SherbyNet - /page/wikibook/entry.mu

Micron Document

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`!Substack`! is an American `F33f`_`[online platform`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Online_platforms_for_collaborative_consumption]`_`f that provides publishing, payment, analytics, and design infrastructure to support `F33f`_`[subscription-based content`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Subscription]`_`f, including `F33f`_`[newsletters`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Newsletter]`_`f, `F33f`_`[podcasts`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Podcast]`_`f, and `F33f`_`[video`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Video]`_`f.`:cite-ref-vox-2017-5-0[`F5bf`_`[5`#cite-note-vox-2017-5]`_`f]`:cite-ref-lorenz-6-0[`F5bf`_`[6`#cite-note-lorenz-6]`_`f] It allows writers to send digital content directly to subscribers.`:cite-ref-7[`F5bf`_`[7`#cite-note-7]`_`f]`:cite-ref-8[`F5bf`_`[8`#cite-note-8]`_`f] Founded in 2017, Substack is headquartered in `F33f`_`[San Francisco`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=San_Francisco]`_`f.`:cite-ref-9[`F5bf`_`[9`#cite-note-9]`_`f]

>>Contents

• `F0af`_`[History`#history]`_`f

• `F0af`_`[Content`#content]`_`f

• `F0af`_`[Finances`#finances]`_`f

• `F0af`_`[Programs`#programs]`_`f

• `F0af`_`[Criticism`#criticism]`_`f

• `F0af`_`[See also`#see-also]`_`f

• `F0af`_`[References`#references]`_`f

• `F0af`_`[External links`#external-links]`_`f

-─

>>History

Substack was founded in 2017 by Chris Best, the co-founder of `F33f`_`[Kik Messenger`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Kik_Messenger]`_`f; Jairaj Sethi, a head of platform and principal developer at Kik Messenger; and Hamish McKenzie, a former `F33f`_`[PandoDaily`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=PandoDaily]`_`f tech reporter.`:cite-ref-wapo-jun2020-10-0[`F5bf`_`[10`#cite-note-wapo-jun2020-10]`_`f]`:cite-ref-nieman2017-11-0[`F5bf`_`[11`#cite-note-nieman2017-11]`_`f] Best and McKenzie have said Ben Thompson's `*`F33f`_`[Stratechery`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Stratechery]`_`f,`* a subscription-based tech and media newsletter, was a major inspiration for their platform.`:cite-ref-vox-2017-5-1[`F5bf`_`[5`#cite-note-vox-2017-5]`_`f] Best acts as CEO of the company.`:cite-ref-nyt-mar2019-12-0[`F5bf`_`[12`#cite-note-nyt-mar2019-12]`_`f]`:cite-ref-davis-13-0[`F5bf`_`[13`#cite-note-davis-13]`_`f]

In 2019, Substack added support for podcasts and discussion threads among newsletter subscribers.`:cite-ref-14[`F5bf`_`[14`#cite-note-14]`_`f]`:cite-ref-15[`F5bf`_`[15`#cite-note-15]`_`f]

By November 2021, the platform said it had more than 500,000 paying subscribers, representing over one million subscriptions.`:cite-ref-silvera-16-0[`F5bf`_`[16`#cite-note-silvera-16]`_`f]

In January 2022, Substack announced that it would begin private `F33f`_`[beta testing`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Beta_testing]`_`f of video functionality on its platform.`:cite-ref-silvera-16-1[`F5bf`_`[16`#cite-note-silvera-16]`_`f] In November, it launched `*Substack Chat`*, where content creators could create private `F33f`_`[group chats`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Chat_room]`_`f with subscribers.`:cite-ref-lorenz-6-1[`F5bf`_`[6`#cite-note-lorenz-6]`_`f] The same year, the company launched the Substack Reader app for `F33f`_`[iOS`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=IOS]`_`f, followed by an `F33f`_`[Android`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Android_(operating_system)]`_`f version six months later.`:cite-ref-avery-17-0[`F5bf`_`[17`#cite-note-avery-17]`_`f]`:cite-ref-18[`F5bf`_`[18`#cite-note-18]`_`f]

