" src=\"https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1499/Screen_Shot_2021-11-20_at_11.47.37_PM.png\"\u003e\u003cdiv style=\"margin:0 auto 0 auto;padding-left:4px;padding-right:4px;padding-top:4px;text-align:left;width:65%;\"\u003e\u003csmall style=\"color:#C0C0C0;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:12px;font-style:italic;text-decoration-color:#C0C0C0;text-decoration:none;\"\u003e\u003cp\u003evia Litquidity\u003c/p\u003e\u003c/small\u003e\u003c/div\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e No other platform is offering this range of optionality at this price. By offering everything that a creator could need from one location, beehiiv is well-positioned to attract and retain top newsletter writers.\u0026nbsp; \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eLeveraging the Creator Economy\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Writers on beehiiv \u003cspan style=\"text-decoration:underline;\"\u003eare\u003c/span\u003e the creator economy. Small businesses on Shopify \u003cspan style=\"text-decoration:underline;\"\u003eare\u003c/span\u003e the creator economy. Landlords on Airbnb \u003cspan style=\"text-decoration:underline;\"\u003eare\u003c/span\u003e the creator economy. Free-lance drone photographers, TikTok stars with millions of followers, dog sitters advertising on Facebook, and anyone else making money doing their own thing outside of the traditional corporate structure is part of the “creator economy”. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Transfer of information used to be linear: point A to B, rinse, repeat. With the internet, information can spread from millions of distribution points. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cimg alt=\"\" style=\"margin:0 auto 0 auto;width:100%;\" src=\"https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1500/Screen_Shot_2021-11-21_at_12.07.36_AM.png\"\u003e\u003cdiv style=\"margin:0 auto 0 auto;padding-left:4px;padding-right:4px;padding-top:4px;text-align:left;width:100%;\"\u003e\u003csmall style=\"color:#C0C0C0;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:12px;font-style:italic;text-decoration-color:#C0C0C0;text-decoration:none;\"\u003e\u003cp\u003evia Litquidity\u003c/p\u003e\u003c/small\u003e\u003c/div\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e COVID-19 accelerated this change. Every white collar job in America went remote. Suddenly, employees and employers realized they didn’t have to be in the office to get their work done. Employees had opportunities to explore other interests during work hours \u003ci\u003e(myself included)\u003c/i\u003e. While this may have been frowned upon in the office, no one really knows what you’re doing from the comfort of your own home. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Some workers realized these other interests could be lucrative. The infrastructure for the creator economy has existed for years, but a pandemic-induced lockdown kicked it into overdrive. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e For the first time since the Industrial Revolution, individuals are striving to build their own brands and make a living on their own terms. The most obvious place where we're seeing this? \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cimg alt=\"\" style=\"margin:0 auto 0 auto;width:83%;\" src=\"https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1496/Screen_Shot_2021-11-20_at_10.38.02_PM.png\"\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eJournalism\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e You no longer \u003ci\u003e\u003cspan style=\"text-decoration:underline;\"\u003ehave\u003c/span\u003e\u003c/i\u003e to work for Bloomberg, The New Yorker, or any other massive publication to make a living writing. In fact, with a payroll of one (you) and no overhead costs, you capture the vast majority of the upside of your own writing. Thanks to the internet, marketing can be free if you know how to play the \u003ca class=\"link\" href=\"https://www.notboring.co/p/the-great-online-game\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eGreat Online Game\u003c/a\u003e\u0026nbsp;\u003ci\u003e(shoutout to Packy)\u003c/i\u003e. Anyone can be a writer on their own terms and a lot of writers are\u0026nbsp;\u003ca class=\"link\" href=\"https://www.nytimes.com/2021/04/11/business/media/substack-newsletter-competition.html\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003edoing just that\u003c/a\u003e. