There is a growing discussion about the reasons for the increasing number of workers taking on extra jobs.
One theory points to the way technology and social media have made it easier to begin, and market, a side hustle online. In fact, one new trend might be replacing quiet quitting as the biggest source of irritation for employers.
DON'T MISS: Beyond 'Quiet Quitting': Another Workplace Trend Is Making Employers Even Angrier
Another theory about why people are taking on extra work suggests it's a simple matter of economic necessity. The cost of living, inflation and employment uncertainty have created the need for more income just to make ends meet.
One tool that involves creativity and technology has been around for decades, but is now experiencing a resurgence in popularity.
"Have you noticed that at the end of almost every Tweet, LinkedIn post, or Instagram post, creators seem to be asking their audience to subscribe to their newsletter?" asked AJ Eckstein of Fast Company on May 30.
"In 2020, Insider purchased a majority stake in Morning Brew (which at the time had 4 million subscribers), valuing their business at $75 million. And in 2021, Hubspot acquired The Hustle (which had some 1.5 million subscribers) in a deal worth $27 million," Eckstein explained.
"This trend of companies acquiring niche newsletters appears to be accelerating," he continued. "This year, a crypto newsletter, Milk Road, and its 250,000 subscribers was acquired just 10 months after launching."
Milk Road was acquired by Bitfo, a cryptocurrency media company, in December 2022.
Eckstein believes newsletters will continue to be a popular side hustle in the near future.
"To put it simply, there is no marketing channel more intimate than a newsletter," he wrote. "In a world of increasingly cluttered marketing channels, newsletters offer a unique opportunity to reach your audience directly. Unlike banner ads or social media campaigns, which are often seen by a wide range of people, newsletters are delivered directly to the inboxes of people who have opted in to receive them."
Josh Kaplan, co-founder of The Publish Press newsletter, said brand money is becoming more committed to newsletters.
Kaplan has seen a "huge appetite from brands wanting to sponsor our newsletter since brands see creators as the next class of small to midsize businesses. We are able to sponsor about 70% of our newsletter editions," Fast Company reported. "The Publish Press (which has 60,000 subscribers) charges $7,000 for a primary ad slot and $2,000 for a listed ad," Kaplan reportedly explained.
Newsletters also offer authors a sense of ownership.
"2023 brings a new class of creators -- ones that don’t want to build solely on rented land," he said. "Owning an email newsletter offers more ownership over your audience whereas social media platforms control your distribution and can be unstable."
Monetization is also a factor, Eckstein wrote. Here's one way he explains it.
Even newsletter distribution platforms have weighed in on the multitude of monetization options newsletter creators have today. Tyler Denk, CEO of Beehiiv, says that “there are several ways to monetize newsletters. With just a few subscriptions and an occasional ad, you can quickly turn a profit for your newsletter.”
Beehiiv helps creators monetize their newsletters through premium subscriptions. Denk shared that Beehiiv has facilitated $1 million in earnings paid out to newsletters in paid subscriptions and $100k paid out to newsletters for ads. The largest newsletters source their own ads, says Denk, adding that he believes that these newsletters generated up to seven-figures in ad revenue in just the past year.
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