Clearly, the traditional business model of news has long been under severe strain, if it is not already completely broken. The top 10 writers at Substack make over US$15 million (RM61.6 million) annually after paying a 10% fee to the platform’s management. Put it another way, top Substack writers are making on aggregate US$1.5 million a year each and they are just getting started on monetising their work. With a growing base of writers and readers, Substack is now building a network of sorts that writers and readers can use to their advantage. Competition means fees that journalists pay Substack and its ilk will fall and the huge million-dollar advances they command will only grow.

Source: The Edge Markets May 26, 2021 08:03 UTC