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Writers want to build their own newsletters for two reasons: \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:7px;padding-left:40px;padding-right:32px;padding-top:7px;\"\u003e\u003col start=\"1\" style=\"color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;list-style-type:decimal;margin:0px 0px 0px 25px;padding:0;\"\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e Freedom to produce the content they want \u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e Higher potential upside \u003c/p\u003e\u003c/li\u003e\u003c/ol\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e When you write for the New York Times, you aren’t writing for yourself. You are writing for the New York Times. If the company doesn’t like your content, it’s not getting a green light. Media publications have largely become attention seekers with political leanings. Not an ideal environment for a writer. Personalized newsletters represent true freedom of the press. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Additionally, writing for a company means that your checks are signed by that company. Salaries have ceilings, and pay-per-view business models imply revenue splits with your employer. If you curate great content, why wouldn’t you want to work for yourself? \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e The internet has made this shift from media audience to writer audience possible. \u003cb\u003eWhen\u003c/b\u003e\u003cb\u003e\u003ca class=\"link\" href=\"https://www.forbes.com/sites/falonfatemi/2021/01/20/the-rise-of-substack-and-whats-behind-it/?sh=7bf2b4ee159f\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003e 66% of\u003c/a\u003e\u003c/b\u003e\u003cb\u003e readers now follow journalists as individuals instead of their publications, are the publications still necessary? No.\u003c/b\u003e\u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Writers from The New York Times, New York Magazine, Vox, Yahoo, among other publications,\u0026nbsp;\u003ca class=\"link\" href=\"https://www.nytimes.com/2021/04/11/business/media/substack-newsletter-competition.html\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eare transitioning\u003c/a\u003e to their own platforms in droves. Creator economy startups provide the path to six figure incomes if a writer has a relatively small (but loyal) following. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e If software is eating the world, then individual content is eating traditional media. Writers want to build their own brands, and they are going to flock to the platforms that provide the most support for the best price. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e That’s why Exec Sum is now a beehiiv publication. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cimg alt=\"\" style=\"margin:0 auto 0 auto;width:64%;\" src=\"https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1494/Screen_Shot_2021-11-20_at_9.46.14_PM.png\"\u003e\u003c/div\u003e\u003cdiv style=\"padding: 18px 0;\"\u003e\u003cdiv style=\"margin: 0 auto; border-top: 1px solid #E5E5E5; width:90%;\"\u003e\u003c/div\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:3px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch1 style=\"color:#001585;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:25px;font-weight:normal;line-height:38px;margin:0;text-align:left;\"\u003e\u003cb\u003eWhy Did Litquidity Switch Over to Beehiiv?\u003c/b\u003e\u003c/h1\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e More money, more optionality, and better user experience. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Exec Sum is a newsletter with ~100k subscribers (thanks to y'all 🤝). Exec Sum also generates most of its revenue through advertisements. That’s no secret: you guys have seen them at the beginning of every daily email. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Beehiiv is the platform that allows us to keep the highest percentage of our income, while providing a comprehensive suite of tools to help us produce great content. The platform also allows great optionality. For example, we can add multiple writers to the same publication and also publish different types of content from one central location. Exec Sum hits your inbox every morning before the market opens, but we can seamlessly integrate new publications under our brand. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e It's really, really easy to use. And I'm not a tech guy. Check out the dashboard view.** \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cimg style=\"margin:0 auto 0 auto;width:100%;\" src=\"https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1387/image.png\"\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e\u003ci\u003e**Dashboard altered to hide specific subscription \u0026amp; engagement metrics\u003c/i\u003e\u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e The writing interface is also intuitive. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Beehiiv offers us the best platform to produce quality content at a reasonable cost, so the switch was a no brainer. Tyler is the real deal, and we support his vision of building the best company to support content creators. