Nobody Wants To Talk About Why The Ringer Is Pivoting To Substack

A media company launching a series of paywalled newsletters is not, on its own and on its face, a strange thing to do. AI’s ongoing cannibalization of online search is ravaging website traffic, and programmatic advertising doesn’t provide the kind of revenue it used to. If you were running a website like The Ringer, you might decide that it makes financial sense to put writing from some of your mo