Piece neglects an extremely important point. Ted says he has tens of thousands of subscribers, which I assume puts him into the top 20 newsletters, or close any

Piece neglects an extremely important point. Ted says he has tens of thousands of subscribers, which I assume puts him into the top 20 newsletters, or close anyway. On internet platforms a minority of creators reap outsized rewards and subscriptions are highly concentrated. He moved to a platform after decades of traditional publishing which got him the position he is in. It's like Taylor Swift starting her own record label and wondering why she keeps so much money now. Small creators rely on distributors for advertisement, management, organizing events, networking and so on, none of which Substack does and none of which Ted needs. I don't think going down that route is good advice for anyone who isn't already extremely big. It's like going from being a member of the actors guild to becoming a Twitch streamer. If you're really famous you can likely carry your readers over, otherwise you may have a problem.