Podcast Summary: AdExchanger Talks - "The Next Level Of Niche, With Puck’s New CRO"
Release Date: June 10, 2025
Introduction
In this episode of AdExchanger Talks, host Allison Schiff engages in an insightful conversation with Liz Goff, the co-founder and newly appointed Chief Revenue Officer (CRO) of Puck. Launched in 2021, Puck has swiftly made its mark in the digital media landscape by focusing on the intersections of media, politics, business, and culture through a journalist-centric model. The discussion delves into Puck's innovative business strategies, advertising approaches, subscription growth, and the evolving challenges faced by publishers in the age of AI.
Host and Guest Introduction
Allison Schiff begins by introducing Liz Goff, highlighting her transition from COO to CRO at Puck. She outlines Puck’s mission to provide insider perspectives and sharp analysis across various sectors, emphasizing its rapid expansion into newsletters and live events.
Notable Quote:
"We were really starting from a very simple premise that we felt that journalists are the original influencers in American society."
— Liz Goff [09:15]
Liz Goff’s Background and Passion for Publishing
Liz shares her journey from consulting at McKinsey to immersing herself in the vibrant world of media and publishing. Her enthusiasm for the high-energy environment and creative teamwork in publishing is evident.
Notable Quote:
"I just absolutely loved publishing and that was healthcare publishing. I felt like I worked with people that were both really business savvy, but also creative."
— Liz Goff [04:43]
Puck’s Business Model and Revenue Strategy
Puck distinguishes itself by positioning journalists at the heart of its revenue model. Unlike traditional media companies where journalists are often seen as cost centers, Puck ensures that journalists are equity holders and incentives are aligned across both editorial and commercial teams.
Notable Quotes:
"All of our journalists and all of the employees in the company are equity holders in the business."
— Liz Goff [09:15]
"We believe that it's possible to have that high quality journalism while also having deep partnership between the editorial side and the business side."
— Liz Goff [09:15]
Advertising Strategy: Direct Ad Business vs. Programmatic
Puck opts for a direct advertising approach, eschewing programmatic advertising to maintain premium ad placements tailored to their niche, highly engaged audience. Approximately 70% of their commercial business operates through newsletters, emphasizing first-party served ads.
Notable Quotes:
"It's really a virtuous cycle. These journalists have really inside access to these different power corners of America and they have this entrenched following."
— Liz Goff [12:54]
"We have premium rates because we know our audience is so hard to reach and so deeply engaged because of the paywall."
— Liz Goff [16:39]
Subscription Growth and Audience Targeting
Despite the fragmented media landscape, Puck has achieved significant growth, with a 30% increase in paying subscribers in 2024. Their sophisticated consumer marketing strategies focus on attracting business and political elites, ensuring a loyal and premium readership base.
Notable Quote:
"We have about 80% of our ad business is B2B, trying to own a bit of a position called a glossy trade."
— Liz Goff [21:08]
Branding and Positioning of Puck
Puck brands itself as the "Vanity Fair for the Substack era," offering an insider’s view akin to being a fly on the wall in influential circles. The name "Puck" draws inspiration from Shakespeare’s mischievous character, symbolizing the publication’s role in uncovering inside stories.
Notable Quotes:
"The character in A Midsummer Night's Dream, devilish, mischievous... our editorial promise is delivering that inside story."
— Liz Goff [21:21]
"Puck magazine in the late 1800s... invented the political and cultural cartoon."
— Liz Goff [21:57]
Transition to Liz as CRO and Team Growth
Liz discusses her transition from COO to CRO, detailing the strategic expansion of Puck’s sales and creative teams. This role shift aims to drive Puck’s commercial revenue growth, which saw a 70% increase last year with continued ambitions for 2025.
Notable Quote:
"There’s nothing sexier than saying no... It’s really easy to say yes and say, I need this money right now to hit this quarterly goal."
— Liz Goff [34:16]
Founding and Launch of Puck During COVID
The inception of Puck during the COVID-19 pandemic is attributed to optimism and a belief in a sustainable journalism model. Despite launching in a challenging environment, the co-founders focused on methodical and smart growth rather than rapid, unchecked expansion.
Notable Quote:
"We just believed that we could do it. And we believe there was room for our model."
— Liz Goff [26:21]
Publisher Advice: Relationships, Pricing, Niche Focus
Liz emphasizes the importance of building strong relationships with partners and valuing Puck’s offerings by maintaining premium pricing. She advocates for selective acceptance of advertising partners to preserve the quality and integrity of content.
Notable Quotes:
"Build relationships and pick up the phone... have confidence in our offerings and our rates and don't be in a rush to discount things."
— Liz Goff [30:28]
"There’s nothing sexier than saying no."
— Liz Goff [34:16]
Impact of AI on Publishing and Puck’s Strategy
Discussing the rise of AI, Liz outlines how Puck integrates AI tools to enhance operational efficiency without compromising journalistic integrity. While AI influences content creation and traffic patterns industry-wide, Puck remains focused on deep, insightful journalism that fosters direct relationships with its elite readership.
Notable Quotes:
"We are AI ready on the tech side of our business... our content and our journalists are in the opposite of the skimming economy."
— Liz Goff [37:27]
"We’re absolutely a niche brand right now... building around line sheet in fashion, beauty, retail... is exciting to the next level of nicheness."
— Liz Goff [48:16]
Future of Puck and Publishing with Niche Focus
Looking ahead, Liz envisions Puck continuing to deepen its niche markets while expanding its franchise model. By anchoring each vertical around star journalists, Puck aims to offer specialized, high-quality content that resonates with its dedicated audience and attracts premium advertisers.
Notable Quotes:
"We started with single journalists, single newsletter, has really evolved into a franchise model anchored by one or two star talent."
— Liz Goff [48:16]
"We have fewer, bigger, better ads. They’re high impact, they’re beautiful."
— Liz Goff [30:28]
Closing Remarks
The episode concludes with Liz highlighting a standout headline by Dylan Byers, exemplifying Puck’s knack for sharp, economical wordplay that resonates with their audience.
Notable Quote:
"He wrote my favorite headline of 2025 so far... it's just such sharp and economical wordplay."
— John Kelly [50:14]
Conclusion
In this episode, Liz Goff provides a comprehensive look into Puck’s unique approach to sustainable journalism, emphasizing the importance of niche focus, strong relationships, and maintaining premium quality in both content and advertising. As the media landscape continues to evolve, Puck stands out by valuing its journalists and delivering exclusive, high-impact journalism tailored to an elite audience.