Ye olde Substack: publishing’s hot new business model has 17th-century origins

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Launching a Substack newsletter today is like launching a blog 20 years ago, or a podcast five years ago, with one important difference: people are actually getting paid. From 1843mag

s Twitter and Facebook become more acrimonious and less trusted, an older means to get information has made a comeback: the email newsletter. Chances are that newsletters make up a larger part of your media diet than they did a couple of years ago. You may even be paying for some of them.

Substack, the newsletter-publishing platform that has championed this new model, takes 10% of the proceeds in return for handling distribution and billing. Launching a Substack newsletter today is like launching a blog 20 years ago, or a podcast five years ago, with one important difference: people are actually getting paid.

Titbits of information in these letters were often preceded by the words “it is said” or “I have heard”, emphasising the oral nature of the news they contained. Authors usually wrote slightly different letters to each subscriber, tailoring the contents to an individual’s interests. Sometimes they outsourced parts of the work: clerks would write out the bulk of the text – the bits that were common to each letter – before authors added comments and embellishments in their own hand.

The polite fiction was maintained that the newsletter was a private correspondence between two gentlemen

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