Media Types Earning Extra Income On Newsletter Platforms

The current boom in newsletters is creating new opportunities for some high-profile journalists to capitalize on their personal brands, potentially earn more income and get greater editorial autonomy than they typically enjoy. The Wall Street Journal reports services like Bulletin and Substack can make it easier for writers with followings to distribute and monetize their own newsletters.

At a time when investors are flush with cash and streaming services are hungry for ever more content, some journalists have found other avenues beyond newsletters, including launching podcasts and selling film rights to their reporting. Others are joining upstart newsrooms that promise new types of compensation.

Those moves can create tensions for established news outlets. Many publishers are building substantial businesses of their own from newsletters, digital audio and video. In some cases, they face competition from former employees whose brands they helped establish.

Workers from a range of businesses, from music to fashion, have left large organizations to try to build their own brands and support themselves independently. The rise of services like Patreon, Cameo, Etsy and OnlyFans has given aspiring entrepreneurs platforms to make money by connecting directly with supporters.

For many journalists, the economics of venturing out don’t make sense. The proliferation of tech platforms has made it easier for anyone to publish, but it also means more competition for paying readers and advertisers.

Substack co-founder Hamish McKenzie said in an interview that building a financially successful newsletter on the company’s platform could require several years. For many journalists, Substack only provides enough income to be a side gig. McKenzie said some can build a following more quickly.

Substack has attracted high-profile writers looking for more editorial independence, including investigative journalist Glenn Greenwald and policy journalist Matthew Yglesias. The platform generally keeps 10% of total subscription revenue, but the rates vary for some writers who are given advances by the company, according to a person familiar with the matter. Substack Chief Executive Chris Best said the company now has more than 500,000 total paying subscribers across all of its newsletters.