Yet, some rebundling is already underway. It’s exhausting for a single creator to maintain a Twitch channel or Substack newsletter at scale. As their audience grows, creators might recruit a small team to edit their content and moderate their community. They might also own a live channel or newsletter with other creators to split the work.

Some users have already burned out, which raises the question of how many people with a coveted pro deal will find Substack’s grind unsustainable once they exhaust their advances. At the same time, many other writers simply won’t be able to make a living on Substack no matter how hard they try. But nevertheless, Substack’s growing cast of luminarie... See more