404 Media
Investor Due Diligence Report
ghostMedia
404 Media is an independent media company founded by technology journalists Jason Koebler, Emanuel Maiberg, Samantha Cole, and Joseph Cox.
Investor Due Diligence Report
404 Media is an independent media company founded by technology journalists Jason Koebler, Emanuel Maiberg, Samantha Cole, and Joseph Cox.
15K
~0%
Subscriber count is a platform estimate
Pricing
$10/mo
$100/yr annual option
$9K
~1.1K est. paid subs
$5K/mo – $14K/mo(±50%)
5.5
0.04%
(comments + likes) / subscribers
Daily
15.4 posts/week
92/100
Very Consistent (~1.2d avg)
| Newsletter | Subscribers | Weekly Growth | Price | Platform |
|---|---|---|---|---|
| Popular Information | 541K | -0.1% | $6/mo | substack |
| Under the Desk News | 184K | -0.3% | $7/mo | substack |
| The official Ryan McBeth Substack | 132K | -0.4% | $5/mo | substack |
| Died Suddenly's Substack | 109K | N/A | $5/mo | substack |
| Month | Subscribers | Est. Revenue | Change |
|---|---|---|---|
| Feb 2026 | 15K | $9,275 | — |
| Mar 2026 | 7.5K | $4,637.5 | -50.0% |
| Apr 2026 | 15K | $9,275 | +100.0% |
| May 2026 | 12.5K | $7,729.17 | -16.7% |
Platform Dependency
Uses ghost platform
Publishing Consistency
Regular publishing schedule
Key Person
Single-author publication — key-person dependency
Audience Concentration
Hit-driven — top post engagement 3x+ above average
Subscriber threshold
15K subscribers — above the 3K category median for first paid tier
Has paid tier
Active paid subscription offering
Peer monetization
100% of 97 similar-size peers in Media have paid tiers
Pricing position
$10/mo vs $6/mo category median (864 newsletters)
| Date | Monthly | Annual |
|---|---|---|
| Jan 2026 | $10 | $100 |
| Jan 2026 | $100 | $1,000 |
Disclaimer: This report is generated automatically based on publicly available data and proprietary estimation models. Estimated subscriber counts are derived from engagement patterns and should be verified through direct disclosure. Revenue estimates are based on known pricing and estimated paid subscriber counts. This report is for informational purposes only and should not be the sole basis for investment decisions.
| Component | Score | Weight |
|---|---|---|
| Engagement Rate | 36/100 | 30% |
| Publishing Consistency | 89/100 | 10% |
| The Schiff Notes |
| 101K |
| +0.6% |
| Free |
| substack |
Revenue Model
Active paid subscription tier