I think this generalizes to: can't be fired, can't be downsized, can't be denied a promotion, etc.

Granted, you're biting off many of the standard running-a-business risks, but in return for that you get an outcome curve shaped like running a business. https://twitter.com/paulg/status/1265216265347629056
I think that talent and industry hasn't quiiiiiiiite grappled with the consequences of this yet, to be perfectly honest.
There are industries (Hollywood, music, etc) which is aware that their talent is independently bankable, and which have industry norms and contractual protections against e.g. Britney Spears just deciding one day to say "I have a monopoly on being Britney. Deal with it."
This is far less the case with e.g. the tech industry or traditional media publishers, particularly as the talent starts to do jobs which asymptotically approach running media companies anyway.
If you were to draw out the salary bands versus level of personal brand for, I don't know, the New York Times, I predict that there are many somebodies in a part of the curve where anything other than "Here are *all* plums we can offer you" should result in Substack.
And I can hear an argument sounding like "Well, what about all the work that e.g. the Times put into developing you as a writer, giving you a platform, helping you recruit X0,000 true fans, etc etc? Don't you owe us some loyalty?"

It's not an intrinsically silly argument?
You could probably imagine sophisticated publishing firms dealing with each other have sophisticated operational processes, legal review, etc etc, and I think that will increasingly be a thing as time goes on for talent.
*scene: salary negotiation*

Recruiter: And we have 401-k matching.
Candidate: Get the IP lawyer in here; I have a much more important issue.
Lawyer: Shoot.
Candidate: I want you to understand you are *leasing* my audience not *hiring me* to develop yours. Write that down.
Legal: Haha what?
Candidate: We're going to work together for a few years, happily, and then on my last day I'm going to ask you for an export of my email list.
Legal: You mean our email list.
Candidate: We are both professional communicators and misspeak very infrequently.
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