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The two business models for written journalism that work are: (1) an NYT, WSJ, Washington Post style model (which only a few can successfully use due to limits on TAM) and (2) the model used Ben Thompson that I described here: google.com/amp/s/25iq.com… I explain why in the link.
The physical printing presses created scarcity which generated newspaper pricing power. Only innovation that replicates scarcity in some way restores pricing power. News is no longer rival or excludable. Good writing and analysis is scarce, but TAM only supports a few like NYT.
"There are all kinds of wonderful new inventions that give you nothing as owners except the opportunity to spend a lot more money in a business that’s still going to be lousy. All of the advantages from great improvements are going to flow through to the customers.” C. Munger
