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Substack

Substack is a subscription-based online platform founded in 2017 by Chris Best, Jairaj Sethi, and Hamish McKenzie in San Francisco, California, designed to enable independent writers, podcasters, and video creators to publish content and monetize directly through reader subscriptions without reliance on advertising or institutional gatekeepers.^[1]^[2]^[3] The platform provides tools such as email newsletters, a social feed called Notes for discovery and interaction, private chats for communities, and live video features, while allowing creators full ownership of their content and subscriber data for portability.^[3] By 2025, Substack has expanded rapidly to over 5 million paid subscriptions, reflecting annualized revenue approaching $45 million, with significant internal growth in subscriptions originating from recommendations and discovery within the platform.^[4]^[5] It has emerged as a prominent alternative to legacy media and social networks, empowering writers to sustain careers through direct patronage and fostering niches in politics, culture, technology, and empirical analysis often sidelined elsewhere.^[1]^[6] A defining characteristic of Substack is its restrained content moderation policy, which prohibits only material inciting violence or violating basic terms like plagiarism, rather than viewpoint-based censorship, enabling diverse and contrarian perspectives but provoking backlash from proponents of broader platform controls on controversial topics.^[7]^[8] This approach has positioned Substack as a hub for unfiltered discourse, though it led to targeted removals of extremist accounts in 2024 following policy reviews amid public pressure.^[9]^[10]

Origins and Development

Founding and Initial Concept

Substack was founded in 2017 by Chris Best, Jairaj Sethi, and Hamish McKenzie in San Francisco, California.^[1] Best, who served as co-founder and CTO of the messaging app Kik Messenger—which grew to over 300 million users—provided technical leadership, while Sethi contributed as a principal developer from Kik.^[11] ^[1] McKenzie, with experience in journalism and writing, focused on the platform's content strategy.^[1] The initial concept addressed frustrations with social media's dominance in content distribution, where algorithms and platform policies often disrupted creators' relationships with audiences.^[12] The founders envisioned a direct publishing model centered on email newsletters, allowing writers to own their subscriber lists, publish without intermediaries, and monetize via optional paid subscriptions.^[1] This approach emphasized email as a stable, permission-based channel over algorithm-dependent feeds, enabling creators to build sustainable independent practices.^[12] Substack launched publicly on October 16, 2017, with its first publication, Bill Bishop's Sinocism, a newsletter on Chinese affairs that quickly generated significant revenue and validated the model's viability.^[13] Early development prioritized building reliable email delivery infrastructure and web publishing tools, initially targeting enterprise needs before pivoting to support individual writers.^[1] Backed by Y Combinator and venture firm Andreessen Horowitz, the platform positioned itself as a tool for "sovereign writers" seeking autonomy from traditional media gatekeepers.^[12]

Early Expansion and User Adoption

Substack's public launch in October 2017 featured Bill Bishop's Sinocism as its inaugural publication, which rapidly attracted over 30,000 subscribers and generated six-figure revenue within its first day, demonstrating early viability for paid newsletters among niche audiences focused on topics like China analysis.^[13] ^[1] Initially selective in onboarding writers, the platform shifted toward broader accessibility by opening registration to all creators in early 2018, coinciding with its acceptance into Y Combinator's Winter 2018 cohort, which provided resources and networks to refine operations and attract independent publishers.^[1] ^[13] This period marked accelerating user adoption, as writers increasingly valued Substack's infrastructure for direct email delivery, payment processing, and a 10% fee structure that minimized intermediaries compared to legacy media platforms. By October 2018, Substack had cultivated 25,000 paid subscribers and 150,000 paid active readers, reflecting organic growth through referrals and the platform's emphasis on writer-reader bonds over algorithmic curation.^[1] Early adopters included journalists and specialists in technology, politics, and culture, such as Daniel Ortberg and Judd Legum, who leveraged the tool to bypass editorial gatekeeping and build sustainable incomes via subscriptions.^[13] Into 2019, adoption expanded as Substack processed millions of dollars in annual payments, supporting over 50,000 subscribers across publications and enabling diverse content formats without institutional biases.^[13] The platform's appeal lay in its causal focus on incentivizing quality through direct financial accountability—writers earned primarily from reader payments rather than ad revenue—fostering a merit-based ecosystem that drew creators seeking autonomy amid declining trust in mainstream outlets. This foundational traction, unburdened by heavy marketing, positioned Substack for scaled growth by empowering empirical validation of content value via subscriber metrics.^[1]

