Puck launched two years ago, heralded as Vanity Fair for the Substack era. A big part of the pitch was a subscription model. But like others, such as Punchbowl, Puck has found that its subscription business, with its direct connections, and vertical focus lends itself well to a strong direct-sold ad business.
Other topics we cover:

What ails legacy publishing models
Raising $10 million in a rough funding climate
The pendulum shift from institutions to individuals
The enduring value of scarcity
The benefits of starting small