Breaking down how seven of the best online communities make money.

My biggest takeaways from this research:

1. 95% of communities are not able to monetize, but those that do can create unlimited upside for the community builder.

2. Layering monetization options makes communities antifragile. If you are too reliant on one source, that source becomes a liability.

3. “Build distribution, then build whatever you want." All of the community builders featured here used their followings to attract a community of likeminded people. Build content magnets then use your community to satisfy the attention demand from your magnet.

4. Community builder monetization software is a massive market. Companies like Pallet (job board infrastructure), Memberspace (private memberships), Podia (paid courses), beehiiv (premium content), and AngelList (syndicates and rolling funds) are making it easier for community leads to capture the value they create.