Key Milestones and Strategic Shifts

Substack was founded in 2017 by Chris Best, Jairaj Sethi, and Hamish McKenzie, with Best serving as CEO, Sethi as CTO, and McKenzie as chief writing officer.^[2]^[1] The platform initially launched as a tool for independent writers to publish newsletters and build direct subscriber relationships, emphasizing creator control over content and revenue.^[1] Early growth accelerated in 2020 amid the COVID-19 pandemic, as remote work and digital media consumption surged, drawing high-profile journalists disillusioned with traditional outlets.^[1] By 2021, Substack enabled podcasts, expanding beyond text newsletters to audio formats and attracting creators like Bari Weiss, who left The New York Times.^[1] That year, the company raised a $65 million Series B round led by Andreessen Horowitz at a $585 million pre-money valuation, funding further platform development.^[1]^[14] A strategic commitment to minimal content moderation was articulated in December 2020, prioritizing free speech and rejecting viewpoint-based censorship, which differentiated Substack from platforms enforcing stricter ideological controls.^[15] This stance faced backlash in late 2023 when critics highlighted tolerance for extremist content, prompting Substack to remove accounts inciting violence—such as Nazi extremism—while defending against broader deplatforming demands, affirming removals only for direct violations like spam or illegal calls to action.^[10]^[9] The policy preserved creator autonomy, though it drew accusations of inconsistency from outlets like The Atlantic and The New York Times, which Substack leadership countered as pressure to align with prevailing biases.^[16] In April 2023, Substack introduced Notes, a short-form social feed akin to Twitter, fostering real-time engagement and discovery among users.^[17] By mid-2025, the platform surpassed 20 million monthly active subscribers and neared 6 million paid subscriptions, reflecting sustained adoption.^[18]^[19] A July 2025 $100 million Series C funding round, led by the Chernin Group, signaled a pivot toward social networking features, including enhanced app capabilities and recommendation algorithms driving 40% of subscriptions, to counter competition from integrated social media ecosystems.^[20]^[21] This shift aims to evolve Substack from a publishing tool into a comprehensive creator economy hub, while maintaining its core direct-monetization model.^[22]

Platform Architecture and Features

Core Publishing Capabilities

Substack's core publishing capabilities center on a user-friendly editor that enables authors to compose and distribute content directly to subscribers via email, with simultaneous archiving on a dedicated web page. The platform supports standard text-based posts formatted using a toolbar for bold, italics, headings (up to six levels), bullet points, numbered lists, hyperlinks, and blockquotes, allowing for structured, readable newsletters without requiring HTML knowledge.^[23] ^[24] Authors can insert images by uploading files or linking from external sources, with automatic resizing and optimization for email compatibility.^[23] Multimedia integration extends to embedding videos from platforms like YouTube or Vimeo, as well as audio clips, facilitating podcasts and enriched posts.^[23] Dedicated post types include discussion threads for threaded conversations, audio-focused podcasts with episode artwork and transcripts, and video posts supporting direct uploads or embeds.^[25] A mobile editor, introduced in July 2024, allows basic text and image publishing from iOS and Android apps, enabling on-the-go creation.^[26] Upon finalizing a draft—saved automatically and accessible via the dashboard—authors preview the post for email and web rendering before publishing, which triggers immediate delivery to all or segmented subscriber lists (e.g., free versus paid).^[27] Content is hosted on a customizable publication page with SEO-friendly URLs, ensuring discoverability without reliance on external algorithms for initial distribution.^[28] This email-first model prioritizes owned audiences, as subscribers receive posts directly in inboxes, bypassing intermediary feeds.^[29]

Monetization and Economic Tools

Substack's primary monetization mechanism for creators is through paid subscriptions, allowing writers, podcasters, and other publishers to charge recurring fees for access to premium or exclusive content while offering free tiers to build audiences. Creators set their own subscription prices, with Substack recommending a minimum of $5 per month to encourage sustainable pricing models that reflect the value of independent work.^[30] ^[31] This direct-to-reader approach bypasses traditional advertising or intermediary dependencies, enabling earnings such as $60,000 annually from 1,000 subscribers at $5 monthly.^[31] The platform deducts a 10% fee from gross subscription revenue to cover its services, with the remainder processed via Stripe, which applies standard payment fees of 2.9% plus $0.30 per transaction and an additional 0.7% for recurring billing as of July 2024.^[32] ^[3] This structure results in creators retaining approximately 86% of subscription revenue after all deductions, with no upfront costs to the publisher—Substack earns only when creators do.^[3] ^[33] Payouts occur monthly through Stripe once a minimum threshold is met, typically after a brief holding period to verify charges, providing predictable cash flow tied directly to subscriber retention.^[34] Economic tools include customizable subscription tiers, enabling differentiated perks such as ad-free access, archives, or bonus content to segment audiences and maximize revenue per user.^[35] Built-in analytics dashboards track key metrics like subscriber growth, churn rates, and lifetime value, aiding data-driven decisions on pricing adjustments or content strategies.^[36] Integration with Stripe facilitates global payment acceptance, tax handling, and fraud prevention, while features like subscriber gifting or one-time pledges supplement recurring income without altering the core subscription model.^[37] These tools emphasize creator autonomy, with empirical success varying by niche—top performers often leverage audience-building via free content before enabling paid options.^[38]