In April 2023, `F33f`_`[Elon Musk`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Elon_Musk]`_`f spoke with Substack's leadership about purchasing the platform, but his offer was rejected.`:cite-ref-19[`F5bf`_`[19`#cite-note-19]`_`f] The same month, Substack implemented a Notes feature, which allows users to publish and repost `F33f`_`[short-form content`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Short-form_content]`_`f. This `F33f`_`[microblogging`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Microblogging]`_`f feature has been compared to `F33f`_`[Twitter`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Twitter]`_`f, and many outlets considered it a response to `F33f`_`[changes at Twitter under Musk's ownership`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Twitter_under_Elon_Musk]`_`f.`:cite-ref-20[`F5bf`_`[20`#cite-note-20]`_`f]`:cite-ref-21[`F5bf`_`[21`#cite-note-21]`_`f] Musk criticized Substack Notes, and Twitter began censoring links to Substack.`:cite-ref-22[`F5bf`_`[22`#cite-note-22]`_`f]`:cite-ref-23[`F5bf`_`[23`#cite-note-23]`_`f]`:cite-ref-24[`F5bf`_`[24`#cite-note-24]`_`f]

In November 2023, Substack introduced new video creating and editing tools, and content creators started launching original shows on the platform.`:cite-ref-lorenz-6-2[`F5bf`_`[6`#cite-note-lorenz-6]`_`f]`:cite-ref-cohen-25-0[`F5bf`_`[25`#cite-note-cohen-25]`_`f]

In April 2024, Substack partnered with `F33f`_`[Spotify`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Spotify]`_`f to enable podcasters to distribute episodes on both platforms and added new editing features for podcasts.`:cite-ref-26[`F5bf`_`[26`#cite-note-26]`_`f] In June 2024, Substack announced a year-long development initiative for `F33f`_`[TikTok`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=TikTok]`_`f creators called Creator Studio,`:cite-ref-lorenz2-27-0[`F5bf`_`[27`#cite-note-lorenz2-27]`_`f] and added five-minute video capabilities to the chat function.`:cite-ref-perelli-28-0[`F5bf`_`[28`#cite-note-perelli-28]`_`f] Video was also added to Notes.`:cite-ref-vallese-29-0[`F5bf`_`[29`#cite-note-vallese-29]`_`f]`:cite-ref-30[`F5bf`_`[30`#cite-note-30]`_`f]

By November 2024, Substack had 4 million paid subscriptions.`:cite-ref-nytpolitics-31-0[`F5bf`_`[31`#cite-note-nytpolitics-31]`_`f]

Substack added livestreaming options for creators in September 2024.`:cite-ref-hollywood1-32-0[`F5bf`_`[32`#cite-note-hollywood1-32]`_`f]`:cite-ref-cohen-25-1[`F5bf`_`[25`#cite-note-cohen-25]`_`f] Following this and the January 2025 `F33f`_`[restrictions on TikTok in the United States`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Restrictions_on_TikTok_in_the_United_States]`_`f, Substack announced the ability to post and monetize videos directly through the Substack app in February 2025.`:cite-ref-vallese-29-1[`F5bf`_`[29`#cite-note-vallese-29]`_`f] In March 2025, Substack announced that it had 5 million paid subscriptions.`:cite-ref-mastrangelo-33-0[`F5bf`_`[33`#cite-note-mastrangelo-33]`_`f] In June, independent journalist `F33f`_`[Eric Newcomer`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Eric_Newcomer]`_`f reported that Substack was in talks to raise a new funding round. `F33f`_`[The New York Times`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=The_New_York_Times]`_`f later reported that Substack had raised $100 million, valuing the company at $1.1 billion.`:cite-ref-34[`F5bf`_`[34`#cite-note-34]`_`f]`:cite-ref-35[`F5bf`_`[35`#cite-note-35]`_`f]

