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Substack Entrapment Theory

Google Zero killed the open web, ChatGPT isn’t replacing lost traffic, and superstar talent is a phenomenally difficult business. Digital media companies trying to stay upright are belatedly turning to creator-first subscription platforms in search of sustainable, niche audiences—without realizing that they’ve seen this movie before.

Hamish McKenzie, Substack
Like every platform, Substack is focused on its own growth, encouraging people to post notes and treat the app almost like X, which drives engagement but doesn’t necessarily convert engagement into dollars. Even co-founder Hamish McKenzie declared last month that Substack is a social network where people can “post a haiku or share a beautiful image.” Photo: Shedrick Pelt for The Washington Post/Getty Images
Julia Alexander
November 28, 2025

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Any media executive can attest to just how biblically weird the industry landscape has become: Information has been fully commoditized, once-almighty search referral has become roadkill on the A.I. superhighway, and people get their news from a ChatGPT query or a singing SpongeBob SquarePants fish on TikTok. Meanwhile, some of the most prominent mainstream journalists and commentators are now making a living on Substack, YouTube, and even Patreon. Parasocial audience relationships are at the center of a new media ecosystem where authenticity matters as much, or more, than legacy institutions.