Engagement and Community Mechanisms

Substack facilitates reader engagement primarily through threaded comments on individual posts, where subscribers and free readers can discuss content directly beneath articles. Writers may enable or disable comments per post, moderate them, and highlight responses by "hearting" valued contributions, which elevates them in visibility to encourage substantive dialogue over superficial interaction.^[39] This system has been noted to foster deeper connections, with some publications reporting sustained discussions that contribute to audience retention and growth.^[40] A key community tool is Substack Notes, a short-form posting feature launched on April 11, 2023, allowing users to share brief updates, links, images, and thoughts in a feed resembling social media timelines.^[41] Initially rolled out in beta earlier that month, Notes enables liking, commenting, and restacking (reposting) of content, promoting cross-publication interactions and algorithmic discovery among Substack users.^[42] By April 2024, enhancements added capabilities like threading and improved search, aligning it more closely with microblogging platforms to boost real-time engagement.^[43] Substack Chat, introduced in early 2023, provides private, subscriber-exclusive group discussions accessible via the app or web, supporting text, polls, and multimedia for ongoing conversations beyond single posts.^[44] Publications with active chats have demonstrated revenue increases through heightened subscriber loyalty, as writers curate these spaces for Q&A, feedback, or niche topics, often gating them to paid tiers.^[45] Moderation controls allow authors to set rules and remove participants, emphasizing controlled community dynamics over open forums.^[39] Additional mechanisms include mutual recommendations, where writers endorse allied publications to expand networks and reader bases, and integrated podcast hosting, which embeds audio episodes with comment sections to drive listener interaction.^[46] Live video and polls further enable real-time engagement, though usage varies by creator, with data indicating that consistent application of these tools correlates with higher open rates and conversions.^[47] Overall, these features prioritize direct writer-reader bonds, distinguishing Substack from algorithm-driven social platforms by tying interactions to subscription incentives.^[48]

Business Operations and Economics

Revenue Model and Fee Structure

Substack's revenue model centers on a commission from paid subscriptions facilitated through its platform, with no charges for free publications or basic publishing tools. Creators retain 90% of gross subscription revenue, while Substack collects a 10% fee on that amount, applied before payment processing deductions.^[32]^[49] This structure aligns incentives such that Substack profits only when creators generate paid subscriber income, without reliance on advertising, data sales, or upfront fees.^[50] Payment processing occurs via Stripe, with fees deducted directly from creators' earnings: a standard 2.9% plus $0.30 per transaction for credit card payments, supplemented by a 0.7% billing fee for recurring subscriptions as updated in July 2024.^[32] Creators set their own subscription prices, commonly $5 per month or $50 annually, and can offer tiered options including founding memberships at higher one-time rates like $100–$500 to incentivize early supporters.^[51] Payouts require a minimum balance threshold, typically processed monthly once reached, with creators responsible for any applicable taxes on net earnings.^[52] This fee arrangement has remained consistent into 2025, though effective creator take-home varies with transaction volume and subscription type; for instance, high-volume creators may negotiate or absorb lower effective rates through scale, but Substack imposes no additional platform-specific surcharges beyond the 10% cut.^[53] Critics note the combined fees (Substack's 10% plus Stripe's ~3%) can exceed 13% total, prompting some to explore self-hosted alternatives, yet Substack's model avoids the subscription traps of traditional SaaS platforms by tying costs to revenue generation.^[51]^[54]

Financial Growth and Funding History

Substack was founded in 2017 and secured initial seed funding of approximately $2 million from investors including Fifty Years and Garage Capital.^[55] In July 2019, the company raised $15.3 million in a Series A round led by Andreessen Horowitz, with participation from Y Combinator and others, enabling early platform development and creator onboarding.^[56] The company's valuation reached $650 million in April 2022 following a $65 million Series B round led by Andreessen Horowitz, reflecting rapid adoption amid growing demand for independent publishing tools post-2020.^[57] This brought total funding to around $90 million at the time, supporting expansions in monetization features and international reach.^[1] On July 17, 2025, Substack closed a $100 million Series C round led by BOND and The Chernin Group, with additional investors including Zhen Fund and Fifty Years, elevating its post-money valuation to $1.1 billion and total funding to approximately $190 million.^[58]^[59] The raise, amid a maturing creator economy, underscored investor confidence in Substack's subscription-driven model despite competitive pressures from platforms like Beehiiv and Ghost.^[60] Substack's revenue, derived primarily from a 10% fee on paid subscriptions processed via Stripe, has shown consistent year-over-year growth tied to expanding paid user bases. Estimates place 2021 gross revenue at $11.9 million, rising to $19 million in 2022 as top newsletters scaled.^[18] By 2023, annualized revenue reached about $30 million, supported by over 1 million paid subscriptions; this climbed to $37 million in 2024 with more than 4 million paid subscribers reported.^[4]^[61] As of July 2025, annualized revenue hit $45 million, implying a roughly 22% compound annual growth rate from 2023 amid broader creator monetization trends, though the company remains unprofitable with historical net losses.^[4] These figures, derived from analyst models and platform data, highlight Substack's reliance on high-value creators—where top publications generate millions annually—while facing scrutiny over payout transparency and platform retention.^[1]^[62]

