Kara Swisher made me quit journalism

“If you [journalists] don’t understand the economics of what’s happening, you’re fucked.”

At the intersection of journalism and the news industry, business and tech reporter Kara Swisher said: “I really hate that journalists don’t understand business. If you don’t understand the economics of what’s happening, you’re fucked.”

And she’s right. News organizations are constantly on the brink of extinction because the money isn’t there.

The economics of journalism, of expecting ad revenue to cover salaries of reporters, fact-checkers, editors, and the broader newsroom - doesn’t work. (Subscription revenue is less than you think). Kara Swisher, an American business and tech journalist, has said variations of this on her current podcasts Pivot and On with Kara Swisher. From the BuzzFeed news division shutdown to layoffs at the likes of Washington Post, the monetary future of news companies is looking bleak.

I first looked up to Kara as a fresh journalist in 2018. I was covering tech (Kara covered Silicon Valley during the dotcom boom), was a freshly out lesbian (Kara has been out for decades), and I cared deeply about making information accessible to the public.

So I tried, at two different outlets, to understand the business model for news. In my first outlet, a trade publication, I constantly received mandates to host more events and conferences. Panels moderated by reporters always draw in attendance and sponsors. Even better if the events were bespoke and catered to a single corporate client. In my second outlet, the news business was inferior to our data offering, so my editors were constantly counting our cents. I survived multiple layoffs chalked up to the pandemic and a recession that never came, but couldn’t see the pendulum of profit swinging back to support our journalism.

I lost faith in news companies’ abilities to self-sustain. It’s impossible without some sort of adjacent product that they can bring to readers. The Wall Street Journal and The Economist, for example, have pivoted towards hosting even more events to bring in extra ad and sponsor revenue. Bloomberg’s news division is entirely powered by its two-monitor Terminal, a hardware used for trading all sorts of financial products.

The news needed a reinvention. But I couldn’t see it while being in the constant cog of chasing the next story.

So when I was offered an exit, I left.

Redefining information channels

I never intended to leave journalism forever. I just thought that the way we consume information has changed, so therefore I should too.

Many journalists, such as Kara, Ben Smith and Casey Newton, have also pivoted away from the traditional newsroom. They each set up their own shop. Kara co-created a tech blog and conference unit called AllThingsD during her time at the Wall Street Journal. It was spun off to Recode and eventually purchased by Vox in an all-stock deal. Ben Smith created global news platform Semafor. Casey Newton started Platformer, which covers Silicon Valley companies. They built their own audience through platforms like Substack. They also stray away from the notion that reporters should be unbiased. Embedded in their newsletters and interviews in which they deliver scoops are their own analysis and their own takes.

I didn’t start my Substack until I left journalism. I was too worried that people would find my blog and discover that I have some sort of stance on the current political or economic agenda that I was covering. Journalists were taught to leave their opinions out. I was cautioned by senior journalists about publicizing which presidential candidate I voted for. 

But then I saw Kara crank the dial up on her opinions in a way that still leaves her revered and journalism integrity intact. Some of Kara’s recent and iconic podcast interviews: a conversation with Parler’s then-CEO a day after January 6 (his responses to her questions subsequently got him fired); an on-stage conversation with Uber CEO Dara Khosrowshahi (she grilled him about treatment of drivers and couriers, safety policies, and increasing prices); and a reverse-interview where she spent an episode talking about her relationship and thoughts on Elon Musk.

“I’m making something that has my name on it, and because of the new tools available to us through the internet, we can now get our voice out there in ways we couldn’t,” Kara said in a profile with Vanity Fair.

When I decided to start writing on Substack, I was encouraged by two things. One, it was six months after I had stopped being a reporter, so I didn’t have any worries about being an objective and neutral party. Two, I wanted to hone in on my thinking. Years of shaping stories and referencing people’s opinions in my news articles didn’t leave room for my own. My critical thinking muscle was dormant, and writing is the best bench stone for a sharper opinion.

What next?

Though I left journalism, a big part of being a reporter is still ingrained in my work, and for that Kara is my north star. I comb over her interview transcripts, learning how to shape thoughtful questions that could both give the interviewee a fair chance while also pressing them on talking points that are written by their PR department. (She once asked Federal Trade Commission chair Lina Khan “I love a statement just as much as anyone else, but what’s the point?”) I follow her updates from week to week on her podcasts, learning about why she makes certain decisions and why she declined some opportunities. (On her recent announcement as CNN on-air contributor, she said on Pivot: “[The show creators] wanted it to be more substantive. They don’t want it to be two-second takes from people who don’t know what they’re talking about. I think it’s meant to be ‘let’s lean into the smart and analytical’. And I think that’s why I said yes. I’ve said no to a lot of these things.”).

Kara did not wait for the industry rules to change before she could push for it herself. She now owns all the IP and has total editorial control over her interviews. This is practically the opposite of the traditional journalism model where the company you’re reporting for owns the material. Sure, she could only do it because she’s experienced, well regarded, and therefore has leverage when negotiating her new contracts. But all her big moves gnaw at me at every work-related intersection in my life: How can I redefine the way I do my job? How can I redefine the way I share my thoughts? How can I be a part of online communities to broaden my reach?

I’ve tried a lot of mediums in the past few years: podcasting, creating videos, and now this Substack. Though the approach varies, the questions I asked myself are constant: what could be the business of this, and what are the economics that can sustain this?

It sounds pragmatic, to attach that much importance on money to what is supposed to be an intellectual expression. But it’s the Kara Swisher way of thinking. And making these decisions by understanding “the economics of what’s happening” has yet to prove me wrong.

Thank you to Write of Passage friends who lent their time and comments on this essay:

The Conversation Starter

,

Monica De Magalhaes

,

Libby Fosters

,

Brooke Smith

,

Miche Priest

,

Elle Griffin

, and

Camilo Moreno-Salamanca

. It was a great cohort 11 with you all.

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Update log:

• 📩 After an unofficial poll on Notes, this Substack’s name is now “Beck At It”. I thought “Brave Brevities” was deep but I should have known a pun would win in the end.

• 🤸‍♂️ After editing 70+ essays, WOP cohort 11 is over :( I’m hosting weekly idea gyms on Thursdays because I can’t get enough of it. WOP-ers, let me know if you’d like to join.

• 🎙️ Loved this podcast episode of Chelsea Handler and Schuyler Bailar to talk about his latest book, He/She/They.

• 🤖 Casey Newton built a copyeditor tool with GPT. I wish I could try it, but it’s a bit tricky to access Open AI in Hong Kong.

• 💃🏻 Saw Shea Coulee performing at the Hong Kong Gay Games 2023! What a treat to be sat in the front row for a live performance from Miss Coulee herself.

• 🏃‍♀️ Speaking of, I will be running a 5K on Thursday in the Gay Games. I’m hoping it’ll be a fun run!