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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?
Not just start a newsletter, but make a living, leading to not just more output but, over time, more expertise and associated reputation/influence. The democratization of influence, if you will.
And yet I think many journalists and otherwise smart people seem to hesitate to switch to a direct-to-reader relationship because these companies still offer things like security, status etc. Do you see that changing too?
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