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eActively Building\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Sticking to their engineering roots, the beehiiv team is tuned into user feedback, shipping new product updates almost daily. Since making the switch to beehiiv, we have seen the progress in real time. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e It also helps that the CEO posts company updates directly on twitter: \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n .twitter-wrapper {\n max-width: 520px;\n }\n \n @media only screen and (max-width: 640px) {\n .twitter-wrapper {\n padding-left: 20px;\n padding-right: 20px;\n }\n }\n\u003c/style\u003e\u003cdiv class=\"py-2\"\u003e\u003cdiv class=\"twitter-wrapper mx-auto\"\u003e\u003cblockquote align=\"center\" class=\"twitter-tweet\"\u003e\u003cp dir=\"ltr\" lang=\"en\"\u003e\u003c/p\u003e\u003cp\u003e12 months ago: started building \u003cbr\u003e4 months ago: small private beta \u003cbr\u003e3 months ago: quit our jobs \u003cbr\u003e1 month ago: announced $2.6M seed \u003cbr\u003etoday: launched publicly\u003c/p\u003e\u003cp\u003ecouldn’t be more proud of this team or excited about the future 🐝\u003c/p\u003e\u003cp\u003e\u003c/p\u003e\u003ca data-skip-tracking=\"true\" href=\"https://twitter.com/denk_tweets/status/1460972355904102404?s=20\"\u003e\u003cp\u003e — Tyler Denk 🐝 (@denk_tweets) \u003cbr\u003e 2:05 PM • Nov 17, 2021 \u003c/p\u003e\u003c/a\u003e\u003c/blockquote\u003e\u003c/div\u003e\u003c/div\u003e\u003cdiv style=\"padding: 18px 0;\"\u003e\u003cdiv style=\"margin: 0 auto; border-top: 1px solid #E5E5E5; width:90%;\"\u003e\u003c/div\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:3px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch1 style=\"color:#001585;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:25px;font-weight:normal;line-height:38px;margin:0;text-align:left;\"\u003e\u003cb\u003eDue Dilly: LitCap Investment Rundown\u003c/b\u003e\u003c/h1\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Now here's the fun part. So why did Litquidity Capital invest in beehiiv? Is Karl just yolo'ing bucks and seeing what sticks? Not exactly. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e The investment decision was made around these key points: strong team, our interest in supporting creator-driven startups, platform stickiness, and the fact that we use it ourselves. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eTop-Tier Team\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e If you've ever read a sell side CIM, you know there's always a \"seasoned management team\" slide with some random boomers who've worked at so \u0026amp; so firm for over 50 years. These guys are actually legit. Tyler, Benjamin, and Jacob all came from Morning Brew. They developed the products and software that turned a start-up newsletter into one of the fastest growing media companies in the US. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Scaling a startup is hard. They weren’t engineers hired at Google after it was an established behemoth, they took the risk to build the tech powering Morning Brew's media business (which \u003ca class=\"link\" href=\"https://www.axios.com/insider-inc-buys-majority-stake-morning-brew-e6ec0673-4354-4bc7-9feb-e0b149508c9a.html\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003esold\u003c/a\u003e to Business Insider at a $75M valuation last year). \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Scaling a small newsletter into a big newsletter is also tough. These guys did it on a company level. They know what works and what doesn’t. They know the struggles that writers face because they had to overcome those same issues. Instead of continuing to build one brand,\u003cb\u003e they wanted to create a platform best suited to help all writers\u003c/b\u003e. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eGrowing The Creator Economy\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e This was already covered above, but we believe individual content is the future of media. We also believe beehiiv is going to provide the best value to those creators. It helps that we are one of the creators in question. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cimg alt=\"\" style=\"margin:0 auto 0 auto;width:62%;\" src=\"https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1495/Screen_Shot_2021-11-20_at_10.12.50_PM.png\"\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Substack has been the talk of the town the past year, every VC / tech bro / journalist seemingly has their own newsletter. They have proved that there is demand for the product and that there is a lot of value in catering to creators. That's why they've raised over $80M to-date and were most recently \u003ca class=\"link\" href=\"https://www.axios.com/substack-andreessen-horowitz-newsletter-36cb98ea-a7b3-43b1-883a-fa45586eaad4.html\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003evalued\u003c/a\u003e at ~$650M in a Series B led by a16z.