Didn't Playboy do something along those lines, years ago?  I recall 
Harlan Ellison publishing with them at least once.

Jonathan Sherwood wrote:
> Does it have anything to do with the stigma SF/fantasy has garnered? 
> There is a sense of pride in paying to go to the opera, but an SF book 
> is more often thought of as a guilty pleasure.
>
> Here's a thought experiment: A super-wealthy individual pledges to 
> underwrite a spec lit magazine, paying $1 a word - prime rate, as good 
> as the New Yorker. Would that magazine then attract writers from 
> "reputable" genres into the SL fold? Would SL start to lose its ghetto 
> stigma and become someone someone would be proud to pay for?
>
>
> --
> Jonathan Sherwood
> Sr. Science & Technology Press Officer
> University of Rochester
> 585-273-4726
>
>
> On Thu, Aug 6, 2009 at 10:50 AM, cd <[email protected] 
> <mailto:[email protected]>> wrote:
>
>
>     I just wish we had numbers.  How many subscribers did they have?  What
>     was their overhead?  Etc.  Same for Strange Horizons, EscapePod, etc.
>     An estimate of those would really help understand what's possible and
>     what's not.
>
>     (I confess I was always annoyed by the Baen rejection letter, which
>     seemed to me to betray a misunderstanding.  It says in it that they
>     are trying to compete with Joe Six Pack's beer money.  But that's not
>     right.  Joe Six Pack already bought cable, it's sunk cost, so you're
>     competing with Joe Six Pack's "free" (no additional cost) Stargate
>     episode or Mansquito.  And that's a very different thing.  I'm not
>     sure short fiction can compete with free Stargate, for someone who
>     wants to watch Stargate.  I mean, let's face it, compared to Mansquito
>     reading a short story is work.  Now, this might have just been a
>     figure of speech for Baen -- Baen has a solid audience of military sf
>     fans, and they could, or at least should, have been targeting those if
>     self-sufficiency was their goal.)
>
>     Also:  is there an audience problem here?  Do SF audiences not feel
>     that they should pay for SF?  Something like McSweeneys, or any part
>     of the not-broadway theatre world, or the ballet, or classical music,
>     or all of poetry, or much of jazz, survive because there are audiences
>     ("fan bases") that feel they have to invest in these things.  I gather
>     that that feeling is completely absent from almost all SF fans.  Maybe
>     we need to train our audience.
>
>     cd
>
>
>
> >

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