The rich niche

One of the more cringeworthy cliches is “riches in niches.” I agree with the sentiment, of course, since focusing on specific areas and going narrow and deep generally gives you a good shot at sustainable success. We’re seeing this flight to focus across publishing, which is a change from the last cycle when much focus went to venture capital-funded publications that were built to reach large audiences and therefore typically had a generalist approach. It’s hard to be all things to all people.

An aftereffect of the flight to focus and popularity of niche communities is that the path of least resistance is to focus on elites. After all, we live at a time of unprecedented income inequality, when the top 10 percent own 70 percent of the wealth in America. The Great Resignation and antiwork movements are, in their own ways, a reaction against this imbalance between the capital-holding and worker classes. The days of “making it” by steadily progressing along your career path have passed; no wonder people are taking flyers on ape JPEGs and shitcoins.

We are seeing the development of many new publications, from individual brands to new collectives to regular institutional brands, but one valid criticism often leveled at them is that they are catering to rich and influential people. As Jay Rosen put it, “Literate and affluent people will be well served in the emerging economy for news.” And that’s because you can make money when you have an audience – sorry, community – of rich people.