There has been lots of talk about the current battle between “old” media platforms like The New York Times and upstart newsletters on Substack, and I believe tokenization could emerge as a key differentiator for forward-thinking media companies. Especially for new companies and products, allowing early subscribers to benefit from future upside can... See more

In a typical Act III, Substack would abandon intellectualism entirely. But it has an edge—a potential way out: the inbox is still Substack’s secret weapon.

Its direct creator-to-subscriber model can temper the algorithmic flattening that plagues other platforms. E-mail as a channel allows high-brow, middle-brow, and low-brow content to coexist... See more