Substack

{{Short description|American online newsletter platform}} {{Use dmy dates|date=July 2020}} {{Infobox website | name = Substack Inc. | logo = Substack_logo.png | logo_size = | logo_alt = | logo_caption = | foundation = | founder = | screenshot = | collapsible =  | collapsetext =  | background =  | screenshot_size = | screenshot_alt = | caption = | employees = 94 (June 2022)<ref>{{cite web |url=https://www.axios.com/2022/06/29/substack-layoffs |title=Substack lays off 13 employees, roughly 14% of company |date=29 June 2022 |website=Axios |first=Sara |last=Fischer |access-date=30 June 2022 |archive-date=30 June 2022 |archive-url=https://web.archive.org/web/20220630074643/https://www.axios.com/2022/06/29/substack-layoffs |url-status=live }}</ref> | url = {{URL|https://substack.com/}} | commercial = Yes | type = Subscription platform | registration = | language = | num_users = | content_license =  | programming_language = | owner =  | creators = {{unbulleted list|Chris Best|Hamish McKenzie|Jairaj Sethi}} | editor =  | launch_date = {{start date and age|2017}}<ref>{{Cite web|url=https://techcrunch.com/2018/10/16/substack-one-year/|title=Substack celebrates its first birthday with 25K paying newsletter subscribers|website=TechCrunch|date=16 October 2018|accessdate=13 May 2022|archive-date=28 June 2022|archive-url=https://web.archive.org/web/20220628200845/https://techcrunch.com/2018/10/16/substack-one-year/|url-status=live}}</ref><ref name="SubstackBlog" /> | revenue = {{US$|9 million|link=yes}} (2021)<ref name="Mullin2022Revenue">{{cite news |url=https://www.nytimes.com/2022/05/26/business/media/substack-venture-capital.html |title=Substack Drops Fund-Raising Efforts as Market Sours |date=26 May 2022 |work=The New York Times |first=Benjamin |last=Mullin |archive-url=https://archive.today/20220602094844/https://www.nytimes.com/2022/05/26/business/media/substack-venture-capital.html |archive-date=2 June 2022 |url-access=subscription |quote=Substack has told investors that it had revenue of about $9 million in 2021}}</ref> | alexa =  | issn =  | eissn =  | oclc =  | current_status = Live | headquarters = San Francisco, California, U.S. | footnotes = }} '''Substack''' is an American online platform that provides publishing, payment, analytics, and design infrastructure to support subscription-based content, including newsletters, podcasts, and video.<ref name="Vox-2017">{{cite news |last1=Kafka |first1=Peter |title=Meet the startup that wants to help you build a subscription newsletter business overnight |url=https://www.vox.com/2017/10/16/16480782/substack-subscription-newsletter-sinocism-bill-bishop-ben-thompson-stratechery |work=Vox |date=16 October 2017 |access-date=14 July 2020 |archive-date=28 December 2021 |archive-url=https://web.archive.org/web/20211228030128/https://www.vox.com/2017/10/16/16480782/substack-subscription-newsletter-sinocism-bill-bishop-ben-thompson-stratechery |url-status=live }}</ref><ref name="WaPoAim">{{cite news|last=Lorenz|first=Taylor|title=Newsletter platform Substack takes aim at YouTube|url=https://www.washingtonpost.com/technology/2023/11/29/substack-video-competititon-creator-economy/|date=29 November 2023|newspaper=The Washington Post}}</ref> It allows writers to send digital content directly to subscribers.<ref>{{Cite news|title=Analysis {{!}} A classic Silicon Valley tactic – losing money to crush rivals – comes in for scrutiny|language=en-US|newspaper=The Washington Post|url=https://www.washingtonpost.com/technology/2021/07/06/facebook-bulletin-antitrust/|access-date=2021-07-29|issn=0190-8286|archive-date=6 July 2021|archive-url=https://web.archive.org/web/20210706144551/https://www.washingtonpost.com/technology/2021/07/06/facebook-bulletin-antitrust/|url-status=live|last=Oremus|first=Will}}</ref><ref name=":4">{{Cite magazine|last=Fatemi|first=Falon|title=The Rise Of Substack – And What's Behind It|url=https://www.forbes.com/sites/falonfatemi/2021/01/20/the-rise-of-substack-and-whats-behind-it/|access-date=2021-07-29|magazine=Forbes|language=en|archive-date=24 April 2022|archive-url=https://web.archive.org/web/20220424163157/https://www.forbes.com/sites/falonfatemi/2021/01/20/the-rise-of-substack-and-whats-behind-it/|url-status=live}}</ref> Founded in 2017, Substack is headquartered in San Francisco.<ref>{{Cite web|date=2021-07-20|title=Here's How the Top Newsletter Platforms Challenging Substack Stack Up|url=https://www.thewrap.com/heres-how-the-top-newsletter-platforms-challenging-substack-stack-up/|access-date=2021-07-29|website=TheWrap|archive-date=16 April 2022|archive-url=https://web.archive.org/web/20220416011508/https://www.thewrap.com/heres-how-the-top-newsletter-platforms-challenging-substack-stack-up/|url-status=live|last=Siu|first=Antoinette}}</ref> The company has faced criticism for its content moderation policies, as well as security breaches involving user data.<ref name="GizmodoLeak" /><ref name="GuardianRevolt" />