Content Landscape and Participants

Variety of Publications and Formats

Substack publications encompass a diverse array of content formats, enabling creators to produce and distribute material in ways that extend beyond conventional email newsletters. The platform's core offerings include text-based posts, which form the foundation of most publications and are automatically formatted for email delivery and web archiving.^[63] These posts support rich media embeds, such as images and links, allowing for structured essays, opinion pieces, or serialized content. Additionally, discussion threads facilitate interactive Q&A or community-driven conversations appended to posts.^[63] Audio formats, particularly podcasts, represent a significant expansion, with Substack providing native hosting and distribution tools that integrate episodes directly into newsletters. Creators can upload audio files, which subscribers access via embedded players or RSS feeds compatible with external podcast apps. This capability, available since at least 2021, has enabled publications focused on long-form interviews, storytelling, or niche audio series, often monetized through paid subscriptions.^[63] ^[64] Video content, introduced in beta around 2022 and fully supported by November 2023, further broadens the platform's scope to include hosted uploads of video podcasts, web shows, tutorials, and even feature-length films. Videos are embedded in posts for seamless playback on Substack's web and app interfaces, with options for both free and paid access. This format appeals to visual creators seeking alternatives to algorithm-driven platforms like YouTube, emphasizing direct subscriber relationships over ad revenue.^[63] ^[65] In terms of publication themes, Substack hosts thousands of newsletters across numerous categories, reflecting broad topical diversity. Common areas include politics and culture, where opinion-driven analysis predominates; science, technology, and business, often featuring expert insights or industry news; and education, health, finance, and entertainment, which draw on specialized knowledge or personal narratives.^[66] Creative fields like literature, comics, and personal essays also thrive, with high engagement in subscriber-supported niches that prioritize depth over virality.^[67] ^[68] Publications frequently employ sections to organize content by format or subtopic, such as dedicated podcast archives or video playlists, enhancing discoverability within a single newsletter.^[69] This variety underscores Substack's role as a versatile publishing ecosystem, accommodating both written prose and multimedia while maintaining a subscriber-centric model.^[70]

Notable Creators and Case Studies

Bari Weiss launched The Free Press on Substack in 2021 after resigning from The New York Times in July 2020, citing an "illiberal environment" and harassment for her views on topics like campus antisemitism and gender ideology. By October 2025, it had grown to over 170,000 paid subscribers, generating approximately $18.4 million in annual revenue net of Substack's fees, with total subscribers exceeding 1.5 million.^[71] This success stemmed from Weiss's focus on underreported stories, such as institutional biases in media and academia, attracting readers disillusioned with mainstream outlets' conformity. In October 2025, Paramount acquired The Free Press for $150 million, appointing Weiss editor-in-chief of CBS News while retaining its Substack operations.^[72] Glenn Greenwald transitioned to Substack in October 2020 following his resignation from The Intercept, which he co-founded, over refusals to publish his reporting on Hunter Biden's business ties without mandated alterations he viewed as censorship. His newsletter quickly amassed hundreds of thousands of subscribers by emphasizing adversarial journalism on government surveillance, corporate media complicity, and foreign policy critiques, often challenging narratives from both major U.S. political parties.^[73] Greenwald's model demonstrates Substack's viability for writers prioritizing editorial autonomy, as his output—rooted in primary documents and legal analysis—sustained growth without reliance on institutional backing, though exact paid figures remain undisclosed.^[74] Matt Taibbi's Racket News, rebranded from TK News in 2023, exemplifies investigative journalism's adaptation to Substack after Taibbi's departures from Rolling Stone and other outlets amid editorial disputes. With tens of thousands of subscribers, it gained prominence through the 2022 Twitter Files collaboration, revealing internal platform decisions on content moderation using leaked documents.^[62] Taibbi's earnings place it among mid-tier earners, supported by paid subscriptions emphasizing financial corruption and media accountability, free from advertiser or donor pressures that he argues distort legacy journalism.^[75] Andrew Sullivan moved The Weekly Dish to Substack in December 2020 after ending his New York magazine column, frustrated by what he described as enforced ideological uniformity on issues like race and identity. Hundreds of thousands subscribed for his essays blending classical liberalism, cultural criticism, and data-driven skepticism of progressive orthodoxies, achieving financial independence through reader support rather than syndication deals.^[76] Sullivan's case highlights Substack's role in sustaining long-form, contrarian analysis for audiences valuing reasoned dissent over consensus-driven narratives prevalent in academia-influenced media.^[77]

