The media industry has been among the hardest hit by the pandemic. In the U.S., the media industry was besieged by more than 30,000 job cuts in 2020—an increase of more than 200% over 2019 levels. Overall sentiment related to the media industry—especially social media—has also taken a nosedive. From these ashes, a new era of media is seemingly being born—the rise of newsletters, led by Substack.
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