Substack: Empire of Narratives – In Online Ed, Content Is No Longer King—Cohorts Are

Substack: Empire of Narratives – In Online Ed, Content Is No Longer King—Cohorts Are

Introduction:
In the world of media and education, two platforms have emerged as significant disruptors - Substack and cohort-based courses (CBCs). Substack, founded by Chris Best and Hamish McKenzie, revolutionized digital publishing by offering a subscription-based model for writers to monetize their content directly from readers. On the other hand, CBCs, pioneered by platforms like altMBA, provide interactive and community-focused learning experiences that have overcome the limitations of traditional online courses. While these platforms operate in different domains, they share common principles such as the importance of community, collaboration, and providing value to their users. This article explores the rise of Substack and CBCs, their underlying philosophies, and their potential to reshape the media and education landscapes.

Substack: A Platform for Writers and Collaborators
Substack was initially conceived as a solution to the challenges faced by writers in the digital age. Traditional media's heavy reliance on advertising revenue had led to a situation where companies became the primary customers, not the readers. Best and McKenzie recognized the need for a direct payment model, where readers could subscribe to their favorite writers and support their work. Thus, Substack was born, offering a subscription stack that enabled writers to manage their subscriptions efficiently.

The success of Substack lies not only in its infrastructure but also in its ability to foster a network of independent publications. As more writers joined the platform, they collaborated and interacted, helping each other grow. Substack became a platform in its own right, with over 2 million paid subscriptions and 20 million monthly readers. The exponential growth caught the attention of investors, leading to significant funding rounds that valued Substack at $650 million.

The Power of Cohorts in Online Education
While Substack disrupted the media landscape, cohort-based courses (CBCs) have done the same in the field of education. Traditional online courses, often known as MOOCs, offer recorded videos and self-paced learning. However, the completion rates for MOOCs are dismally low, with only 3-6% of learners finishing the courses. CBCs address this issue by introducing cohorts, where a group of students progresses through the material together, with hands-on and feedback-based learning at the core.

The key differentiator of CBCs is the focus on community. In a content-rich world where educational resources are abundant, what is scarce is the sense of belonging and collaboration. CBCs provide students with the opportunity to learn actively, engage in discussions, and benefit from the network effects of their peers. Studies have shown that interactive processing and active learning lead to better comprehension and retention.