One signal

404 Media says it has reached its three-year anniversary after two sold-out in-person celebration nights in New York City.

Why it matters

That suggests the outlet can turn at least some reader loyalty into people showing up in the real world, which is no small trick for independent media. The catch, minus the party hat: 404 Media does not provide crowd sizes or ticket data, so the milestone cannot tell us whether that enthusiasm adds up to durable subscriptions, revenue or broader business growth.

Discuss: What evidence would best show whether this turnout represents lasting support for independent media?

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