The pressure from the new publishing platform eventually prompted newsrooms to create programs that provide writers with more compensation, autonomy, and flexibility. These changes are attracting some independent writers to return to traditional news companies.
Importance: Substack's threat to the newsroom is exaggerated. The newsroom has responded quickly to the idea of the independent operator model, and reporters have been sharing the challenges they face or explaining in detail why they decided to return to the newsroom.
Pushing the news: The Information is in the early stages of launching "The Information Newsletter Network", a platform that supports independent newsletter authors on The Information's technology stack.
"Everyone in the publishing world knows that after clicking to send, the hard part will happen," said CEO and founder Jessica Lessin."We are the only solution I have seen that can do this. We have eight years of experience in how to expand premium subscription publications. No technology platform has this in their DNA, and it is also reflected in Among their products." The first member of the company was Parqor from Andrew Rosen.Rosen's newsletter was previously on Substack.Lessin said that the first batch of newsletters were business-related, “but the shots we invited writers to participate were actually just whether we liked their content.” She added that the platform “is designed for Subscribe To Newsletter, and most of them will Was paid, but the next product launched is currently free, and paid related products are being explored."Other news media are adjusting their strategies to meet demand.
Earlier this month, Atlantic Monthly launched a new newsletter program with nine contracted writers, allowing them to undertake projects outside the company, while reportedly reducing subscriber income. The New York Times recently published a large number of opinion newsletters behind its paywall. Some newsletters will be written by non-Times employees.Puck is a newsletter-based startup that focuses on reporting on those in power. It clearly launched to provide brand support to independent writers to help them build their own audience. Forbes launched a newsletter platform in January that allows journalists to publish their own paid newsletters and distribute income.
Between the lines: Substack said on Monday that the number of paid subscriptions to publications on its platform exceeded 1 million, up from approximately 250,000 in December 2020.
Hamish McKenzie, co-founder of Substack, wrote: "These subscriptions did not exist before-they were not taken from traditional media channels or redistributed from other platforms."Despite the loss of some writers, news executives are mostly optimistic that the success of Substack will help encourage people to develop the habit of paying for premium content, thereby strengthening their own subscription work.
The New York Times CEO Meredith Kopit Levien (Meredith Kopit Levien) told investors this month in response to questions about Substack: “I think anything that helps drive the paid digital news market is OK."From a numerical point of view: In the past few months, due to lack of editorial supervision, it has become more and more obvious that Substack, which is now four years old, has become a safe haven for controversial writers.
The former New York Times writer Bari Weiss who left the paper now earns approximately $800,000 on Substack. According to reports, Alex Berenson's annual income on Substack is approximately $720,000. According to estimates by the Financial Times earlier this year, Glenn Greenwald is expected to earn between $1 and $2 million a year on Substack."Substack relies more on political controversy," said Uri Bram, publisher of The Browser and author of Thinking Statistically.Bram left Substack last year to go to the publishing platform Ghost.
In contrast, data recently revealed by some top journalists who have left the mainstream platform shows that building an audience on Substack is more challenging than expected.
Bloomberg veteran Eric Newcomer wrote last month that after using Substack for a year, he has 1,374 paying subscribers.The "Newcomer" newsletter is one of the top technical paid publications on Substack. Casey Newton, author of the most popular paid technology newsletter on Substack, said in September that he converted a smaller percentage of subscribers into paid subscribers than in the first year.Charlie Warzel recently wrote when leaving Substack for The Atlantic that since leaving the New York Times in April, he has accumulated 1,600 paid subscribers.Highlights: The newsletter craze will give birth to new platforms that cater to the needs of creators, who seek a pleasant middle ground between newsroom support and independence.
Workweek was launched last week to provide full-time support for business writers to work independently. Lede, the publishing platform supporting Defector Media, was spun off from its parent company, The Alley Group, to focus more on helping writers spread beyond the newsletter. Like a podcast.Bottom line: With the development of the news and communications industry, journalists who are eager for the infrastructure and editorial support provided by the newsroom are looking for more happy media.