==History== Substack was founded in 2017 by Chris Best, the co-founder of Kik Messenger; Jairaj Sethi, a head of platform and principal developer at Kik Messenger; and Hamish McKenzie, a former PandoDaily tech reporter.<ref name="WaPoSports">{{cite news |last1=Strauss |first1=Ben |title=Out-of-work sportswriters are turning to newsletters, hoping the economics can work |url=https://www.washingtonpost.com/sports/2020/06/01/out-of-work-sportswriters-are-turning-newsletters-hoping-economics-can-work/ |newspaper=The Washington Post |date=1 June 2020 |language=en |access-date=14 July 2020 |archive-date=4 July 2021 |archive-url=https://web.archive.org/web/20210704194620/https://www.washingtonpost.com/sports/2020/06/01/out-of-work-sportswriters-are-turning-newsletters-hoping-economics-can-work/ |url-status=live }}</ref><ref name=Nieman2017>{{cite web |last1=Bilton |first1=Ricardo |title='Stratechery as a service': Substack aims to streamline the creation of independent subscription news sites |url=https://www.niemanlab.org/2017/10/stratechery-as-a-service-substack-aims-to-streamline-the-creation-of-independent-subscription-news-sites/ |website=Nieman Lab |date=5 October 2017 |access-date=16 July 2020 |archive-date=15 July 2020 |archive-url=https://web.archive.org/web/20200715045712/https://www.niemanlab.org/2017/10/stratechery-as-a-service-substack-aims-to-streamline-the-creation-of-independent-subscription-news-sites/ |url-status=live }}</ref> Best and McKenzie have said Ben Thompson's ''Stratechery,'' a subscription-based tech and media newsletter, was a major inspiration for their platform.<ref name="Vox-2017"/> Best acts as CEO of the company.<ref name="NYTNew"/><ref name="Davis">{{cite news|last=Davis|first=Wes|title=Substack says it could be profitable — but it still isn't|url=https://www.theverge.com/2024/11/18/24299484/substack-newsletters-politics-not-profitable-frustrated-investors|date=18 November 2024|publisher=The Verge}}</ref>

In 2019, Substack added support for podcasts and discussion threads among newsletter subscribers.<ref>{{cite news |last1=Ha |first1=Anthony |title=Substack expands its subscription platform with discussion threads |url=https://techcrunch.com/2019/06/03/substack-expands-its-subscription-platform-with-discussion-threads/ |work=TechCrunch |date=3 June 2019 |access-date=22 August 2020 |archive-date=15 July 2020 |archive-url=https://web.archive.org/web/20200715224801/https://techcrunch.com/2019/06/03/substack-expands-its-subscription-platform-with-discussion-threads/ |url-status=live }}</ref><ref>{{cite news |last1=Ha |first1=Anthony |title=Subscription platform Substack adds podcast support |url=https://techcrunch.com/2019/02/07/substack-podcasts/ |work=TechCrunch |date=7 February 2019 |access-date=22 August 2020 |archive-date=15 July 2020 |archive-url=https://web.archive.org/web/20200715175029/https://techcrunch.com/2019/02/07/substack-podcasts/ |url-status=live }}</ref>

By November 2021, the platform said it had more than 500,000 paying subscribers, representing over one million subscriptions.<ref name="Silvera">{{Cite web|last=Silvera|first=Ian|title=Why even Substack can't resist video|url=https://www.news-future.com/p/why-even-substack-cant-resist-video|access-date=2022-01-27|website=news-future.com|archive-date=27 January 2022|archive-url=https://web.archive.org/web/20220127152606/https://www.news-future.com/p/why-even-substack-cant-resist-video|url-status=live}}</ref>

In January 2022, Substack announced that it would begin private beta testing of video functionality on its platform.<ref name="Silvera" /> In November, it launched ''Substack Chat'', where content creators could create private group chats with subscribers.<ref name="WaPoAim"/> The same year, the company launched the Substack Reader app for iOS, followed by an Android version six months later.<ref name="Avery">{{cite news|last=Avery|first=Dan|title=Substack Debuts iOS App for Reading Newsletters|url=https://www.cnet.com/tech/mobile/substack-debuts-ios-app-for-reading-newsletters/|date=9 March 2022|publisher=CNET}}</ref><ref>{{cite news|last=Malik|first=Aisha|title=Substack officially launches its 'Reader' Android app|url=https://techcrunch.com/2022/10/04/substack-android-version-reader-app/|date=4 October 2022|publisher=TechCrunch}}</ref>

