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Counterpoint: newsletters dramatically increase the number and type of people who can have an influence.
Zero gatekeepers. (Somewhat relatedly, I don't consider Stratechery a newsletter. It's a blog that uses email as a distribution channel. It's an important distinction if reach/influence matter, per your initial point).
Oh, you mean because it's easy to start a newsletter, lots of different people can?
Newsletters democratizes media in away that allows the authors of original ideas to get the credit for their work.
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