
Matt’s voice is a few octaves low with a cold, but the theme carries: where media goes, there are lessons for every business, because the whole environment is changing. He grew up assuming TV as he knew it would last forever, then YouTube quietly replaced appointment television, and almost nobody blocks out “Thursday at 9” anymore. That shift is the backdrop for today’s story, from Axios (Nov 10): The Bulwark, an independent media company founded around 2019 as a home for anti-Trump conservatives, has signed an exclusive three-year deal with Vox Media. CEO and publisher Sarah Longwell projects more than $30 million in revenue this year, split roughly evenly between advertising and subscriptions, meaning well over $10 million in subscription revenue alone. That took about seven or eight years to build, a reminder that growing and monetizing a real audience is slow work.
Here’s the move Matt wants founders to notice. Once you hit that level of growth, you often don’t have the commercial infrastructure to keep scaling. The Bulwark had options: spend their earnings building an in-house ad team (liability, no guarantees), or sell outright and become employees. Instead they partnered. Vox will now handle advertising sales and marketing across the Bulwark’s podcasts, videos, newsletters, and live events, while the Bulwark stays independent and keeps making the thing it’s good at. In other words, they separated the creation of valuable intellectual property from the infrastructure required to commercialize it. And because they already had the audience, they had the leverage to strike that deal on good terms. Matt’s translation: wherever you are, don’t get stuck thinking the only way past your current ceiling is to build everything yourself. You’ve grown as big as you can in your current shoes, you could hire a team to make new shoes, or you could partner with someone who already has the factory and give up a percentage for it.
He connects it to AI and creativity. When you ask AI tools to design your business model, they’re drawing from the known universe, what already exists. But this is a new era, so the call is to get off the platforms, collaborate with real people, and try models that weren’t heard of before. He points to a second data point (Media Post, via IAB): creator advertising is approaching $44 billion, yet there’s still no agreed-upon way to measure whether it’s worth it, so companies are pouring money at creators because they don’t know where else to go. That gap will sort itself out, and sorting it out is itself a business opportunity. We’re in a Wild West moment, like the early internet, where it feels like anything is possible before everything gets corporatized and measured. There’s real blue ocean right now. His plan for the day: go have a creative, off-platform conversation with a filmmaker friend about his own business model and possible partnerships, because those conversations open up ideas you can’t find on a screen. Find your creative partners. And on Veterans Day, as an Army brat who grew up on bases, he closes with real gratitude to all who’ve served.
Sources:
The Bulwark / Vox Media (Axios): “Exclusive: The Bulwark joins Vox Media’s podcast network” (November 10, 2026)https://www.axios.com/2026/11/10/bulwark-vox-media-podcast-advertising-marketing
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