\u0026nbsp; \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Beehiiv is well-positioned to capitalize on this trend by partnering closely with creators and building their platform by targeting their pain points. Give your users exactly what they want at a fair price and that's a recipe for success. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eStickiness\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e There are a million reasons to use a product, but there is one reason to invest in a company: you think its value will increase. What makes companies more valuable? You think the company will make more money in the future. How will beehiiv make more money? Retain and grow its writer base. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:7px;padding-left:40px;padding-right:32px;padding-top:7px;\"\u003e\u003cul style=\"color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;list-style-type:disc;margin:0px 0px 0px 25px;padding:0;\"\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e Writers are\u0026nbsp;\u003ca class=\"link\" href=\"https://medium.com/the-partnered-pen/top-writers-are-leaving-or-have-left-the-platform-3f22d2fa35c\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eleaving Medium\u003c/a\u003e in droves\u0026nbsp; \u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e Facebook\u003ci\u003e (Meta?)\u003c/i\u003e is worried that\u0026nbsp;\u003ca class=\"link\" href=\"https://fortune.com/2021/10/18/facebook-and-instagram-fret-over-losing-teens-to-snapchat-and-tiktok/\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eTikTok will kill Instagram\u003c/a\u003e\u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e The entertainment business is fickle, with creators and consumers both leaving as soon as something better appears \u003c/p\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e\u003cb\u003eWhy is beehiiv better positioned for longevity?\u003c/b\u003e\u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Its business model is aligned with the interests of creators. Writers are leaving Medium because they aren’t making enough money. When the platform controls the audience, and every writer is competing for the same eyeballs, the creators have every reason to be frustrated. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Meanwhile, Substack is susceptible to churn from its top publications. Say a writer builds a newsletter with 10k subscribers paying $100 a year. That’s a million-dollar business, and the creator is paying $100k to Substack every year. This writer could buy their own domain and write on mailchimp, or switch to another platform like Revue or beehiiv, and relocate their entire audience overnight. $100k of revenue for Substack disappears. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e In contrast, beehiiv provides similar \u003ci\u003e(and soon, even more)\u003c/i\u003e value at a fraction of the cost. Writers on beehiiv will essentially have a fixed cost base as they scale from 0k to 100k+ to 1M subscribers.\u0026nbsp; Beehiiv’s suite of tools creates a hub that writers will be hesitant to leave. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e\u003cb\u003eGood platforms become great platforms when they align their incentives with their users’. beehiiv is doing that from day one.\u0026nbsp;\u003c/b\u003e\u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eInvest in Products You Love\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Anyone who enjoys their Apple iPhone, Tesla Model S, or Lululemon leggings could have made a ridiculous return by investing in the companies behind their favorite products. We recently moved Exec Sum to beehiiv because we love the product, and we think you will too. \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:2px;padding-left:20px;padding-right:20px;padding-top:11px;\"\u003e\u003ch2 style=\"color:#62AAFF;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:20px;font-weight:normal;line-height:30px;margin:0;text-align:left;\"\u003e\u003cb\u003eRisks\u003c/b\u003e\u003c/h2\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Obviously a due dilly sesh is not complete without thinking of the downsides. While we love beehiiv, it's an early-stage startup that faces risks just like any other company.\u0026nbsp; \u0026nbsp; \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Now we're not gonna go full 10-K risk disclosure mode so we'll focus on the two key risks we see: \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding-bottom:7px;padding-left:40px;padding-right:32px;padding-top:7px;\"\u003e\u003col start=\"1\" style=\"color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;list-style-type:decimal;margin:0px 0px 0px 25px;padding:0;\"\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e\u003cb\u003ePressure from incumbents (\"what if Mailchimp or Substack builds this?