"The majority of these independent writers are white men working in topic areas like technology, business, or politics where they can blend punditry and analysis with some original reporting."

"Several prominent business, technology or political journalists have left their news companies to launch their own newsletters, including:"

"The independent model doesn't work as well for journalists who cover topics that demand daily beat coverage or investigative reporting, or work in areas that require technical support or legal resources."

"""Building an audience is probably the trickiest part for most folks."

"Especially getting your first thousand subscribers,"" says Judd Legum"

"""That's why many people who are successful have started off with some audience. But I do think it's possible to start from scratch."""

"Substack has been piloting programs to provide writers with more institutional support, including advance payment."

"Unlike most traditional newsrooms, Substack writers are allowed to keep their subscriber lists and own their Stripe (payment) accounts, giving them a direct billing relationship with subscribers. This makes it easier for writers to take their lists and subscribers elsewhere if they so chose and gives them a direct business relationship with their readers."

"The independent model has empowered many journalists and non-journalists to start their own newsletters, pursuing stories that they couldn't write in a traditional newsroom."

"For companies like Substack or others, the biggest risk at this point isn't keeping their authors from making mistakes, but instead stopping their talent from moving their lists and business to other platforms."

"As the newsletter phenomenon grows in popularity, the industry will have to contend with the prospect of newsletter overload and newsletter fatigue."