the success of these publications does not begin to make up for the loss of tens of thousands of journalism jobs over the past two decades. But the newsletter economy has managed to do what nothing else has over the same time period — create a popular, lucrative, replicable, stable format for journalism. And in a moment where the industry faces so many threats, from declining traffic and revenue to the assault on free speech from the Trump administration, that’s worth celebrating. (View Highlight)