Cultural and Societal Ramifications

Empowerment of Independent Voices

Substack has facilitated the rise of independent writers by enabling direct subscriptions from readers, circumventing the editorial and financial gatekeepers of legacy media institutions. This model allows creators to retain ownership of their content, email lists, and subscriber relationships, with the platform taking a 10% fee on paid subscriptions while writers keep the majority of revenue after payment processor costs.^[78]^[79] By 2024, Substack supported over 4 million paid subscriptions across its network, reflecting sustained growth in creator earnings independent of advertiser or institutional influence.^[80] Prominent journalists who faced constraints in mainstream outlets have leveraged Substack to amplify dissenting or specialized perspectives. For instance, Bari Weiss resigned from The New York Times in 2020 citing ideological pressures and launched The Free Press on Substack, building a subscriber base that sustains investigative reporting on topics like campus antisemitism and media bias. Similarly, Matt Taibbi left Rolling Stone amid editorial disagreements and established Racket News on the platform, focusing on finance and politics without institutional oversight. Glenn Greenwald, after departing The Intercept over censorship concerns related to his Biden family reporting, transitioned to Substack where his newsletter generates substantial independent revenue. These cases illustrate how Substack empowers writers to pursue unfiltered inquiry, often on issues marginalized by prevailing media narratives.^[81]^[82] Financial independence underscores this empowerment, with gross writer revenue reaching approximately $370 million in 2024, up from $300 million in 2023, enabling hundreds of creators to earn full-time incomes. Top performers like Matt Yglesias report seven-figure annual earnings, while over 50 authors exceed $500,000 yearly as of mid-2025, allowing sustained focus on niche or contrarian topics without reliance on grants or ad revenue vulnerable to ideological sway. This economic viability has fostered a decentralized ecosystem of voices, from empirical policy analysts to cultural critics, challenging the consolidation of discourse in academia and legacy press.^[61]^[83]^[84] However, while the platform hosts diverse ideologies, data from top earners shows a skew toward progressive-leaning politics, suggesting that market dynamics still favor certain viewpoints even in this liberated space.^[85]

Free Speech Commitments and Moderation Policies

Substack positions itself as a platform emphasizing free expression, with co-founder and CEO Chris Best articulating that the company resists public pressure or PR considerations in moderation decisions, prioritizing writers' and readers' autonomy over centralized censorship.^[15] The platform's approach delegates primary content control to individual writers, who retain ownership of their publications, subscriber lists, and editorial choices, while readers opt in or out of subscriptions at will.^[86] This model stems from a commitment to free press principles, where dissent and debate are encouraged across political spectrums, and moderation is applied sparingly to avoid suppressing viewpoints.^[15] Under Substack's content guidelines, updated February 18, 2025, prohibited content includes incitement to violence against protected classes (such as race or religion), credible threats of physical harm, doxxing via unauthorized disclosure of private information, plagiarism, impersonation, pornography or sexually exploitative material, and spam or phishing attempts.^[87] The platform enforces these through automated detection for spam and manual reviews for other violations, with potential actions like content removal, publication suspension, or account bans, though writers are notified and can appeal.^[86] Substack explicitly avoids viewpoint-based removals, allowing critiques of ideas, organizations, or controversial topics so long as they do not cross into prohibited categories; for instance, artistic erotica or journalistic investigations are permitted if not exploitative.^[87] Enforcement remains decentralized, with writers responsible for moderating comments and communities on their publications.^[15] In a January 2025 statement, Substack reaffirmed its dedication to supporting creators' speech rights irrespective of persuasion, stating it avoids political or business entanglements that could compromise this mission, and expanded its Substack Defender program to provide legal aid against censorship or intimidation faced by writers.^[88] This hands-off stance has drawn scrutiny, notably in December 2023 when media outlets highlighted newsletters promoting Nazi symbols or white supremacist views; Best responded that while Substack opposes such ideologies, it would not proactively ban them absent violations like violence incitement, as doing so would contradict its non-censorial foundation.^[89]^[90] By January 2024, the platform removed five accounts for inciting Nazi extremism in breach of guidelines, without altering its broader policy against ideological deplatforming.^[91] Critics, including publications like The Atlantic, argued this enabled extremism's spread, yet Substack maintained that reader choice and writer accountability serve as effective checks, with no evidence of widespread subscriber growth for such content.^[92]^[86]

Criticisms and Platform Challenges

Substack has faced significant criticism for its content moderation policies, particularly regarding the presence of extremist content. In November 2023, an article in The Atlantic highlighted that the platform hosted newsletters authored by individuals espousing Nazi ideology and white nationalism, arguing that Substack's lax approach to moderation enabled the dissemination and monetization of such material.^[92] Substack co-founder and CEO Chris Best responded by affirming the platform's commitment to hosting a broad range of viewpoints, stating it would not ban users based on political ideology but only for content violating laws, such as calls to violence or illegal activities.^[93] This stance drew backlash from prominent writers, including over 200 Substack users who signed an open letter titled "Substackers Against Nazis," demanding proactive removal of such accounts.^[94] The controversy intensified in early 2024, prompting some high-profile creators like historian Heather Cox Richardson to pause or threaten to leave the platform, citing ethical concerns over Substack profiting from subscriptions to extremist newsletters.^[16] In response, Substack removed five accounts in January 2024 that violated its policies on extremism and incitement, though it maintained that broader ideological bans were inconsistent with its free speech principles.^[91] ^[9] Investigations have identified nearly 40 far-right or fascist-leaning publications on the platform as of mid-2024, fueling ongoing debates about the balance between open discourse and platform responsibility for harmful content.^[95] Critics, including outlets like The Guardian, have accused Substack of enabling hate speech propagation, while defenders argue that selective moderation risks viewpoint discrimination, particularly given perceived biases in mainstream media toward left-leaning content suppression.^[93] Further incidents have compounded moderation challenges. In July 2025, Substack inadvertently sent push notifications promoting a newsletter with Nazi affiliations, described by the company as a "serious error" in its recommendation system, echoing the 2023 issues and renewing calls for algorithmic safeguards against extremist amplification.^[96] ^[16] These events have led to reputational risks, with some users and observers questioning the platform's ability to self-regulate without compromising its anti-censorship ethos. On the business front, Substack has encountered financial and operational hurdles. In 2021, the company reported burning $25 million in expenses while generating negative revenue, despite raising $65 million in funding, highlighting early cash flow strains amid rapid growth.^[97] Its revenue model, which takes a 10% cut of paid subscriptions, relies heavily on a small number of top creators who drive the majority of earnings, creating vulnerability to creator departures or platform shifts.^[1] As of 2024, challenges include diversifying beyond subscriptions while preserving independence, amid competition from alternatives and risks of oversaturation diluting content quality, akin to podcasting's proliferation pitfalls.^[1] ^[98] Reports in 2025 suggested potential losses of major revenue-generating writers exploring exits, underscoring dependency on star performers.^[99]

