How to save a magazine, with The Atlantic’s Nicholas Thompson - Masters of Scale Recap

Podcast: Masters of Scale

Published: 2026-01-15

Duration: 38 min

Summary

Nicholas Thompson discusses his journey as CEO of The Atlantic, focusing on the challenges and opportunities he faced while trying to revitalize the magazine amidst financial struggles. He emphasizes the importance of leveraging strong journalism and innovative business models to drive success.

What Happened

In this episode, host Jeff Berman interviews Nicholas Thompson, the CEO of The Atlantic, who shares insights about his role in turning around the iconic publication. Thompson recounts his unexpected journey into journalism, explaining that he initially didn't intend to pursue it but found a passion for it over time. He highlights the significant challenge he faced when he took the helm in December 2020, amidst the financial turmoil exacerbated by the COVID-19 pandemic. With losses reported to be between $20 to $30 million a year, and significant staff layoffs, he recognized the daunting task ahead but was motivated by the quality of journalism The Atlantic had to offer.

Thompson reflects on the opportunities that arose when he joined the organization, such as the potential to digitize its vast archives that date back to 1857. However, he quickly learned that executing these ideas didn't yield the expected financial returns. Instead, he found that the real leverage for growth lay in improving their paywall strategy and conducting extensive testing to optimize it. With a focus on experimentation, he led the team to run 230 tests on various variables related to their paywall, aiming to enhance subscriber engagement and revenue generation.

Key Insights

Key Questions Answered

What motivated Nicholas Thompson to become CEO of The Atlantic?

Nicholas Thompson was motivated to take on the role of CEO at The Atlantic due to his belief in his comparative advantage in figuring out business models for serious journalism organizations. He recognized the opportunity to turn around a significant institution in American media that was facing decline, particularly given the excellent quality of journalism that The Atlantic was producing despite its financial troubles.

What were the initial challenges Thompson faced at The Atlantic?

Upon taking the job, Thompson was acutely aware of the financial challenges that The Atlantic was facing, including reported losses of $20 to $30 million a year and significant layoffs. The COVID-19 pandemic compounded these difficulties, presenting a daunting landscape for revitalizing the magazine. He had to navigate these issues while attempting to harness the potential of the publication's rich journalistic heritage.

What opportunities did Thompson identify when he joined The Atlantic?

Thompson identified several key opportunities for The Atlantic, including the digitization of its archives which had not been made readily accessible. He thought this project could generate significant traffic and enhance SEO. Despite seeing the potential in these projects, he learned that they did not yield the financial returns he anticipated, prompting him to rethink his strategies.

How did Thompson approach improving The Atlantic's business model?

Thompson approached the improvement of The Atlantic’s business model by focusing on their paywall strategy. He believed in the power of experimentation and led the team to conduct 230 tests on different variables related to the paywall. This iterative approach was aimed at optimizing subscriber engagement and ultimately driving revenue, recognizing that the quality of journalism was a strong asset to leverage.

What does Thompson suggest about the future of journalism?

Thompson suggests that the future of journalism hinges on the ability to adapt and innovate business models. He believes that while strong journalism is crucial, it must be paired with effective economic strategies to ensure sustainability. His experiences at The Atlantic reflect a broader need for media organizations to embrace experimentation and agility in a rapidly changing landscape.