>>Content

Substack users include journalists, subject-matter experts, and media platforms.`:cite-ref-daniels-36-0[`F5bf`_`[36`#cite-note-daniels-36]`_`f]`:cite-ref-recker-37-0[`F5bf`_`[37`#cite-note-recker-37]`_`f]`:cite-ref-may2020-38-0[`F5bf`_`[38`#cite-note-may2020-38]`_`f] Among the high-profile writers who have used the platform are `F33f`_`[Pulitzer Prize`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Pulitzer_Prize]`_`f-winning journalist and author `F33f`_`[Glenn Greenwald`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Glenn_Greenwald]`_`f; the `F33f`_`[Nobel laureate`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Nobel_laureate]`_`f and economist `F33f`_`[Paul Krugman`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Paul_Krugman]`_`f; `F33f`_`[Seymour Hersh`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Seymour_Hersh]`_`f; culture critic `F33f`_`[Anne Helen Petersen`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Anne_Helen_Petersen]`_`f; music essayist `F33f`_`[Robert Christgau`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Robert_Christgau]`_`f; and food writer `F33f`_`[Alison Roman`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Alison_Roman]`_`f.`:cite-ref-39[`F5bf`_`[39`#cite-note-39]`_`f] `*`F33f`_`[New York Times`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=The_New_York_Times]`_`f`* columnist Mike Isaac argued in 2019 that companies like Substack see newsletters as a stabler means to maintain readers through more direct connection with writers.`:cite-ref-nyt-mar2019-12-1[`F5bf`_`[12`#cite-note-nyt-mar2019-12]`_`f] In 2020, `*`F33f`_`[The New Republic`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=The_New_Republic]`_`f`* said there was an dearth of local news newsletters, especially in contrast to the large number of national-level political newsletters.`:cite-ref-newrepublic-2020-40-0[`F5bf`_`[40`#cite-note-newrepublic-2020-40]`_`f] As of late 2020, many journalists and reporters were joining the platform, driven in part by the long-term decline in `F33f`_`[traditional media`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Old_media]`_`f (there were half as many `F33f`_`[newsroom`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Newsroom]`_`f jobs in 2019 as in 2004).`:cite-ref-nyt-sep20-41-0[`F5bf`_`[41`#cite-note-nyt-sep20-41]`_`f] Around that time, `*`F33f`_`[The New Yorker`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=The_New_Yorker]`_`f`* wrote that while "Substack has advertised itself as a friendly home for journalism, ... few of its newsletters publish original reporting; the majority offer personal writing, opinion pieces, research, and analysis."`:cite-ref-0-42-0[`F5bf`_`[42`#cite-note-0-42]`_`f] It called Substack's content moderation policy "lightweight", with rules against "harassment, threats, `F33f`_`[spam`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Spamming]`_`f, pornography, and calls for violence; moderation decisions are made by the founders".`:cite-ref-0-42-1[`F5bf`_`[42`#cite-note-0-42]`_`f]

Major writers who have used Substack include historian `F33f`_`[Heather Cox Richardson`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Heather_Cox_Richardson]`_`f, tech journalists `F33f`_`[Casey Newton`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Casey_Newton]`_`f`:cite-ref-43[`F5bf`_`[43`#cite-note-43]`_`f] and `F33f`_`[Eric Newcomer`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Eric_Newcomer]`_`f,`:cite-ref-44[`F5bf`_`[44`#cite-note-44]`_`f] data journalists `F33f`_`[Matthew Yglesias`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Matthew_Yglesias]`_`f and `F33f`_`[G. Elliott Morris`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=G._Elliott_Morris]`_`f,`:cite-ref-45[`F5bf`_`[45`#cite-note-45]`_`f]`:cite-ref-46[`F5bf`_`[46`#cite-note-46]`_`f] economists `F33f`_`[Glenn Loury`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Glenn_Loury]`_`f and `F33f`_`[Emily Oster`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Emily_Oster]`_`f, linguist `F33f`_`[John McWhorter`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=John_McWhorter]`_`f, journalists `F33f`_`[Matt Taibbi`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Matt_Taibbi]`_`f and `F33f`_`[Bari Weiss`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Bari_Weiss]`_`f,`:cite-ref-nyt-comics-47-0[`F5bf`_`[47`#cite-note-nyt-comics-47]`_`f] and authors `F33f`_`[Daniel M. Lavery`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Daniel_M._Lavery]`_`f, `F33f`_`[George Saunders`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=George_Saunders]`_`f, `F33f`_`[Blake Nelson`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Blake_Nelson]`_`f, `F33f`_`[Chuck Palahniuk`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Chuck_Palahniuk]`_`f,`:cite-ref-48[`F5bf`_`[48`#cite-note-48]`_`f] `F33f`_`[Marianne Williamson`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Marianne_Williamson]`_`f,`:cite-ref-49[`F5bf`_`[49`#cite-note-49]`_`f] `F33f`_`[Salman Rushdie`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Salman_Rushdie]`_`f,`:cite-ref-50[`F5bf`_`[50`#cite-note-50]`_`f] `F33f`_`[Tui T. Sutherland`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Tui_T._Sutherland]`_`f,`:cite-ref-51[`F5bf`_`[51`#cite-note-51]`_`f] `F33f`_`[David Bentley Hart`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=David_Bentley_Hart]`_`f,`:cite-ref-52[`F5bf`_`[52`#cite-note-52]`_`f] and `F33f`_`[Skottie Young`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Skottie_Young]`_`f.`:cite-ref-53[`F5bf`_`[53`#cite-note-53]`_`f]

