The news industry is facing financial challenges due to news fatigue, an unsteady advertising market, and a decline in tech giant traffic. However, a small group of for-profit digital media companies, including Puck, Punchbowl News, The Ankler, and Semafor, have found success by taking the opposite approach of their predecessors. These start-ups focus on newsletters covering specific niches with broad appeal and have attracted top journalists by putting them at the heart of the enterprise. Start-ups in the media industry are focusing on sustainable growth through ads, paid subscriptions, and sponsored events. They target high-income readers and follow a path similar to tech websites like The Information or Politico. Other early tractions include Substack newsletters, worker-owned publications like Defector and Hell Gate, and older digital outlets like Vox Media.