Source: Simon Owens's Media Newsletter
Noah Smith's admission that Substack's paid model has reduced his reach and impact cuts against the platform's core claim: that direct reader relationships generate sustainable income without sacrificing influence. The tension is real. Charging money shrinks your audience, which diminishes your ability to shape public conversation or attract high-profile collaborators. Writers face a choice between revenue and relevance. This exposes a miscalculation in Substack's pitch to ambitious writers—especially those whose influence depends on cultural cachet rather than niche expertise.