Deep Questions with Cal Newport Ep 387: Can Substack Save Journalism? + Viral Advice for Ignoring Your Phone
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Jan 12, 2026 The discussion dives into Paul Krugman's successful Substack venture, exploring its potential to reshape journalism. Key statistics reveal his impressive subscriber count and revenue, sparking debates about the viability of paid newsletters. The risks of platform concentration are highlighted alongside the benefits of independent journalism. In a practical segment, viral advice on reducing phone usage is shared, emphasizing the importance of enriching life to curb smartphone dependency. Cal also addresses using ChatGPT for reading and offers insights on effective notebook strategies.
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Krugman’s Substack Breakaway Success
- Paul Krugman left the New York Times and launched a Substack that reached ~505,000 subscribers.
- Cal estimates even a 3%–10% paid conversion likely puts Krugman into seven-figure annual revenue.
Small Conversion, Big Revenue
- Substack reports 3%–10% typical paid conversion from total subscribers to paid.
- Even at 3% of 500k subscribers, Krugman could earn roughly $1.26M/year from $7/month subscriptions.
Treat Newslettering Like a Job
- Run a newsletter like a full-time job: write frequently and refine each piece.
- Stretch ideas, write quickly, and play the long game to grow subscribers.
