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I checked my font folder and I have 343 Type One fonts.
That's over $10,000 in fonts that will no longer be supported by Adobe.
I can't even being to count the number of documents that includes.
Why are they doing this?
I am less than happy.
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(In case you missed my answer where you posted the same question here.)
Basically, Type 1 fonts have become a depreciated format. You can read Adobe's notice here about the decision. https://helpx.adobe.com/fonts/kb/postscript-type-1-fonts-end-of-support.html
So, starting in January 2023, any PostScript Type 1 fonts will not appear in your font list. Any documents using PostScript Type 1 fonts will trigger a “missing font” error when opened. This is certainly a big challenge for many in the design community. The best thing you can do is start now in making your font replacements, as many of us have been doing since this notification. We're consciously choosing alternate font types (TrueType or OpenType fonts) for new projects, and disabling Type 1 fonts from our systems as we find replacements. I'm sorry the news isn't any better than that.