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On Substack, writers can get paid instead of paying for an email newsletter. Substack is free to get started. We don't make money unless you do. If you turn on ...
[34]
Substack Payments: Everything You Need to Know Before You Go ...
Aug 5, 2023 · Substack pays writers using a software called Stripe. Stripe collects credit card payments from subscribers, holds them in an account for the writer, and then ...
[35]
Monetization For Substack Writers - Meegle
Subscription Tiers: Substack allows writers to create multiple subscription tiers, offering varying levels of access and perks. This flexibility enables writers ...
[36]
Going paid guide - Substack
If you're writing on Substack and considering adding paid subscriptions, this guide will help you develop a successful paid publication. · Start by setting goals.
[37]
Substack Surpasses Five Million Paid Subscriptions - Stripe
With online payments and subscription billing powered by Stripe, Substack helps independent publishers build, manage, and monetize their businesses. Products ...
[38]
What is Substack & How Does It Work? A Beginner's Guide
Aug 31, 2025 · How to Make Money on Substack. One of Substack's biggest draws is that it lets independent writers earn directly from their audience… without ...
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Better community tools, activity and contributor controls, and more
May 9, 2024 · We've shipped major improvements for community building on Substack, including new tools for customizing your Chat space and filtering your activity feed.
[40]
How to Build a Vibrant Comments Section on Substack
Apr 15, 2025 · Discover why a small, engaged Substack audience delivers more value than one with 100000 inactive subscribers. Learn expert strategies to ...
[41]
Now live for all: Substack Notes
Apr 11, 2023 · Today we're launching Notes to everyone. Notes is a new space where you can publish short-form posts and share ideas with other writers and ...
[42]
Substack is getting tweets — err, “Notes” - The Verge
Apr 5, 2023 · Notes will start rolling out in the “coming days,” according to Wednesday's blog post from Substack, and everyone will get access to the feature ...
[43]
Substack's Notes feature is getting more Twitter-like capabilities
Apr 16, 2024 · The launch of the new features come a year after Substack introduced Notes in April 2023, during a time when companies were aiming to attract ...
[44]
A guide to Substack Chat
Mar 15, 2023 · Substack Chat is a subscriber-only community where you make the guest list and the rules. Publications with active chats are growing their revenue.Missing: mechanisms | Show results with:mechanisms
[45]
How writers, podcasters, and creators are building real communities ...
May 2, 2024 · I really believe Community building using CHATS is the best gift for paid subscribers. By the way read my latest post and share your ...Missing: mechanisms | Show results with:mechanisms
[46]
Substack: make reading cool again - by Arthur Huang - Startup Signals
Mar 30, 2025 · The features of writer DMs, mutual recommendations, and subscriber group chats build a level of camaraderie between writers and readers that has ...
[47]
15 Substack Bestsellers Share Their #1 Tip for New Publications
Feb 8, 2025 · Substack's multimedia features help you amplify your reach, from Chat to deepen engagement, LIVE video to connect in real-time, recommendations ...
[48]
Substack for Podcasts: Pros, Cons, & Case Studies
Jan 9, 2024 · Substack for Podcasts: The Benefits · Substack Can Streamline the Engagement Loop · The Substack Platform Makes It Easy to Create, Read and Listen.
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https://www.forbes.com/sites/chelseatobin/2025/10/22/heres-how-substack-could-drive-revenue-to-your-small-business/
[50]
How Does Substack Make Money? The Substack Business Model In ...
Jun 11, 2024 · Revenue Structure: Substack's revenue generation is based on a 90-10 split. Writers keep 90% of their subscription fee after deducting a credit ...<|separator|>
[51]
Substack Pricing Explained: What It Costs, What to Charge, and ...
Aug 1, 2025 · Substack is free to use, but takes 10% of paid subscriptions plus Stripe's 2.9% + $0.30 per transaction. The most common price is $5/month or $ ...
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What Is Substack, and How Do You Actually Make Money from It?
Aug 13, 2025 · Substack's Business Model. Substack takes a 10% fee from paid subscriptions (plus payment processing fees), which means they're incentivized ...
[53]
Substack Reviews (2025) - Substack Alternatives & Pricing - Sprout24
Sep 15, 2025 · Substack takes 10% of paid subscriptions, plus Stripe fees. It may sound minor, but once you cross a thousand dollars a month, you notice it.
[54]
What Is Substack and How Does It Work? | Selzy Blog
Substack charges users a 10% fee (not including credit card processing fees) on paid subscription revenue, which is often higher compared to its competitors.
[55]
Timeline of Substack
Substack is founded in San Francisco, California, by Chris Best, Jairaj Sethi, and Hamish McKenzie. The platform aims to provide independent writers with a way ...Sample questions · Big picture · Full timeline · Numerical and visual data
