Contrast the success of 404 Media to the recent collapse (and subsequent deletion of all published articles) of a well-funded media startup The Messenger (May 1

Contrast the success of 404 Media to the recent collapse (and subsequent deletion of all published articles) of a well-funded media startup The Messenger (May 15, 2023–January 31, 2024) [1]. The Messenger began with "an investment of $50 million from American businessmen," whereas 404 Media began with just $4000 (from the article: "The four cofounders each own 25% of the company, and at launch each put in $1,000 to cover initial costs."). That means that the staff of The Messenger faced much more external pressure to increase revenue, which led to pressure to publish more clickbait articles, according to reporters there [2]. 404 Media doesn't have the same pressure. It's great that 404 Media is thriving, but I do feel like it's a bit of a shame that The Messenger shut down—they published some well-written articles about the impact of new US regulations on cybersecurity (but the articles are gone now). This doesn't mean to say that new media publications with large funding is doomed to fail: another recent startup called Semafor, founded in 2022, received an initial $25 million in funding and appears to be doing well [3]—interestingly, a good portion of their revenue is from running events. But a lack of heavy external investment looks like a positive for 404 Media here, as the journalists there have more time and leeway to pursue investigative and tech-focused stories to differentiate the publication from other outlets. [1] https://en.wikipedia.org/wiki/The_Messenger_(website)ownership-crisis/ https://en.wikipedia.org/wiki/The_Messenger_(website)ownersh... [2] https://www.washingtonpost.com/style/media/2024/01/31/messenger-shuts-down-finkelstein/ https://www.washingtonpost.com/style/media/2024/01/31/messen... [3] https://en.wikipedia.org/wiki/Semafor_(website) https://en.wikipedia.org/wiki/Semafor_(website)