The podcast explores whether paid email newsletters can replace failing print media. It begins by examining Paul Krugman's success on Substack, estimating his potential earnings in the seven-figure range. Referencing Nate Silver's experience, the discussion suggests running a successful newsletter requires effort comparable to a full-time journalism job. The podcast estimates around 500 to 1,000 writers are making a good living on Substack, but notes Substack's potential shift towards a stream-based distraction model, similar to TikTok or Instagram, which could undermine quality. The discussion concludes that while paid newsletters show promise, an open-source ecosystem is needed to prevent a single company from dominating the medium.
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