Semafor's Ben Smith on building a profitable news outlet in a distrustful media era

Ben Smith, co-founder and editor-in-chief of Semafor, spoke with The Verge's Decoder podcast about how his news outlet has evolved since launching in 2022 with an ambitious goal of reaching 200 million college-educated readers. Smith, who previously ran BuzzFeed News during the peak Facebook traffic era, says Semafor has shifted toward what he calls an 'anti-scale' model focused on quality journalism and high-profile events. The outlet now generates roughly half its revenue from convening events, including a new conference called Silicon Valley & The World featuring prominent tech and AI figures. Smith discussed the ethical tensions of hosting the same people his newsroom covers on conference stages and advisory boards. He also addressed how Semafor is navigating AI in its newsroom and whether editorial independence remains a value audiences are willing to support financially.