In April 2023, Elon Musk spoke with Substack's leadership about purchasing the platform, but his offer was rejected.<ref name="NYTPolitics" /> The same month, Substack implemented a Notes feature, which allows users to publish and repost short-form content. This microblogging feature has been compared to Twitter, and many outlets considered it a response to changes at Twitter under Musk's ownership.<ref>Cai, Delia (13 April 2023). {{Cite magazine |date=2023-04-13 |title=Will Substack Notes Save Our Posting Souls? |url=https://www.vanityfair.com/style/2023/04/will-substack-notes-save-our-posting-souls |access-date=2023-04-30 |magazine=Vanity Fair |language=en-US}}</ref><ref>{{Cite news |title=Substack unveils the product that got it banned from Twitter |language=en-US |newspaper=The Washington Post |url=https://www.washingtonpost.com/technology/2023/04/11/substack-twitter-notes-launches/ |access-date=2023-04-30 |issn=0190-8286 |archive-date=12 July 2023 |archive-url=https://web.archive.org/web/20230712181817/https://www.washingtonpost.com/technology/2023/04/11/substack-twitter-notes-launches/ |url-status=live |last=Lorenz|first=Taylor|date=11 April 2023}}</ref> Musk criticized Substack Notes, and Twitter began censoring links to Substack.<ref>{{Cite web |last=Patel |first=Nilay |date=2023-04-13 |title=Is Substack Notes a "Twitter clone"? We asked CEO Chris Best |url=https://www.theverge.com/23681875/substack-notes-twitter-elon-musk-content-moderation-free-speech |access-date=2023-04-30 |website=The Verge |language=en-US |archive-date=30 April 2023 |archive-url=https://web.archive.org/web/20230430205502/https://www.theverge.com/23681875/substack-notes-twitter-elon-musk-content-moderation-free-speech |url-status=live }}</ref><ref>{{Cite news |last=Hern |first=Alex |date=2023-04-11 |title=Row between Twitter and Substack ends with uneasy truce |language=en-GB |work=The Guardian |url=https://www.theguardian.com/media/2023/apr/11/row-between-twitter-and-substack-ends-with-uneasy-truce |access-date=2023-04-30 |issn=0261-3077 |archive-date=21 May 2024 |archive-url=https://web.archive.org/web/20240521015617/https://www.theguardian.com/media/2023/apr/11/row-between-twitter-and-substack-ends-with-uneasy-truce |url-status=live }}</ref><ref>{{Cite news |last1=Conger |first1=Kate |last2=Mac |first2=Ryan |date=2023-04-07 |title=Twitter Takes Aim at Posts That Link to Its Rival Substack |language=en-US |work=The New York Times |url=https://www.nytimes.com/2023/04/07/technology/twitter-substack-elon-musk.html |access-date=2023-04-30 |issn=0362-4331 |archive-date=30 April 2023 |archive-url=https://web.archive.org/web/20230430205457/https://www.nytimes.com/2023/04/07/technology/twitter-substack-elon-musk.html |url-status=live }}</ref>

In November 2023, Substack introduced new video creating and editing tools, and content creators started launching original shows on the platform.<ref name="WaPoAim" /><ref name="Cohen">{{cite web |last=Cohen |first=David |title=Substack: Who Needs TikTok? We've Got Live Video Now, Too |url=https://www.adweek.com/media/substack-tiktok-live-video/ |date=14 January 2025 |website=Adweek}}</ref>

In April 2024, Substack partnered with Spotify to enable podcasters to distribute episodes on both platforms and added new editing features for podcasts.<ref>{{cite news|last=Malik|first=Aisha|title=Substack now allows podcasters to sync and distribute their episodes to Spotify|url=https://techcrunch.com/2024/04/11/substack-podcasters-sync-distribute-episodes-spotify/|date=11 April 2024|publisher=TechCrunch}}</ref> In June 2024, Substack announced a year-long development initiative for TikTok creators called Creator Studio,<ref name="WaPoTikTok">{{cite news|last=Lorenz|first=Taylor|title=TikTok creators experiment with Substack|url=https://www.washingtonpost.com/technology/2024/06/11/tiktok-substack-creators/|date=11 June 2024|newspaper=The Washington Post}}</ref> and added five-minute video capabilities to the chat function.<ref name="Perelli">{{cite news|last=Perelli|first=Amanda|title=How Substack creators are using chat to grow their communities and revenue — including one who doubled her paying subscribers|url=https://www.businessinsider.com/how-substack-writers-creators-use-chat-grow-paying-subscribers-community-2024-6|date=18 June 2024|publisher=Business Insider}}</ref> Video was also added to Notes.<ref name="Vallese">{{cite news|last=Vallese|first=Zach|title=Substack boosts video capabilities amid potential TikTok ban|url=https://www.cnbc.com/2025/02/23/substack-boosts-video-capabilities-amid-potential-tiktok-ban.html|date=23 February 2025|publisher=CNBC}}</ref><ref>{{cite web|last=Gutelle|first=Sam|title=Substack wants users to put more videos in Notes and share them "across the web"|url=https://www.tubefilter.com/2024/04/16/substack-notes-embed-more-videos/|date=16 April 2024|website=Tubefilter}}</ref>

