Audience isn’t a business model.
This is one of those things that people get so wrong about media. I’m seeing it all over again with the current obsession with influencers and creators. I just saw a very well-intentioned chart for ‘news creators’ that had a row for “business model” and the options were “profit” or “non for profit.”
Those aren’t business models!?!?
Guidance on getting more followers on TikTok or engagement on Instagram aren’t business models.
A business model is a system that brings in more money than it spends.
Media isn’t a business model. Journalism isn’t a business. Being an influencer or a creator isn’t a business model. These are attention-gathering strategies.
The business model is what you do once you have that attention. Examples:
- Subscriptions on Substack or Patreon can be a business model.
- Selling merchandise can be a business model.
- Being paid for your services by someone who needs it is a business model.
- Hosting events that people pay to attend or sponsor can be a business model.
- Producing commercials on your feed can be a business model.
- Hawking products from the TikTok shop can be a business model.
- Doing research, consulting about getting an audience can be a business model.
I think a lot of creators are being taken advantage of right now. A lot of people are building business models with them as the customer, without the creators having their own plan.
Growing an audience isn’t necessarily the hard part: Sustaining that audience, and yourself — the business model — that’s the hard part.