Chicago Public Square Publisher Charlie Meyerson

Summary

In this insightful video script, the speaker shares their journey of creating a media brand, Chicago Public Square, on a small budget. Highlighting the challenges of scalability in content creation, they discuss how starting small and using low-cost tools like MailChimp and WordPress helped build a loyal subscriber base. They also explore the difficulties in securing investors for content-based businesses, the importance of audience engagement, and the sustainability of member-supported models. The speaker emphasizes the value of agility in the media industry and offers advice on launching a business with minimal financial risk, particularly for young entrepreneurs.

Takeaways

• 😀 Start small and focus on a minimal investment to launch your media brand, utilizing basic tools like MailChimp, WordPress, and social media.
• 😀 Email is a critical tool for digital presence and audience engagement. A consistent email strategy can build a loyal following.
• 😀 Monetize your media platform gradually, using models like membership or advertising, but be patient as it may take time to generate revenue.
• 😀 Quality content is essential. Set clear deadlines to avoid over-editing and move forward with your work, even if it’s not perfect.
• 😀 Measure your success using analytics. Track engagement with your content and adjust your strategy based on audience preferences.
• 😀 Don’t rush to seek investors; building a sustainable, low-debt business can be a better approach for long-term growth.
• 😀 Aim for a 'right size' for your media brand. Focus on building something sustainable rather than chasing massive growth.
• 😀 Content creation is not scalable like tech platforms. It requires real human input, and more content generally means more people.
• 😀 Investors may be skeptical of media businesses, but a direct connection to your audience through support models like Patreon can be more viable.
• 😀 Niche media platforms can succeed by connecting with smaller, dedicated audiences instead of competing with mass-market platforms like Facebook or YouTube.
• 😀 Don’t underestimate the value of your existing network. Use your social media and personal connections to build your initial subscriber base.

Q & A

What is the key challenge of creating content for a media startup?

The key challenge is that content creation is not scalable. Unlike platforms like Facebook or YouTube, where user-generated content grows organically, media companies require constant creation of original content, which demands human resources and cannot simply grow by increasing user participation.

How did the creator of Chicago Public Square keep costs low in the initial stages?

The creator kept costs low by spending only $51 on basic services: $10 for the domain, $22 for MailChimp email services, and $12 for scraping the domain. Additionally, they used free tools like MailChimp's pop-up feature to gather subscriptions and kept other expenses minimal.

What role did email and blogging play in the development of Chicago Public Square?

Email and blogging were core components in building the brand. The creator emphasized the importance of email as a direct and personal way to connect with subscribers, while the blog helped provide consistent content, laying the foundation for audience loyalty.

How did the creator of Chicago Public Square utilize social media for promotion?

The creator promoted Chicago Public Square by leveraging their personal networks on Facebook, LinkedIn, and Twitter. With over 4,000 followers on Facebook, they were able to quickly attract a few hundred subscribers to their new platform.

What is the importance of a deadline when working on digital content?

Having a deadline, such as a set time each day to finalize content, is crucial to prevent endless tweaks and ensure that content is published regularly. This helps maintain consistency and discipline in the creation process.

What is the 'members-supported' model mentioned in the script, and how does it work?

The 'members-supported' model is a way to fund a media venture by having subscribers contribute small, recurring payments. Platforms like Patreon or Memberful allow supporters to pledge money monthly, with different support tiers offering benefits like exclusive content or recognition on the website.

Why did the creator choose to avoid seeking investors initially?

The creator preferred to avoid investors because they typically expect quick growth and financial returns. Instead, they focused on proving the value of their content and building a loyal audience before asking for any financial contributions from subscribers.

What is meant by the term 'right size' in the context of media companies?

The 'right size' refers to a point where a media company has scaled sufficiently to be profitable, without the need for excessive staff or resources. It's about balancing growth with sustainability, ensuring that the company can thrive even without large-scale expansion.

What lesson does the creator share about content creation and media growth?

The creator emphasizes that content creation is a long-term process. Building loyalty and proving value takes time, and the growth of a media startup is more about gradual, sustainable development rather than rapid, massive expansion.

How does the Chicago Public Square approach differentiate itself from traditional media companies?

Chicago Public Square differentiates itself by focusing on a niche audience—people interested in Chicago—and prioritizing direct engagement with its subscribers. Unlike traditional media companies that rely on massive content production, this approach aims for a dedicated, smaller group that supports the platform financially.