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April 15, 2021Substack and Facebook have also announced local newsletter initiatives in recent weeks. Mohamed said he and Wilkinson had a laugh at all the fanfare around the Substack Local announcement, which promised $1 million split between “up to 30” local news writers. (We wrote about the announcement, which would leave local journalists with around $30,000/year before benefits or other costs.) Overstory, meanwhile, estimates it’s investing about $500,000 into each new publication, including salaries, benefits, and legal support for journalists from day one.
Mohamed says the idea is to make every brand sustainable within 12 to 16 months. (From the “Join Us” page: “We understand ideas are cultivated and quality doesn’t happen overnight, so we’ll give you the time to create thoughtfully for your community.”) Overstory will drive membership and audience growth and provide technology and legal support but expects to leave editorial decision-making to individual publications.

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