By November 2024, Substack had four million paid subscriptions.<ref name="NYTPolitics">{{cite news|last1=Testa|first1=Jessica|last2=Mullin|first2=Benjamin|title=Substack Bets on Politics, With Millions at Stake|url=https://www.nytimes.com/2024/11/18/business/media/substack-politics-newsletters.html|date=22 November 2024|work=New York Times|access-date=13 March 2026}}</ref>

Substack added livestreaming options for creators in September 2024.<ref name="HollyReporter">{{cite news|last1=Weprin|first1=Alex|last2=Huston|first2=Caitlin|title=Whatever Happens to TikTok, Big Tech Is Coming for Its Millions of Creators|url=https://www.hollywoodreporter.com/business/digital/tiktok-stars-up-for-grabs-big-tech-poaching-banned-or-not-1236110628/|date=16 January 2025|publisher=Hollywood Reporter}}</ref><ref name="Cohen"/> Following this and the January 2025 restrictions on TikTok in the United States, Substack announced the ability to post and monetize videos directly through the Substack app in February 2025.<ref name="Vallese"/> In March 2025, Substack announced that it had five million paid subscriptions.<ref name="Mastrangelo">{{cite news|last=Mastrangelo|first=Dominick|title=Substack surpasses 5 million paid subscriptions|url=https://thehill.com/homenews/5188965-substack-surpasses-5-million-paid-subscribers/|date=11 March 2025|work=The Hill}}</ref> In June, independent journalist Eric Newcomer reported that Substack was in talks to raise a new funding round. ''The New York Times'' later reported that Substack had raised $100 million, valuing the company at $1.1 billion.<ref>{{Cite web |last=Newcomer |first=Eric |title=SCOOP: Substack in Talks to Raise Financing as It Taps Into the Zeitgeist of Trump II |url=https://www.newcomer.co/p/scoop-substack-in-talks-to-raise |access-date=2025-07-17 |website=www.newcomer.co |language=en}}</ref><ref name=":2">{{Cite news |last1=Mullin |first1=Benjamin |last2=Testa |first2=Jessica |date=2025-07-17 |title=Substack Raises $100 Million, Betting on Subscriptions but Coming Around to Ads |url=https://www.nytimes.com/2025/07/17/business/substack-fundraising-social-network.html |access-date=2025-07-17 |work=The New York Times |language=en-US |issn=0362-4331}}</ref> The investors in this round were Andreessen Horowitz, BOND, The Chernin Group, Skims, and Klutch Sports Group.<ref name=":2" /> In 2025, ''The New York Times'' reported that Substack was investing heavily in social-network features and planned to expand advertising.<ref name=":2" />

In January 2026, the company announced Substack TV, a standalone app for Apple TV and Google TV that will support videos and livestreams.<ref>{{cite news |title=Substack is launching a TV app, and not everyone is happy |work=The Verge |date=22 January 2026 |url=https://www.theverge.com/news/866054/substack-tv-app-beta-launch-newsletters |access-date=27 January 2026}}</ref> According to TheWrap, the beta app allows Substack subscribers to watch creators' video posts and livestreams.<ref name=":3">{{Cite web |last=Bolies |first=Corbin |date=22 January 2026 |title=Substack Launches TV App for Apple and Google TVs |url=https://www.thewrap.com/media-platforms/journalism/substack-launches-tv-app/ |access-date=13 March 2026 |website=TheWrap |language=en-US}}</ref> The app can be used by both free and paid Substack subscribers, with access to content based on subscription tiers.<ref name=":3" />

