The “passion economy” thesis assumes that an audience will want everything a creator brings to market, the way viewers of the “Rachael Ray” show will often buy Rachael Ray cookbooks and cookware. But starting a newsletter does not immediately lead to speaking engagements, and not all writers can generate multiple distinct products. Yglesias told me... See more

In the past in the internet, you’ve seen platforms choose either to be ad-supported or to be subscription. In the future, I think you’re going to see ad-supported, subscription, and a la carte play key roles.