Many of the hopes for a resurgent 2021 in the media business didn’t come to pass, but the year was hardly a disaster. SPACs were not, in fact, a way out for businesses that have no track record at profitability. Yet the ad business was surprisingly perky. Two big growth areas for digital publishers—subscriptions and commerce—showed signs of slowing growth. Still, many publishers have far more diversified business models now compared to five years ago. Finally, for flameouts like Ozy there are plenty of gritty success stories of publishers building sustainable business models. These are my three top storylines of the year for the media business.

The Trump Slump Was Real

In many ways, 2021 kicked off the pivot to reality. The giddiness of Hot Vax Summer gave way to the Delta wave, which unfortunately was an appetizer for the far larger Omicron surge we’re only at the early part of in most countries. On the economic front, the withdrawal of the unprecedented stimulus measures taken by governments is a wake-up call that coasting on cheap capital isn’t realistic in the long run.