I read an a16z blog post on the thesis behind their investment in substack, which is the belief that there will be this big “passion” economy where millions of people will be able to make careers out of making podcasts, writing, etc. I don’t really buy it.

These things are tools that lower the barrier of entry to creating but that alone doesn’t generate mass demand for creators. You will see power laws apply just like it does in many situations, and there will be a handful of people who can pull six or seven figures in something like writing a paid email newsletter.