Anna Palmer is a journalist turned startup CEO. Along with Jake Sherman and John Bresnahan, she founded Punchbowl News in January 2021, just in time for the assault on the Capitol. Punchbowl’s obsessive focus on the Capitol, and business model that combines subscriptions with high-value issue advocacy ads led it to sprint out of the gates with a $10 million first year. Anna is more reticent about its current pace – I tried – but by all measures what Punchbowl is doing is working in a media environment that's shifted to favor narrower brands focused on high-value audience segments, backed by direct connections and diversified business models.

“I've been in Washington journalism for almost 20 years, and I always laugh when everyone talks about Substack and the rise of newsletters,” Anna said. “It's the new hot thing. I mean, I've literally been doing newsletters for that entire time.”Some things that stand out to me about Punchbowl:

1. It is reporter focused. I believe journalists who start media businesses create different products. Punchbowl is journalism-driven, relying on the daily grind of uncovering new information vs playing SEO or social traffic games.
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3. It has a rich niche. Issues advocacy ads are a lucrative ad category, and one where you not only mostly don’t compete with Google and Facebook, but they’re also your biggest clients. If only more media was like this.
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5. It has stayed lean. Punchbowl started with funding from Liontree, and it has grown quickly, but it has also resisted the temptation to expand quickly by, say, springing up operations in state capitols around the country or joining the fray at the White House. Instead it has focused on high-value areas like its expansion in financial services vertical with The Vault.
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7. It has managed to be a publication about politics without being a political publication. Many aspire to non-partisan news. Easier said than done. See the Chris Licht experiment at CNN for evidence. Punchbowl has managed to thread the needle for the most part with not being pulled into the inevitable political Rorschach test, mostly because they’re obsessed with the legislative process vs the posturing of politics.
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