Simon Owens covers the media industry for his Substack newsletter and podcast The Business of Content. He writes about how publishers create, distribute, and monetize their digital content. There's this misconception that the average newsletter reader is clamoring to pay for content, when in reality converting a free reader into a paid subscriber is like pulling teeth. We discuss this, tactics that newsletter operaters should think about, where we think Substack is going, and the state of the newsletter business in 2021.