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Maybe Substack has several problems!

There’s ongoing discussion about a Nazi problem. Is there a business model problem as well? Joshua Brustein at Bloomberg thinks so:

The writers largely handle their own distribution and retain control over their subscriber lists. It’s not a big problem for them to migrate to other newsletter publishing services, some of which are more cost-effective.

There is something bigger at play: a leadership problem. Hamish McKenzie’s response to the outcry around extremist newsletters triggered the exodus. Who made the design call to make it easy to leave? Leadership! What about Substack’s spending choices? Hm!