[56]
Substack | FundersClub
Jul 16, 2019 · Newsletter publishing platform Substack raised $15.3 million in Series A funding. Andreessen Horowitz led the round, and was joined by investors including Y ...
[57]
Substack Newsletters Media Business History Trends - Quartz
Jan 9, 2025 · Launched in 2017 by Chris Best, Hamish McKenzie, and Jairaj Sethi, Substack presents a simple yet alluring opportunity: Journalists, writers, ...
[58]
Newsletter platform Substack valued at $1.1 billion in latest funding ...
Jul 17, 2025 · Substack has raised $100 million in a funding round led by venture capital firms Bond and the Chernin Group at a valuation of $1.1 billion, ...
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Substack raises $100M, pushing valuation past $1.1B - Axios
Jul 17, 2025 · Substack, the email newsletter platform, has raised $100 million in a Series C round, bringing its total valuation to more than $1.1 billion ...Missing: history | Show results with:history
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Substack Raises $100 Million From Investors Chernin Group, Skims ...
Jul 17, 2025 · Substack announced $100 million in Series C funding, led by technology investment firm BOND and Peter Chernin's The Chernin Group (TCG).
[61]
Substack Statistics: Users, Revenue, and More (2025)
Oct 8, 2025 · A comprehensive breakdown of platform-wide data, plus key benchmarks to help you evaluate your own growth.
[62]
Biggest Substack newsletters: Ranking of top paid titles
Jan 23, 2025 · Biggest newsletters on Substack for 2025: Exclusive ranking of the Substack newsletters making the most from subscription revenue.Missing: financials | Show results with:financials
[63]
What can you create on Substack?
Jul 1, 2022 · Substack offers four types of posts to work with: text-based posts, discussion threads, podcasts, and video (currently in beta). Since no ...
[64]
Podcast Hosting on Substack? My Pros and Cons so far - The Format.
Aug 30, 2024 · The Format. is a reader-supported publication. To ... Supports video and audio versions of your podcast for simple, one file distribution.
[65]
Substack is for video
Nov 29, 2023 · Now it's possible to host and distribute anything from video podcasts to web shows to feature films on Substack.
[66]
Categories Definition - Substack Explained - Tella
These categories include but are not limited to politics, culture, science, technology, business, education, health and wellness, sports, and entertainment.
[67]
What to Write About on Substack (Topics and Niches)
Nov 18, 2023 · Writers are monetizing all kinds of topics on Substack; from personal essays, to investment advice, to how to code with Python. There are a ...
[68]
Substack Paid Engagement Analysis: What Categories Get the Most ...
Mar 8, 2025 · Comics (21%) & Literature (20%) - Creative fields where loyal fans support their favorite creators. Largest Estimated Paid Subscriber Bases.
[69]
A guide to publication sections - On Substack
Jun 10, 2021 · Substack writers are using publication sections in a variety of creative ways. Here are some examples to inspire you: Burnt Toast: Podcaster ...
[70]
What Is Substack? How to Go From Zero to Paid Subscribers
May 20, 2025 · Substack allows creators to publish free and paid content across a variety of formats: newsletters, podcasts, and video. Building a ...
[71]
The Free Press goes from zero to $150m valuation in five years on ...
Oct 6, 2025 · The Free Press has more than 170,000 paying subscribers (mostly paying $10 per month), which could mean revenue of about $18.4m after Substack ...
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Paramount acquires Bari Weiss' The Free Press, names her top ...
Oct 6, 2025 · The Free Press has roughly 1.5 million subscribers on Substack, with more than 170,000 of them paid, according to Paramount Skydance. The ...
[73]
Glenn Greenwald | Substack
Click to read Glenn Greenwald, a Substack publication with hundreds of thousands of subscribers ... © 2025 Glenn Greenwald. Privacy ∙ Terms ∙ Collection ...Note From Glenn Greenwald... · Note to subscribers · Archive · My Resignation
[74]
Revealed: top 27 highest-earning Substacks generate over $22m a ...
Feb 9, 2023 · Top-earning Substacks, ranked by minimum implied revenue · Letters from an American · The Pragmatic Engineer · Lenny's Newsletter · Bulwark+ · The ...<|separator|>
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About - Racket News
Matt Taibbi is the best polemic journalist in America. Felix Salmon. Taibbi, a writer of striking intelligence and bold ideas, is as hilarious as he is scathing ...Missing: success | Show results with:success
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The Weekly Dish | Andrew Sullivan | Substack
"To see what is in front of one's nose needs a constant struggle," - Orwell. Click to read The Weekly Dish, a Substack publication with hundreds of ...About · Archive · LeaderboardMissing: case study
[77]
Why Andrew Sullivan's new paywall experiment will outlive his last ...
Dec 7, 2020 · Andrew Sullivan's new paywall experiment will outlive his last one. His original blog required too much daily content. Substack will allow him to slow down and ...Missing: study | Show results with:study
