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Semafor, a global news publication that launched in late 2022, originally focussed on publishing e-mail newsletters. The rise of the newsletter was another strategy for building loyal audiences without relying on social media: rather than try to get readers to visit your Web site, you deliver your content straight to their in-boxes. But over time Semafor’s site has become more important. “It actually felt like a slightly counterintuitive choice to say, ‘We’re going to invest in building a Web page,’ ” Ben Smith, the co-founder of Semafor, told me. Smith was the long-running editor-in-chief of BuzzFeed News, a publication built to distribute content through social media. “We were convinced that home pages were dead. In fact, they were just resting,” he said. (The New Yorker launched a redesigned home page in late 2023, having reached a similar conclusion.)