I agree with the gist of your comment but I do think that the individual efforts of those on substack (and future, similar types of pages) will eventually find

I agree with the gist of your comment but I do think that the individual efforts of those on substack (and future, similar types of pages) will eventually find that most of them will need to band together to form small networks in order to keep paying subscribers at a reasonable level--this may partially mitigate the problem you're citing by kind of re-creating online magazines / newspapers. At first, this will just be combining a number of opinion pages, but I could imagine a future where these groups can hire staff and expand into the massive hole that traditional news media has left behind with reporting. The huge players (Sullivan, Taibbi, Greenwald, etc) may be able to continue on their own, but I just don't think there will be enough revenue for every journalist to make a good living with a personal substack.