defaults are fragile when they stop serving the people who depend on them
In the evolving ecology of independent media, The Ankler — Janice Min's influential Hollywood business newsletter — has chosen to leave Substack for a new platform built by Ben Thompson, the analyst behind Stratechery. The move reflects a quiet but meaningful maturation in how serious publishers think about infrastructure: not as a given, but as a choice. Where once Substack represented the only credible path for independent journalism, a growing number of established voices are now asking whether the terms of that path still serve them.
- The Ankler, essential reading for Hollywood insiders, has walked away from Substack — a platform once considered the unquestioned home of independent newsletter journalism.
- The departure signals real friction beneath the surface: evolving platform terms, content moderation controversies, and shifting economics have quietly eroded Substack's status as the default.
- Ben Thompson — whose own Stratechery newsletter is a benchmark of independent media success — has built an alternative platform designed specifically for serious publishers who want different features or better terms.
- The Ankler's stature gives this move outsized meaning: when a publication of this caliber leaves, it tells the rest of the field that leaving is possible.
- The independent media landscape is fragmenting — not in crisis, but in maturation — as publishers treat distribution infrastructure as a strategic decision rather than an inherited assumption.
The Ankler, Janice Min's widely-read newsletter covering the business and politics of Hollywood, is leaving Substack for a new publishing platform created by Ben Thompson, the media analyst and founder of Stratechery. The move marks a notable moment in the ongoing evolution of independent media.
Substack launched in 2017 with a compelling promise: writers could own their audiences, earn subscription revenue, and operate independently. For years, it functioned almost as a default — the place serious journalists went when they chose to go it alone. Thousands followed. But as the platform matured and its terms shifted, some established publishers began quietly reconsidering.
Thompson's new platform arrives at precisely this moment of recalibration. Built with the credibility of someone who has long studied and practiced independent media, it offers publishers an alternative designed around the needs of serious operations — whether that means better economics, different technical capabilities, or simply a different set of terms.
What exactly drove The Ankler's decision remains unclear, but the significance of the move is not. This is not a marginal newsletter making a quiet exit — it is an influential publication with a loyal, paying readership choosing to leave. That choice signals that Substack's dominance in the newsletter space is no longer inevitable.
None of this amounts to Substack's collapse. The platform retains thousands of successful newsletters and genuine community infrastructure. But the independent media landscape is becoming less monolithic. Publishers are now actively evaluating their options, and The Ankler's departure is one clear data point in a broader drift toward fragmentation, choice, and strategic thinking about how independent journalism gets built and sustained.
The Ankler, the entertainment industry newsletter that has built a substantial following covering Hollywood's business side, is leaving Substack. The move takes the publication to a new platform created by Ben Thompson, the media analyst and founder of Stratechery, marking a notable shift in how at least one prominent independent publisher is choosing to distribute its work.
The Ankler's departure from Substack reflects a broader recalibration happening across independent media. Substack, which launched in 2017 as a platform for writers to build direct relationships with subscribers and earn revenue, became the default home for newsletter-based journalism over the past several years. Thousands of independent journalists, critics, and commentators moved there, attracted by the promise of owning their audience and keeping a substantial cut of subscription revenue. But as the platform matured and its terms evolved, some established publishers began exploring alternatives.
Ben Thompson's new platform enters a landscape where the initial Substack enthusiasm has given way to more pragmatic assessment. Thompson, whose Stratechery newsletter has long been a model of independent media success, has created infrastructure designed to appeal to publishers who want different features, different economics, or simply different terms than Substack offers. The platform represents an attempt to capture publishers at a moment when they're reconsidering their distribution strategy.
The Ankler's decision to move carries weight because the publication is not a marginal player. Founded by journalist Janice Min, the newsletter has become essential reading for entertainment industry professionals and observers, covering the business and politics of Hollywood with the kind of insider access and analytical depth that builds loyal, paying audiences. That a publication of this stature would leave Substack signals that the platform's dominance in the newsletter space is not inevitable.
What specifically prompted the Ankler to make the move remains somewhat opaque from the available information. The publication could be seeking better revenue terms, different technical capabilities, or simply the independence that comes with operating on a platform built by someone with deep credibility in media analysis. Thompson's involvement suggests the new platform is designed with the needs of serious publishers in mind, rather than as a general-purpose newsletter host.
The broader significance lies in what this portends for the independent media ecosystem. For several years, Substack functioned almost as a default choice—the place where writers went when they wanted to go independent. But defaults are fragile. As Substack has matured, faced criticism over content moderation decisions, and adjusted its business model, alternatives have become more viable. Thompson's platform, backed by his reputation and his understanding of how independent media actually works, could attract other established publishers reconsidering their infrastructure.
This is not a story of Substack's collapse or imminent irrelevance. The platform remains home to thousands of successful newsletters and has built genuine network effects around its community features. But it is a story of the independent media landscape becoming less monolithic. Publishers are now actively evaluating their options rather than accepting Substack as the only serious choice. The Ankler's move to Thompson's platform is one data point in a larger shift toward fragmentation and choice in how independent media gets distributed and monetized.
The Hearth Conversation Another angle on the story
Why does it matter that one newsletter left Substack? Isn't that just a business decision?
It matters because The Ankler isn't a marginal voice—it's essential reading for people who work in entertainment. When a publication of that caliber moves, it signals that Substack's dominance isn't automatic anymore. It's a choice, not a default.
What changed? Substack seemed like the obvious home for independent publishers just a few years ago.
It still is for many. But as Substack matured, the terms shifted. Revenue splits, content moderation, feature sets—publishers started asking whether there were better options. Thompson's platform is betting that there are.
Is this about money?
Probably partly. But it could also be about control, features, or just wanting to work with someone who understands media economics from the inside. Thompson isn't a tech platform founder trying to figure out publishing. He's a media analyst who built a successful independent publication.
Does this mean Substack is in trouble?
Not necessarily. But it does mean the era of one obvious choice is ending. Independent publishers are now actively comparing options instead of just accepting the default.
What happens next?
Watch whether other established publishers follow. If they do, you're looking at a real fragmentation of the independent media space. If The Ankler stays alone, it's just one publication making a different choice.