== Content == Substack users include journalists, subject-matter experts, and media platforms.<ref name="Daniels">{{cite magazine |last1=Daniels |first1=Chris |date=December 11, 2020 |title=Journalism's future or passion project? Breaking down the world of Substack |url=https://www.prweek.com/article/1702657/journalisms-future-passion-project-breaking-down-world-substack |magazine=PRWeek |access-date=25 February 2021 |archive-date=8 April 2023 |archive-url=https://web.archive.org/web/20230408040326/https://www.prweek.com/article/1702657/journalisms-future-passion-project-breaking-down-world-substack |url-status=live }}</ref><ref name="Recker">{{cite magazine |last1=Recker |first1=Jane |date=December 22, 2020 |title=Substack Is Attracting Big DC Journos. Who's Making the Leap? |url=https://washingtonian.com/2020/12/22/substack-is-attracting-big-dc-journos-whos-making-the-leap/ |magazine=Washingtonian |access-date=25 February 2021 |archive-date=9 April 2023 |archive-url=https://web.archive.org/web/20230409202546/https://www.washingtonian.com/2020/12/22/substack-is-attracting-big-dc-journos-whos-making-the-leap/ |url-status=live }}</ref><ref name=May2020>{{cite news |last1=Smith |first1=Ben |author-link=Ben Smith (journalist) |title=The New Model Media Star Is Famous Only to You |url=https://www.nytimes.com/2020/05/24/business/media/new-model-celebrity.html |work=The New York Times |date=24 May 2020 |access-date=14 July 2020 |archive-date=18 April 2022 |archive-url=https://web.archive.org/web/20220418051954/https://www.nytimes.com/2020/05/24/business/media/new-model-celebrity.html |url-status=live }}</ref> ''New York Times'' 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.<ref name="NYTNew">{{Cite news|last=Isaac|first=Mike|title=The New Social Network That Isn't New at All|url=https://www.nytimes.com/2019/03/19/technology/new-social-network-email-newsletter.html|newspaper=The New York Times|url-access=subscription|date=19 March 2019|archive-url=https://web.archive.org/web/20230610132619/http://www.nytimes.com/2019/03/19/technology/new-social-network-email-newsletter.html|archive-date=10 June 2023|url-status=live}}</ref> In 2020, ''The New Republic'' said there was a dearth of local news newsletters, especially in contrast to the large number of national-level political newsletters.<ref name="NewRepublic">{{cite magazine |last1=Shephard |first1=Alex |title=Is Email the Future of Journalism? |url=https://newrepublic.com/maz/article/157798/email-future-journalism |magazine=The New Republic |date=25 May 2020 |access-date=16 July 2020 |archive-date=6 March 2022 |archive-url=https://web.archive.org/web/20220306113606/https://newrepublic.com/maz/article/157798/email-future-journalism |url-status=live }}</ref>

As of late 2020, many journalists and reporters were joining the platform, driven in part by the long-term decline in traditional media (there were half as many newsroom jobs in 2019 as in 2004).<ref name="NYTInbox" /> Around that time, ''The New Yorker'' 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."<ref name="NewYorkerFuture">{{Cite magazine|last=Wiener|first=Anna|author-link=Anna Wiener|date=2020-12-28|title=Is Substack the Media Future We Want?|url=https://www.newyorker.com/magazine/2021/01/04/is-substack-the-media-future-we-want|archive-url=https://web.archive.org/web/20220223143245/https://www.newyorker.com/magazine/2021/01/04/is-substack-the-media-future-we-want|archive-date=23 February 2022|access-date=2021-02-11|magazine=The New Yorker|language=en-us|url-status=live}}</ref> It called Substack's content moderation policy "lightweight", with rules against "harassment, threats, spam, pornography, and calls for violence; moderation decisions are made by the founders".<ref name="NewYorkerFuture" />

