It’s funny how naive smart people can be sometimes. Take the founders of Substack, a US-based online platform that enables writers to send digital newsletters directly to subscribers. It also enables them to earn money from their writing if they wish to, though as far as I can see, most don’t.

I can personally testify to its merits. I’ve been a blogger for ever, but when Covid-19 arrived, I decided to also publish my blog as a free daily newsletter and started to look around for a way of doing that. Substack fitted the bill and it’s delivered the goods; I’ve found it reliable, stable and easy to use. The experience has also been illuminating because the engagement one gets with newsletter readers is significantly more rewarding than is the case with a conventional online blog.

Substack was founded in 2017 by two geeks, Chris Best and Jairaj Sethi, and a journalist, Hamish McKenzie. It grew rapidly, partly because it looked like a lifeboat to many journalists and writers who could see the writing on the wall for conventional media organisations. It enabled prominent hacks working for prestigious publications to monetise their celebrity, or at least get paid for writing online. (Substack had teamed up with the online payments processor Stripe to make it easy to charge some of the writers’ subscribers a monthly fee; if they did charge, then Substack took a cut of their earnings.)

Sometimes, those earnings can be substantial. In 2019, for........

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