And so when one wonders why newsletters “came out of nowhere” just a few years ago, I think part of it is Substack providing a catalyst for a change in user behavior, mostly on the demand side. (As Kevin Kwok has observed, after you've recruited sufficient people willing to pay money, professional supply will quickly come to dominate most of your market, drawn primarily by economic incentives.)
BAM is now reader-supported
from Patrick McKenzie (patio11)