[78]
Substack co-founder shares his vision for the future of journalism
Apr 16, 2025 · Hamish McKenzie, co-founder and chief writing officer of Substack, shared his vision of the changing news media world during this week's INMA Webinar.
[79]
Traditional media and Substack can grow together - Disjointed
Jun 27, 2024 · Substack has filled the gap with independent voices who readers trust. Different formats allow for creative experimentation that spark joy ...
[80]
Has Substack become a new destination in 2024? What about 2025?
Dec 29, 2024 · More than 4 million paid subscriptions to Substack publications. Tens of millions of total active subscribers across the network.What is your Substack strategy in 2025? Here's mine... - RedditHow viable is newsletter business model in 2025? : r/SubstackMore results from www.reddit.com
[81]
How Substack Quietly Emerged as the Empirical Thinker's Social ...
Jan 16, 2025 · Substack was founded in 2017 by Chris Best, Hamish McKenzie, and Jairaj Sethi with one simple but subversive idea: What if writers could publish ...
[82]
Is Substack Really the Solution for Indepdent Journalism?
Oct 18, 2023 · Writers like Glenn Greenwald, Matt Yglesias, and Heather Cox Richardson are some of the top writers on the platform, each making well into the ...
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What the Quiet Winners Are Doing on Substack - PubStack Success
Jul 26, 2025 · In June 2025, Substack CEO Chris Best told attendees at an event in Los Angeles that more than 50 authors on the platform are now earning over ...Missing: total payouts
[84]
The Substack Stampede - Status News
Jun 21, 2025 · Some have clearly succeeded and paved the way for others. Matt Yglesias, one of Substack's early stars, earns seven figures in revenue from his ...
[85]
The best writers of our generation are currently all on Substack
Aug 12, 2025 · Of the top 20 earners, 19 of them are liberal or progressive writers writing about politics. I took one look at that and thought I'd give it a ...
[86]
How we approach moderation decisions - On Substack
Mar 25, 2021 · We believe in putting writers and readers in charge. Writers own their content and their mailing lists and have full editorial control on Substack.
[87]
Content Guidelines - Substack
Feb 18, 2025 · The following guidelines outline what is and is not acceptable on Substack. We have the exclusive right to interpret and enforce these guidelines.
[88]
The fight for free speech in 2025 and beyond - The Substack Post
Jan 29, 2025 · We are committed to supporting the speech rights of creators and their audiences, so we avoid political or business commitments that conflict with this mission.
[89]
Substack Says It Will Not Ban Nazis or Extremist Speech
Dec 22, 2023 · The company said it would not ban Nazi symbols or extremist rhetoric so long as newsletter writers do not incite violence.
[90]
Substack Cofounder Defends Commercial Relationships with Nazis
Dec 21, 2023 · Substack, a venture-backed newsletter platform founded in 2017 by Chris Best, Jairaj Sethi, and Hamish McKenzie, styles itself as a bastion of “free speech.”
[91]
Substack said it removed some newsletters after criticism about Nazi ...
Jan 8, 2024 · The newsletter publisher Substack said Monday it had removed five publications that included incitements to violence, after weeks of pressure from writers who ...
[92]
Substack Has a Nazi Problem - The Atlantic
Nov 28, 2023 · The newsletter platform's lax content moderation creates an opening for white nationalists eager to get their message out.
[93]
Substack faces user revolt over anti-censorship stance on neo-Nazis
Jan 3, 2024 · The email newsletter service Substack is facing a user revolt after its chief executive defended hosting and handling payments for “Nazis” on its platform.
[94]
Substackers Against Nazis - Ty Burr's Watch List
Dec 14, 2023 · Katz and published by The Atlantic on November 28, this platform has a Nazi problem: “Some Substack newsletters by Nazis and white nationalists ...
[95]
How Deep Does Substack's Far-Right Problem Run, Really? - Inkstick
Jun 21, 2024 · The issue has become so severe for Substack that 200 people using the platform signed a letter to Substack titled “Substackers Against Nazis” ...
[96]
Substack accidentally sent push alerts promoting a Nazi publication
Jul 30, 2025 · Substack accidentally sent push alerts promoting a Nazi publication. The 'serious error' harkens back to the platform's 2023 Nazi controversy.
[97]
Substack had negative revenue - The Verge
Apr 7, 2023 · Substack raised $65 million in 2021. It burned $25 million that same year to make negative revenue. My friends, this is what the Dril candles ...Missing: challenges | Show results with:challenges
[98]
Everyone Has a Substack. What Could Possibly Go Wrong?
Mar 27, 2025 · The newsletter platform is headed for the same pitfalls as podcasts. But it still has time for a course correction.
[99]
Is Substack about to lose its biggest money maker? - Reddit
May 7, 2025 · It seems like they are working on an exit strategy from Substack. Meaning that Substack will probably be losing its biggest money maker and will need to find a ...