Bundling reacts to differentiated desires by creating a less differentiated publication that’s fairly valuable to everyone. But as the cost of the reader’s time rises, focus pays off. And the subscription newsletter model makes it easier than it’s ever been to profitably focus on exactly one topic, and build a one-person monopoly.

Chris Anderson published his hit book The Long Tail, arguing that the breadth of the Internet made it possible for niche businesses, products, and content to thrive. Popularity was a curve rising exponentially toward the left side of a graph; Anderson predicted that the long, flat part of the curve, with diverse but relatively unpopular things, wou

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