Money Breaks Things 💸
As Substack reports a million paid subscribers to its newsletters this week, I’m often left wondering what might have happened to the newsletter space had Substack remained a business that only grew as its audience did.Substack started out as a company with a pitch that anyone who wanted to could start a paid newsletter and, with the right amount of work, claim financial independence. But at some point, the company broke this essential model by beginning to accept venture capital money, culmina…