In a surprising turn of events, Post News, the microblogging site that was launched in the wake of Elon Musk’s Twitter acquisition, has announced its shutdown after only a year and a half in beta.
Founder Noam Bardin, who was previously the CEO of Waze, shared the news in a post published on Friday, stating, “Our service has not grown fast enough to become a sustainable business or a significant platform.” Bardin also acknowledged that a consumer-based business needs to show rapid growth and despite their efforts, they were unable to find the right product combination to make it happen.
Post was financially backed by Andreessen Horowitz and tech commentator, Scott Galloway, a professor at NYU. However, the platform has never disclosed the amount of funding it received. Kara Swisher, a well-known Silicon Valley journalist, also served as an advisor to the company.
The core strategy of Post was to leverage Twitter’s reputation as a virtual watercooler for journalists and further enhance it by providing a new way for publishers and writers to monetize their content. Instead of subscribing to various publications, Post users could purchase individual articles from select partner outlets.
Although Post’s closure may come as a disappointment to some, Bardin believes that the company has proven the potential for different ways in which digital news outlets can monetize. In his post, he stated that Post “validated many theories around micropayments and consumers’ willingness to purchase individual articles.” The platform also allowed users to tip writers for their work, further showcasing their commitment to supporting quality journalism.
Bardin is not wrong in his statement that the media landscape is evolving. There has been an increase in independent and worker-owned publications hosted on tech platforms such as Substack, Beehiiv, and Ghost. However, perhaps it was too early for a social platform like Post to capture this emerging movement.
During the same time that Post emerged, several other Twitter alternatives also emerged, hoping to attract users dissatisfied with Musk’s decisions as the owner of Twitter. While Post managed to survive for over a year after its launch, it is not the only microblogging site that has folded. Pebble, also known as T2, shut down in October.
This serves as a reminder that the world of social media is a tough business. Even if users are drawn to your platform initially, it does not guarantee their loyalty in the long run.
