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The business model is fantastic (especially under the Control perspective)
However, I think its main weakness is the low entry barrier, especially when it's something more generalist like Morning Brew. Everyone can create a newsletter these days; the only moat would be building a brand over time.
What do you think would be the best way to differentiate a newsletter in this case?
IMO you can't really differentiate it that much. All content-based businesses are hard to differentiate. I guess you differentiate through your own style but it's not as much differentiation as creating an innovative service or product that nobody else is doing.
As for the low barrier of entry, most online businesses have a low barrier of entry. But it's not about the barrier of entry in itself but about how easy it is to copy and steal your business.
If you have a newsletter about, say, investing in farmland, and someone else copies your topic, it's not like they can have the exact same thing as you do because it takes a lot of time to build a list and build a relationship with your subscribers.
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