What’s the TAM for paid newsletters?

News broke yesterday that Substack, the popular newsletter publishing tool, called off fundraising plans for a Series C after a raise at its price target failed to materialize. The company’s revenue base, when compared with its hoped-for valuation, was too small to support the numbers that the startup had in mind.
This is not a unique story. Many startups that raised at high prices last year will run into snags as they try to attract capital at new, higher valuations. The why in this case has been the topic of conversation in technology circles for months now. In short, market conditions

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