>>Finances

Authors can decide to make subscribing to their newsletter free or paid, and to make specific posts publicly available to non-subscribers.`:cite-ref-0-42-2[`F5bf`_`[42`#cite-note-0-42]`_`f] As of 2020, the minimum subscription fee was $5/month or $30/year,`:cite-ref-0-42-3[`F5bf`_`[42`#cite-note-0-42]`_`f] and Substack usually takes a 10% cut from subscription payments.`:cite-ref-may2020-38-1[`F5bf`_`[38`#cite-note-may2020-38]`_`f]`:cite-ref-wapo-jun2020-10-1[`F5bf`_`[10`#cite-note-wapo-jun2020-10]`_`f] Substack earns no revenue from advertisements placed by publishers.`:cite-ref-nyt-sep20-41-1[`F5bf`_`[41`#cite-note-nyt-sep20-41]`_`f] In February 2019, the platform began allowing creators to monetize podcasts.`:cite-ref-nieman-2019-54-0[`F5bf`_`[54`#cite-note-nieman-2019-54]`_`f] Substack reported 11,000 paid subscribers as of 2018, rising to 50,000 in 2019.`:cite-ref-nieman-2019-54-1[`F5bf`_`[54`#cite-note-nieman-2019-54]`_`f]

Substack raised an initial seed round in 2018 from investors including `F33f`_`[The Chernin Group`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Peter_Chernin]`_`f, `F33f`_`[Zhen Fund`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=ZhenFund]`_`f, `F33f`_`[Twitch`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Twitch_(service)]`_`f CEO `F33f`_`[Emmett Shear`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Emmett_Shear]`_`f, and Zynga co-founder `F33f`_`[Justin Waldron`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Justin_Waldron]`_`f.`:cite-ref-55[`F5bf`_`[55`#cite-note-55]`_`f] `F33f`_`[Andreessen Horowitz`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Andreessen_Horowitz]`_`f provided $15.3 million in `F33f`_`[Series A funding`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Series_A_funding]`_`f in 2019, some of which went to bringing high-profile writers into Substack's network.`:cite-ref-nymag-aug20-56-0[`F5bf`_`[56`#cite-note-nymag-aug20-56]`_`f] Substack has provided some content creators with advances to start working on their platform.`:cite-ref-may2020-38-2[`F5bf`_`[38`#cite-note-may2020-38]`_`f]

In 2019, the site provided a `F33f`_`[fellowship`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Fellow]`_`f to some writers, which included a $3,000 stipend and a one-day workshop in San Francisco. The decline of sports-oriented publications such as `*`F33f`_`[Sports Illustrated`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Sports_Illustrated]`_`f`*, `*`F33f`_`[Deadspin`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Deadspin]`_`f`*, and `*`F33f`_`[SB Nation`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=SB_Nation]`_`f`*, coupled with the onset of the `F33f`_`[COVID-19 pandemic`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=COVID-19_pandemic]`_`f, led to a surge in sports journalists moving to write on Substack in 2019 and 2020. Substack competes with subscription site `*`F33f`_`[The Athletic`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=The_Athletic]`_`f`* in this submarket, so McKenzie says the company recruits less strongly in that market.`:cite-ref-wapo-jun2020-10-2[`F5bf`_`[10`#cite-note-wapo-jun2020-10]`_`f] In 2020, after the onset of the pandemic, Substack extended grants of $1,000–$3,000 to over 40 writers to begin working on the platform.`:cite-ref-wapo-jun2020-10-3[`F5bf`_`[10`#cite-note-wapo-jun2020-10]`_`f] It expanded into comics content in 2021 and signed creators including `F33f`_`[Saladin Ahmed`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Saladin_Ahmed]`_`f, `F33f`_`[Jonathan Hickman`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Jonathan_Hickman]`_`f, `F33f`_`[Molly Ostertag`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Molly_Ostertag]`_`f, `F33f`_`[Scott Snyder`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Scott_Snyder]`_`f, and `F33f`_`[James Tynion IV`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=James_Tynion_IV]`_`f, paying them while keeping their subscription revenue. After their first year, Substack will take 10 percent of subscription revenue.`:cite-ref-nyt-comics-47-1[`F5bf`_`[47`#cite-note-nyt-comics-47]`_`f]

