Damn. So many newsletter. How will it all end? A typical New Yorker/Economist grade magazine bundling a variety of writers costs $100-$200/year. Typical substack is $50-$150 for a single writer. With the same budget you’re replacing a magazine with 1-3 individual writers.
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If there are 1000 writers with 1000 subscribers each making 45k, market is worth 50 million (assuming 10% for substack type platforms). If there is zero overlap, that’s a million unique readers. A magazine of that would probably be 100m, maybe 20m from readers 80m from ads?
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Basically ads are getting cut out of the equation for now, and that’s the big change in unit economics. Writers make more, readers pay more, but overall pie shrinks. Ads will come back in somewhere somehow.
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End of conversation
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Also the distribution of writer income becomes even more fat-tailed. Vast majority of writers under subsistence, very very few will be much richer.
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Market will go long tail, whale focused. In the limit likely more growth opportunity, but probably many years of contraction between now and then.
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