That latter phrase is referring primarily to Substack and by extension to places like Beehiiv, if they're attracting any of the same people as a certain type of Substack.
First, I don't deny that fair chunks of the MSM is doing. Gannett's new deal with Reuters has the same Gannett lies as before about what the prospective savings will do. AP's lies earlier in 2024 about how little vs how much it still depends on US print journalism will come home to roost in 2025.
Among major individual papers, though I largely agree with with the non-endorsement angles of both of them, including the full background, the LA Times and Washington Post will both leak oil this year, and the Post is already shot itself in the foot again with how it's handling Ann Telnaes' resignation. It's leaking further oil since then; I'm no fan of Jennifer Rubin, but her leaving is another black eye.
Otherwise? Per The Hill claiming that Dustin Burrows' election as Texas Speaker of the House is a blow to the far right when it's really a blow to the far far right, is another reason the MSM, and its political analysis and news mags are failing. These people continue to willingly shift Overton Windows.
Then?
New Republic turning to semi-winger of old Mona Charen to discuss Bannon vs Musk? This is going to be a long four years if this is what the librul opinion mag version of the MSN thinks is hot stuff.
But? Back to Substack.
The Substacks I'm thinking about are largely single-issue, including some, like Simplicius, who has made the "MSM is dying" claim.
Whichever of "two sides," or rejecting "two sides," one takes on Russia-Ukraine, as the war (not "special military option") enters its third year, especially if Trump doesn't end it anywhere close to his first day in office, appetite for reading about it, except among the most rabid Uki-tankies/NAFO Nazis on one side, and Putinistias/Russia-tankies on the other, will continue to ebb.
There's only so often you can write about one side or the other gaining or surrendering a whole 10 acres of generally meaningless ground on the steppes of eastern Europe before people who aren't into war porn or weapons geekery have their eyes glaze over.
For the rest of the steppe winter and early spring, there will be no land breakthroughs, no major new weaponry or anything else.
And, assuming Trump, Putin and Zelensky come to no deal by April, there will be no big breakthroughs after that. Trump, his weathervaning and blather aside, will not make major cuts to current sanctions on Russia, though he won't add to them, either. China's Xi will do enough to continue to string Putin along, but major aid increases won't happen.
In fact, reports that Trump is behind the push for Ukraine to lower its draft age (a human capital version of "NATO members should pay more") is already throwing off the calculus of at least some Substackers, I'm sure. That said, Trump could still lessen the pipeline of US aid, and could still push for a deal with Putin. But, you know what? Trump has not said a thing about the Biden Adminstration's new sanctions on Russia's energy industry, including the so-called "ghost tankers." Now, Newsweek is trying to spin Trump's NSA designee Mike Waltz's push on the draft, saying that it could be setting a precondition for manpower to stabilize the lines. I don't buy it. See above; the lines are stable until at least April. Per "The Dissident" Substack, Trump gave private backing to GOP Congresscritters to vote FOR previous aid packages to Ukraine. And, we're again reminded that Trump 1.0 sold arms packages to Ukraine that Dear Leader Obama refused to do. Plus, Waltz has been a past supporter of the war. (As of a week ago, Simplicius was still saying "we'll wait and see" if this is Trump's policy or not; The Dissident's piece was from last year.)
Lather.Rinse.Repeat.
I pick that as a primary example, but other types of single-focus journalism will likely also struggle, if their single-focus isn't that big of an issue in terms of reader interest, and there's just not a lot new happening.
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That said, traditional MSM fellow-traveler opinion or analysis sites like Wonkette, having traveled to Substack, let alone the still-odious Never Trumper Jennifer Rubin leaving the post to pair with Norm Eisen, need to die as well, and probably will shrink, if not die.