Among the high-profile writers who had used the platform by 2021 were journalist and author Glenn Greenwald; economist Paul Krugman; journalist Seymour Hersh; culture critic Anne Helen Petersen; music essayist Robert Christgau; food writer Alison Roman;<ref>{{cite news|last=Ha|first=Anthony|date=March 18, 2021|url=https://techcrunch.com/2021/03/18/substack-backlash/|title=Substack faces backlash over the writers it supports with big advances|website=TechCrunch|accessdate=June 3, 2021|archive-date=21 September 2023|archive-url=https://web.archive.org/web/20230921154259/https://techcrunch.com/2021/03/18/substack-backlash/|url-status=live}}</ref> historian Heather Cox Richardson; tech journalists Casey Newton<ref>{{Cite web |last=Newton |first=Casey |author-link=Casey Newton |title=Platformer |url=https://www.platformer.news/ |access-date=2021-12-02 |website=platformer.news |archive-date=2 December 2021 |archive-url=https://web.archive.org/web/20211202071455/https://www.platformer.news/ |url-status=live }}</ref> and Eric Newcomer;<ref>{{Cite web |last=Newcomer |first=Eric |author-link=Eric Newcomer |title=Newcomer |url=https://www.newcomer.co/ |access-date=2023-06-29 |website=newcomer.co |archive-date=29 June 2023 |archive-url=https://web.archive.org/web/20230629212422/https://www.newcomer.co/ |url-status=live }}</ref> data journalists Matthew Yglesias and G. Elliott Morris;<ref>{{cite news |date=15 November 2020 |title=Why Matthew Yglesias Left Vox |work=The Atlantic |url=https://www.theatlantic.com/ideas/archive/2020/11/substack-and-medias-groupthink-problem/617102/ |url-status=dead |access-date=13 May 2022 |archive-url=https://web.archive.org/web/20201115173602/https://www.theatlantic.com/ideas/archive/2020/11/substack-and-medias-groupthink-problem/617102/ |archive-date=15 November 2020}}</ref><ref>{{Cite news |last=Tani |first=Max |date=2025-05-16 |title=538's former top numbers guy to launch data journalism site |url=https://www.semafor.com/article/05/11/2025/538s-former-top-numbers-guy-to-launch-data-journalism-site |work=Semafor}}</ref> economists Glenn Loury and Emily Oster; linguist John McWhorter; journalists Matt Taibbi and Bari Weiss;{{r|NYT comics}} and authors Daniel M. Lavery, George Saunders, Nick Hornby, Susan Orlean, Blake Nelson, Chuck Palahniuk,<ref>{{Cite news |last=Milmo |first=Dan |date=2021-09-20 |title=Fight Club author Chuck Palahniuk to serialise new book on Substack |language=en-GB |work=The Guardian |url=https://www.theguardian.com/books/2021/sep/20/fight-club-author-chuck-palahniuk-to-serialise-new-book-on-substack |access-date=2023-04-19 |issn=0261-3077 |archive-date=21 May 2024 |archive-url=https://web.archive.org/web/20240521015608/https://www.theguardian.com/books/2021/sep/20/fight-club-author-chuck-palahniuk-to-serialise-new-book-on-substack |url-status=live }}</ref> Marianne Williamson,<ref>{{Cite web |last=Haring |first=Bruce |date=2022-02-12 |title=Bill Maher's 'Real Time' Explores The "Freedom Convoy" Awakening And Whoopi Goldberg's Exile |url=https://deadline.com/2022/02/bill-maher-real-time-freedom-convoy-whoopi-goldberg-exile-1234932094/ |access-date=2023-04-19 |website=Deadline |language=en-US |archive-date=19 April 2023 |archive-url=https://web.archive.org/web/20230419035502/https://deadline.com/2022/02/bill-maher-real-time-freedom-convoy-whoopi-goldberg-exile-1234932094/ |url-status=live }}</ref> Salman Rushdie,<ref>{{Cite news |last=Lee |first=Edmund |date=2021-09-01 |title=Salman Rushdie Enters His Substack Period |language=en-US |work=The New York Times |url=https://www.nytimes.com/2021/09/01/business/media/salman-rushdie-substack.html |access-date=2023-04-19 |issn=0362-4331 |archive-date=24 April 2023 |archive-url=https://web.archive.org/web/20230424025003/https://www.nytimes.com/2021/09/01/business/media/salman-rushdie-substack.html |url-status=live }}</ref> Tui T. Sutherland,<ref>{{Cite web |last=Sutherland |first=Tui T. |date=2024-06-27 |title=Hi everyone! |url=https://tuibooks.substack.com/about |url-status=live |archive-url=https://web.archive.org/web/20240629235152/https://tuibooks.substack.com/about |archive-date=2024-06-29 |access-date=2024-06-29 |website=Substack |language=en-US}}</ref> David Bentley Hart,<ref>{{Cite web |last=Hart |first=David Bentley |date=2021-07-12 |title=Leaves in the Wind |url=https://davidbentleyhart.substack.com/about |url-status=live |archive-url=https://web.archive.org/web/20210712021644/https://davidbentleyhart.substack.com/about |archive-date=2021-07-12 |access-date=2023-01-04 |website=Substack |language=en-US}}</ref> and Skottie Young.<ref>{{cite web|last=Stone|first=Sam|url=https://www.cbr.com/skottie-young-i-hate-fairyland-interview|title=''I Hate Fairyland'': Skottie Young Lends a Look at Gertrude's Chaotically Epic Return|work=Comic Book Resources|access-date=December 9, 2021|date=December 9, 2021|archive-date=12 October 2023|archive-url=https://web.archive.org/web/20231012052034/https://www.cbr.com/skottie-young-i-hate-fairyland-interview/|url-status=live}}</ref>

In 2026, Andrew Tate joined the platform, quickly rising to the #1 place<ref>{{Cite web |last=Coombs |first=Charlie |date=2026-04-15 |title=Why is Andrew Tate #1 on Substack? |url=https://thred.com/culture/why-is-andrew-tate-1-on-substack/ |access-date=2026-04-26 |website=Thred Website |language=en-GB}}</ref> in the news category.

==Finances== Authors can decide to make subscribing to their newsletter free or paid, and to make specific posts publicly available to non-subscribers.<ref name="NewYorkerFuture" /> {{As of|2020}}, the minimum subscription fee was $5/month or $30/year,<ref name="NewYorkerFuture" /> and Substack usually takes a 10% cut from subscription payments.<ref name=May2020/><ref name="WaPoSports" /> In October 2025, Substack reported that 50,000 creators were earning money on its platform, of whom at least 50 were making more than $1 million.<ref>{{Cite web |last=Bolies |first=Corbin |date=17 October 2025 |title=On Substack, TV News Personalities Find a 2nd — and Successful — Life |url=https://www.thewrap.com/substack-success-for-journalists-mehdi-hasan-joy-reid/ |access-date=13 March 2026 |website=TheWrap |language=en-US}}</ref> Substack earns no revenue from advertisements placed by publishers.<ref name="NYTInbox">{{cite news |last1=Tracy |first1=Marc |title=Journalists Are Leaving the Noisy Internet for Your Email Inbox |url=https://www.nytimes.com/2020/09/23/business/media/substack-newsletters-journalists.html |work=The New York Times |date=23 September 2020 |quote=Writers own their newsletters, and the platform takes a 10 percent cut. |access-date=12 October 2020 |archive-date=5 May 2022 |archive-url=https://web.archive.org/web/20220505120242/https://www.nytimes.com/2020/09/23/business/media/substack-newsletters-journalists.html |url-status=live }}</ref> In February 2019, the platform began allowing creators to monetize podcasts.<ref name="Nieman-2019" /> Substack reported 11,000 paid subscribers as of 2018, rising to 50,000 in 2019.<ref name="Nieman-2019">{{cite web |last1=Owen |first1=Laura Hazard |title=Email newsletter platform Substack nabs $15.3 million in funding (and vows it won't go the way of other VC-funded media companies) |url=https://www.niemanlab.org/2019/07/email-newsletter-platform-substack-nabs-15-3-million-in-funding-and-vows-it-wont-go-the-way-of-other-vc-funded-media-companies/ |publisher=Nieman Lab |date=16 July 2019 |access-date=16 July 2020 |archive-date=11 May 2022 |archive-url=https://web.archive.org/web/20220511142611/https://www.niemanlab.org/2019/07/email-newsletter-platform-substack-nabs-15-3-million-in-funding-and-vows-it-wont-go-the-way-of-other-vc-funded-media-companies/ |url-status=live }}</ref>

