In a strategic move to engage a new and distinct audience, as well as take note from the creator economy, The Economist has launched its data journalism newsletter, “Off the Charts,” on Substack. This decision to venture beyond its traditional paywalled ecosystem offers a fascinating glimpse into how a legacy publisher is adapting to the evolving digital landscape. I sat down with Aaron Coultate, Head of Newsletters at The Economist, to discuss the thinking behind this exciting initiative.
Context: an innovative idea for an established product
The idea to launch “Off the Charts” on Substack was born from a great collaboration between the editorial and commercial teams. The core idea? To find a new way to reach potential readers who are interested in a specific area of The Economist’s content but might not be ready to commit to a full subscription just yet.
“Off the Charts” was the perfect candidate for this experiment. It originally launched as a free newsletter back in 2021 before being moved behind the paywall as part of the core subscription. But the vibrant data journalism community that had grown around it was too compelling to ignore. This new Substack launch, which was in the works for several months, is a deliberate effort to both create a new revenue stream and nurture that niche audience.
Platform: why Substack?
A key question for me was why The Economist chose to build an audience off-platform. Aaron explained it’s all about meeting readers where they are. He pointed out that Substack’s audience is growing fast, with over 5 million users, and many of them are already huge fans of data visualization and journalism.
But it wasn’t just about the numbers. Substack’s unique features for discovery, recommendations, and community interaction played a significant role in this decision. As Aaron put it, Substack’s approach is far more dynamic than a simple email newsletter, which can often lack those crucial community-building elements.
Editorial: from ‘Hive Mind’ to a team with personality
The Economist is famously known for its “hive mind” editorial approach, where the content is unsigned and represents a collective voice. However, newsletters have always been a place where the brand has experimented with giving its journalists a face and a voice. “Off the Charts” nails this perfectly, giving you an exclusive, behind-the-scenes look at how the data team creates its stunning work.
While many might associate the creator economy with a single, star personality, Aaron believes “Off the Charts” works because it offers a collective personality. He explains that the newsletter features a rotating cast of data journalists, each with their own unique style and expertise. This approach means readers get to know the entire team, not just one writer, which reinforces the collaborative spirit of The Economist’s newsroom. Thanks to this strategy, the newsletter feels personal and engaging, without relying on a single writer’s brand.
It’s all part of a bid to show the people behind the brand, just like their recently-announced “Insider” video product for paying subscribers. Insider will feature two weekly shows and a newsletter hosted by The Economist’s senior editors, giving subscribers behind-the-scenes access to editors and journalists, showcasing the expertise, deeply informed analysis and diverse opinions within the editorial team.
Strategy: a balancing act of free vs paid
When it comes to success metrics, Aaron is clear that this is an experiment, and they will be carefully analyzing the results over the coming months. Success will be measured by both free and paid subscriber growth on Substack, as well as engagement within the platform, such as comments and note interactions.
The Economist is being smart about how they balance the free and paid offerings to avoid any risk of cannibalizing their core subscription.
- The free Substack offering includes the weekly newsletter, which is also sent to core The Economist subscribers.
- The paid Substack subscription, which costs £7 per month, offers two additional pieces of data journalism and access to the full archive and a community comments section. The articles in the paid offering are identical to those available to all The Economist subscribers.
Aaron emphasized that the goal right now is to build a standalone product that provides value on its own, not just to act as a funnel for their main subscription. The initial focus is to make the Substack experience as compelling as possible. In a few months, the team will review the data to decide what’s next—whether it’s more platform-specific content or other ideas to engage the community.
This innovative, data-driven approach to a new platform shows that even a legacy brand can be agile and experimental. It’s a bold and exciting move that we’ll be watching closely!