Substack's founders reached out to a small pool of writers in 2017 to acquire its first creators.`:cite-ref-nieman2017-11-1[`F5bf`_`[11`#cite-note-nieman2017-11]`_`f] Bill Bishop was among the first to put his newsletter, `*Sinocism,`* on Substack, offering its daily content for $11 a month or $118 a year.`:cite-ref-vox-2017-5-2[`F5bf`_`[5`#cite-note-vox-2017-5]`_`f] As of 2019, Bishop's `*Sinocism`* was the top-paid newsletter on the service.`:cite-ref-nieman-2019-54-2[`F5bf`_`[54`#cite-note-nieman-2019-54]`_`f] By late 2020, the conservative newsletter `*`F33f`_`[The Dispatch`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=The_Dispatch]`_`f`* became the top Substack user, with more than 100,000 subscribers and over $2 million in first-year revenue, according to founder Steve Hayes.`:cite-ref-nyt-sep20-41-2[`F5bf`_`[41`#cite-note-nyt-sep20-41]`_`f] In May 2021, Substack acquired `F33f`_`[Brooklyn`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Brooklyn]`_`f-based startup People & Company.`:cite-ref-57[`F5bf`_`[57`#cite-note-57]`_`f] In August 2020, Substack reported that over 100,000 users were paying for at least one newsletter.`:cite-ref-nymag-aug20-56-1[`F5bf`_`[56`#cite-note-nymag-aug20-56]`_`f] As of August 2021, Substack had more than 250,000 paying subscribers and its top ten publishers were making $7 million in annualized revenue.`:cite-ref-auto-58-0[`F5bf`_`[58`#cite-note-auto-58]`_`f] In April 2022, `*`F33f`_`[The New York Times`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=The_New_York_Times]`_`f`* reported Substack may be valued at $650 million.`:cite-ref-59[`F5bf`_`[59`#cite-note-59]`_`f] Substack dropped an effort to raise money in May 2022.`:cite-ref-nyt-052622-60-0[`F5bf`_`[60`#cite-note-nyt-052622-60]`_`f] The company had aimed to raise between $75 million and $100 million.`:cite-ref-nyt-052622-60-1[`F5bf`_`[60`#cite-note-nyt-052622-60]`_`f]

>>Programs

In March 2021, Substack revealed that it had been experimenting with a `F33f`_`[revenue sharing`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Revenue_sharing]`_`f program called Substack Pro, which paid advances for writers to create publications on its platform,`:cite-ref-substack-pro-4-1[`F5bf`_`[4`#cite-note-substack-pro-4]`_`f] but received criticism for not disclosing which writers were part of Substack Pro.`:cite-ref-recode-substack-pro-61-0[`F5bf`_`[61`#cite-note-recode-substack-pro-61]`_`f] This program ended in 2022.`:cite-ref-62[`F5bf`_`[62`#cite-note-62]`_`f]

Substack provides legal advice to its writers through its program, Substack Defender. Lawyers provide a legal review of stories before they are published, and provide advice surrounding `F33f`_`[cease-and-desist letters`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Cease_and_desist]`_`f related to writers' work. Substack has committed to covering up to $1 million in fees for cases accepted by Defender lawyers.`:cite-ref-auto-58-1[`F5bf`_`[58`#cite-note-auto-58]`_`f] The program was expanded in 2025 to include a partnership with the `F33f`_`[Foundation for Individual Rights and Expression`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Foundation_for_Individual_Rights_and_Expression]`_`f.`:cite-ref-63[`F5bf`_`[63`#cite-note-63]`_`f]

>>Criticism

On July 28, 2020, Substack accidentally exposed users’ email addresses by putting them in the "`F33f`_`[cc`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Carbon_copy]`_`f" field instead of "`F33f`_`[bcc`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Blind_carbon_copy]`_`f" in a privacy policy update email regarding the `F33f`_`[California Consumer Privacy Act`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=California_Consumer_Privacy_Act]`_`f. It acknowledged the mistake on Twitter.`:cite-ref-gizmodo-emailleak-64-0[`F5bf`_`[64`#cite-note-gizmodo-emailleak-64]`_`f]