thumb|upright|Chris Best discussing mobile advertising in 2015

Substack raised an initial seed round in 2018 from investors including The Chernin Group, Zhen Fund, Twitch CEO Emmett Shear, and Zynga co-founder Justin Waldron.<ref>{{cite web| title=Substack raises $2 million to prove newsletters can help media| date=May 2018| url=https://www.axios.com/substack-raises-2-million-newsletters-media-636cbbe5-7cf3-4a0d-884a-9c5aa959b323.html| access-date=17 June 2021| archive-date=6 March 2022| archive-url=https://web.archive.org/web/20220306113611/https://www.axios.com/substack-raises-2-million-newsletters-media-636cbbe5-7cf3-4a0d-884a-9c5aa959b323.html| url-status=live}}</ref> Andreessen Horowitz provided $15.3 million in Series A funding in 2019, some of which went to bringing high-profile writers into Substack's network.<ref name="IntelligencerGuide">{{cite news|last1=Walsh|first1=James D.|date=29 August 2020|title=A Guide to the Newsletter Economy|language=en-us|work=Intelligencer|url=https://nymag.com/intelligencer/2020/08/a-guide-to-the-substack-newsletter-economy.html|access-date=13 September 2020|archive-date=4 January 2022|archive-url=https://web.archive.org/web/20220104191355/https://nymag.com/intelligencer/2020/08/a-guide-to-the-substack-newsletter-economy.html|url-status=live}}</ref> Substack has provided some content creators with advances to start working on their platform.<ref name="May2020" />

In 2019, the site provided a fellowship 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 ''Sports Illustrated'', ''Deadspin'', and ''SB Nation'', coupled with the onset of the COVID-19 pandemic, led to a surge in sports journalists moving to write on Substack in 2019 and 2020. Substack competes with subscription site ''The Athletic'' in this submarket, so McKenzie says the company recruits less strongly in that market.<ref name="WaPoSports" /> 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.<ref name="WaPoSports" /> It expanded into comics content in 2021 and signed creators including Saladin Ahmed, Jonathan Hickman, Lee Knox Ostertag, Scott Snyder, and James Tynion IV, paying them while keeping their subscription revenue. After their first year, Substack will take 10 percent of subscription revenue.<ref name="NYT comics">{{Cite news |last1=Gustines |first1=George Gene |title=Comic Book Writers and Artists Follow Other Creators to Substack |work=The New York Times |date=2021-08-09 |url=https://www.nytimes.com/2021/08/09/business/media/substack-comic-books.html |language=en-US |issn=0362-4331 |df=mdy-all |access-date=9 August 2021 |archive-date=9 August 2021 |archive-url=https://web.archive.org/web/20210809151655/https://www.nytimes.com/2021/08/09/business/media/substack-comic-books.html |url-status=live }}</ref>

Substack's founders reached out to a small pool of writers in 2017 to acquire its first creators.<ref name=Nieman2017 /> 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.<ref name="Vox-2017" /> As of 2019, Bishop's ''Sinocism'' was the top-paid newsletter on the service.<ref name="Nieman-2019" /> By late 2020, the conservative newsletter ''The Dispatch'' became the top Substack user, with more than 100,000 subscribers and over $2 million in first-year revenue, according to founder Steve Hayes.<ref name="NYTInbox" /> In May 2021, Substack acquired Brooklyn-based startup People & Company.<ref>{{Cite web|title=Substack acquires team from community consulting startup People & Company|url=https://techcrunch.com/2021/05/13/substack-acquires-team-from-community-consulting-startup-people-company/|access-date=2021-05-14|website=TechCrunch|date=13 May 2021|language=en-US|archive-date=11 November 2023|archive-url=https://web.archive.org/web/20231111180852/https://techcrunch.com/2021/05/13/substack-acquires-team-from-community-consulting-startup-people-company/|url-status=live}}</ref> In August 2020, Substack reported that over 100,000 users were paying for at least one newsletter.<ref name="IntelligencerGuide" /> As of August 2021, Substack had more than 250,000 paying subscribers and its top ten publishers were making $7 million in annualized revenue.<ref name=":4" /> In April 2022, ''The New York Times'' reported Substack may be valued at $650 million.<ref>{{Cite news |last=Hsu |first=Tiffany |date=2022-04-13 |title=Substack's Growth Spurt Brings Growing Pains |language=en-US |work=The New York Times |url=https://www.nytimes.com/2022/04/13/business/media/substack-growth-newsletters.html |access-date=2022-04-19 |issn=0362-4331 |archive-date=19 April 2022 |archive-url=https://web.archive.org/web/20220419114519/https://www.nytimes.com/2022/04/13/business/media/substack-growth-newsletters.html |url-status=live }}</ref> Substack dropped an effort to raise money in May 2022.<ref name="Mullin2022Revenue" /> The company had aimed to raise between $75 million and $100 million.<ref name="Mullin2022Revenue" />

