Ted Gioia has a (paywalled) post on the awful, terrible, bad, no-good month for the mainstream media. I think the headline needs an appropriate meme:
These events all happened in the last few days.
They are NOT unconnected:
- SEPTEMBER 24: The Financial Times reports that a Substack launched two years ago by Bari Weiss is now worth $100 million, and has just raised $15 million from investors.
- OCTOBER 1: One week later, journalist Taylor Lorenz announces that she is leaving the Washington Post to launch an online periodical on Substack. She plans to hire other writers and offer in-depth coverage of tech and internet culture.
- OCTOBER 14: Gallup announces the results of a new poll showing that trust in mass media has reached an all-time low.
Source – Gallup
- OCTOBER 15: The Wall Street Journal reports that bestselling novelist James Patterson is launching on Substack. He has sold 480 million books since publishing his first novel in 1976, but now will sell subscriptions to readers at a price of six dollars per month.
- OCTOBER 15: That same day the New York Times reports that the “queen of legacy media” Tina Brown — formerly editor of The New Yorker and Vanity Fair — is now launching on Substack. She is also charging six dollars per month.
