It is a surprisingly resilient myth that there is an untapped audience crying out for boring, long-winded centrist content. Readers wanting longer articles already have Prospect Magazine for that or on the right StandPoint Magazine. Both publications lose more money than they have readers.

Guido’s iron rule of online media is that in the main those that have financial backing from patrons or venture capitalists lose money – because they can. Publications that survive only on the revenue they generate are successful and better reads – because they have to be. Britain has a number of digital publishing successes; Lad Bible, PinkNews and Mumsnet spring to mind. Profit is the only guarantee of sustainability and independence…