In 2020, popular platforms such as Twitter, `F33f`_`[Facebook`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Facebook]`_`f, and `F33f`_`[YouTube`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=YouTube]`_`f began restricting or deleting accounts they claimed spread `F33f`_`[COVID-19 misinformation`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=COVID-19_misinformation]`_`f, and some prominent authors accused of spreading `F33f`_`[misinformation`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Misinformation]`_`f moved from those platforms to Substack. `*`F33f`_`[The Washington Post`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=The_Washington_Post]`_`f`* mentioned `F33f`_`[Joseph Mercola`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Joseph_Mercola]`_`f and `F33f`_`[Steve Bannon`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Steve_Bannon]`_`f as `F33f`_`[conspiracy theorists`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Conspiracy_theorists]`_`f who have moved their online presence to Substack.`:cite-ref-dwoskin-1-27-2022-65-0[`F5bf`_`[65`#cite-note-dwoskin-1-27-2022-65]`_`f]

In January 2022, the `F33f`_`[Center for Countering Digital Hate`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Center_for_Countering_Digital_Hate]`_`f accused Substack of allowing content that could be dangerous to `F33f`_`[public health`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Public_health]`_`f. The Center estimated that the company earned $2.5 million per year from the top five `F33f`_`[anti-vaccine`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Anti-vaccine_activism]`_`f authors alone.`:cite-ref-dwoskin-1-27-2022-65-1[`F5bf`_`[65`#cite-note-dwoskin-1-27-2022-65]`_`f] The three founders responded via blog post affirming their commitment to minimal `F33f`_`[censorship`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Censorship]`_`f.`:cite-ref-66[`F5bf`_`[66`#cite-note-66]`_`f]

Substack faced further criticism in November 2023 for allowing its platform to be used by `F33f`_`[white nationalists`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=White_nationalists]`_`f, `F33f`_`[Nazis`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Nazis]`_`f, and `F33f`_`[antisemites`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Antisemites]`_`f.`:cite-ref-67[`F5bf`_`[67`#cite-note-67]`_`f] In an open letter, more than 100 Substack creators threatened to leave the platform`:cite-ref-68[`F5bf`_`[68`#cite-note-68]`_`f] and implored Substack's leadership to stop giving bigotry a platform.`:cite-ref-69[`F5bf`_`[69`#cite-note-69]`_`f] In response, Substack CEO Hamish McKenzie said the company would continue to allow the publication of `F33f`_`[extremist`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Extremism]`_`f views because attempting to censor them would make the problem worse.`:cite-ref-guard-3jan2024-70-0[`F5bf`_`[70`#cite-note-guard-3jan2024-70]`_`f]`:cite-ref-ve-21dec2023-71-0[`F5bf`_`[71`#cite-note-ve-21dec2023-71]`_`f] Creators like `F33f`_`[Casey Newton`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Casey_Newton]`_`f,`:cite-ref-72[`F5bf`_`[72`#cite-note-72]`_`f]`:cite-ref-73[`F5bf`_`[73`#cite-note-73]`_`f]`:cite-ref-74[`F5bf`_`[74`#cite-note-74]`_`f] `F33f`_`[Molly White`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Molly_White_(writer)]`_`f, and `F33f`_`[Ryan Broderick`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Ryan_Broderick]`_`f left the platform as a result.`:cite-ref-75[`F5bf`_`[75`#cite-note-75]`_`f]

>>See also

• `F33f`_`[Medium (website)`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=Medium_(website)]`_`f

>>References

`:cite-note-1`!1.`! `:citerefmullin2022`aMullin, Benjamin (26 May 2022). "Substack Drops Fund-Raising Efforts as Market Sours". `*`F33f`_`[The New York Times`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=The_New_York_Times]`_`f`*. Archived from the original on 2 June 2022. Substack has told investors that it had revenue of about $9 million in 2021

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`:cite-note-substack-pro-4`!4.`! `:citerefmckenzie2021`aMcKenzie, Hamish (12 March 2021). "Why we pay writers". `*Substack Blog`*. Archived from the original on 13 April 2021. Retrieved 12 April 2021.

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`:cite-note-wapo-jun2020-10`!10.`! `F0af`_`[↑`#cite-ref-wapo-jun2020-10-0]`_`f `:citerefstrauss2020`aStrauss, Ben (1 June 2020). "Out-of-work sportswriters are turning to newsletters, hoping the economics can work". `*The Washington Post`*. Archived from the original on 4 July 2021. Retrieved 14 July 2020.

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>>External links

• Official website

• `:citerefchang2020`aChang, Clio (Winter 2020). "The Substackerati". `*`F33f`_`[The Columbia Journalism Review`:/page/wikibook/entry.mu`zim=wikipedia_en_all_nopic_2025-08.zim|entry_path=The_Columbia_Journalism_Review]`_`f`*.

`c`F0af`_`[↑ Back to top`#top]`_`f`a