\")\u003c/b\u003e\u003c/p\u003e\u003c/li\u003e\u003cli style=\"margin:5px 0px 0px 0px;\"\u003e\u003cp style=\"text-align:left;\"\u003e\u003cb\u003eWriter churn\u003c/b\u003e\u003c/p\u003e\u003c/li\u003e\u003c/ol\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e\u003cb\u003e1. Pressure from incumbents:\u003c/b\u003e One of beehiiv's biggest risks is competitors like Substack copying its business model. Beehiiv offers lower costs to writers, thus making it the financially advantageous choice for them. Substack switching from a 10% cut of revenue to a SaaS fee model could pressure beehiiv, especially considering the amount of existing writers that are on its platform. Substack, Mailchimp, Revue, etc. are all well-capitalized and have the fire power to do so, but it'd be a big business decision for any of them to change their business models / build out new offerings. Beehiiv's success will come from having great writers and providing even more features / value to them than competitors.\u0026nbsp; \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e\u003cb\u003e2. Writer churn: \u003c/b\u003eThe existential threat for all newsletter platforms. Creators can change platforms as they wish, making retention incredibly important. Again, with all of the features that beehiiv has in the product roadmap and its low cost relative to other players, they're in a strong position to retain writers that come onto the platform. When creators implement several of beehiiv's offerings into their publications (especially those that are still under wraps), the switching costs of changing platforms just won't make sense. The company that provides the most value at the lowest cost will win, and that's what we see in beehiiv.\u0026nbsp; \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e There's obviously other risks like ability to execute, the world blows up, cyber hacks, etc. that we won't get into here but rest assured Karl take excellent notes when I was on diligence calls with management team.\u0026nbsp; \u003c/p\u003e\u003c/div\u003e\u003cdiv style=\"padding: 18px 0;\"\u003e\u003cdiv style=\"margin: 0 auto; border-top: 1px solid #E5E5E5; width:90%;\"\u003e\u003c/div\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e And that's a wrap, folks. Hope you enjoyed this rundown. Let me know what other companies or industries you think would be cool to drill into. If you're a founder building a sick business, hit me up as well.\u0026nbsp; \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e For more beehiiv content, follow\u0026nbsp;\u003ca class=\"link\" href=\"https://twitter.com/trybeehiiv\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003ebeehiiv\u003c/a\u003e\u0026nbsp;and\u0026nbsp;\u003ca class=\"link\" href=\"https://twitter.com/denk_tweets\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003eTyler\u003c/a\u003e\u0026nbsp;on Twitter. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e We’re excited for our future on the platform and hope some of you decide to join as well. If you're a newsletter writer looking to switch over to a dope platform, \u003ca class=\"link\" href=\"https://www.beehiiv.com/?via=litquidity\u0026amp;_gl=1*wk2e49*_ga*MTc1MTI4NTk4OC4xNjM4NzkzOTI4*_ga_E6Y4WLQ2EC*MTY1Njk1MTgyNC45NzkuMS4xNjU2OTUyMDgxLjYw\u0026amp;_ga=2.68091284.425865747.1655068082-1751285988.1638793928\" target=\"_blank\" style=\"-webkit-text-decoration:underline #387fd2;color:#387fd2;text-decoration:underline #387fd2;word-break:break-word;;\"\u003echeck out beehiiv\u003c/a\u003e. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Time to pound some beers and watch football. \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Happy Sunday, \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e Lit \u003c/p\u003e\u003c/div\u003e\u003cstyle\u003e\n p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003c/style\u003e\u003cdiv style=\"padding-bottom:6px;padding-left:20px;padding-right:20px;padding-top:6px;\"\u003e\u003cp style=\"color:#222222;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;text-align:left;\"\u003e (P.S. If there's anyone who can design an absolutely fire website for a reasonable price, hit me up. Going for that classic VC portfolio tab to the site 🙏) \u003c/p\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e","onlyRenderComments":false,"JWT_SECRET":"6e3e21b10ea657beb5e6be8681c99d50738dba071731fc616ee3112432c8de50fd89c29dd9c21c0bf231a72a7f22497a934e907be62faa94b16a21a76325eaa5","isDraft":false,"paywall":{"id":"dc54f8ce-1282-4903-84ed-ec13f7c7be99","name":"Premium","image_url":"https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/publication/logo/f2aedf85-682c-47c2-8ad0-f44433524834/thumb_Screen_Shot_2021-11-12_at_12.05.03_AM.png","description":"Become a paying subscriber of Premium to get access to this post and other subscriber-only content.","title":"Subscribe to Premium to read the rest.","subheader":"A subscription gets 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