“2021 will be the year that publishers start to form strategies to deal with the Substack Problem. By that, I mean they’ll need to find ways to discourage their star writers from leaving to launch their own Substack newsletters. In the most likely scenario, they’ll make deals with writers to launch the newsletter under the banner of the media company. They might structure the deal so the writer gets to keep their current salary and then some percentage of the subscriber income they generate – similar to the advances and royalties that book publishers dole out. This will be enticing to the writers because they get to maintain job security while also benefiting directly from their success. They can also grow their audience much more quickly with the help of the media company. It’s a win win for both parties.”

Simon Owens, on his Substack, which I highly recommend subscribing to