I am speaking to the broad media landscape. It’s not that there aren’t business models for some high quality journalism. But the current landscape and incentive structures lean broadly towards low quality content.

Just because it is a market outcome doesn’t mean that it is optimal.

Edit: it is also important to note that substack still hasn’t been proven out in the market. It is being subsidized but VC money, time will tell if it is actually something that would survive in the “free market”.