== Programs == In March 2021, Substack revealed that it had been experimenting with a revenue sharing program called Substack Pro, which paid advances for writers to create publications on its platform,<ref name="SubstackBlog">{{cite web|title=Why we pay writers|last1=McKenzie|first1=Hamish|url=https://blog.substack.com/p/why-we-pay-writers|date=2021-03-12|access-date=2021-04-12|website=Substack Blog|archive-date=13 April 2021|archive-url=https://web.archive.org/web/20210413030958/https://blog.substack.com/p/why-we-pay-writers|url-status=live}}</ref> but received criticism for not disclosing which writers were part of Substack Pro.<ref name="RecodeMad">{{cite web|title=Substack writers are mad at Substack. The problem is money and who's making it.|url=https://www.vox.com/recode/22338802/substack-pro-newsletter-controversy-jude-doyle|last=Kafka|first=Peter|date=2021-03-19|website=Recode|access-date=2021-04-12|archive-date=6 May 2022|archive-url=https://web.archive.org/web/20220506234836/https://www.vox.com/recode/22338802/substack-pro-newsletter-controversy-jude-doyle|url-status=live}}</ref> This program ended in 2022.<ref>{{Cite web |last=Sato |first=Mia |date=2025-01-23 |title=Substack is spending $20 million to court TikTokers |url=https://www.theverge.com/2025/1/23/24350434/substack-creator-accelerator-fund-tiktok-ban |access-date=2025-06-23 |website=The Verge |language=en-US}}</ref>

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 cease-and-desist letters related to writers' work. Substack has committed to covering up to $1 million in fees for cases accepted by Defender lawyers.<ref name=":4" /> The program was expanded in 2025 to include a partnership with the Foundation for Individual Rights and Expression.<ref>{{Cite web |last=Roth |first=Emma |date=2025-04-01 |title=Substack says it'll legally defend writers 'targeted by the government' |url=https://www.theverge.com/news/640495/substack-legally-defend-writers-targeted-by-government |access-date=2025-06-23 |website=The Verge |language=en-US}}</ref>

==Criticism==

=== Privacy and security incidents === On July 28, 2020, Substack accidentally exposed users' email addresses by putting them in the "cc" field instead of "bcc" in a privacy policy update email regarding the California Consumer Privacy Act. It acknowledged the mistake on Twitter.<ref name="GizmodoLeak">{{Cite web|last=McKay|first=Tom|date=28 July 2020|title=Substack Just Accidentally Revealed Email Addresses of Tons of Users|url=https://gizmodo.com/substack-just-accidentally-revealed-email-addresses-of-1844538889|access-date=2020-07-29|work=Gizmodo|language=en-us|archive-date=6 March 2022|archive-url=https://web.archive.org/web/20220306113608/https://gizmodo.com/substack-just-accidentally-revealed-email-addresses-of-1844538889|url-status=live}}</ref>

In February 2026, Substack disclosed an October 2025 security breach in which a third party gained access to email addresses, phone numbers, and other internal metadata.<ref name=":0">{{Cite web |last=Weatherbed |first=Jess |date=2026-02-05 |title=Substack data breach exposed users' emails and phone numbers |url=https://www.theverge.com/tech/874255/substack-data-breach-user-emails-phone-numbers |access-date=3 March 2026 |website=The Verge |language=en-US}}</ref> According to ''The Verge'', the data breach was noticed on February 3, 2026,<ref name=":0" /><ref name=":1">{{Cite web |last=Eriksson |first=Viktor |date=Feb 6, 2026 |title=If you're a Substack user, your data might've been leaked |url=https://www.pcworld.com/article/3054895/if-youre-a-substack-user-your-data-mightve-been-leaked.html |access-date=3 March 2026 |website=PCWorld |language=en}}</ref> and has been fixed. Substack announced that it would perform an investigation to prevent this from happening again.<ref name=":0" /><ref name=":1" />

=== Content moderation and extremism === In 2020, popular platforms such as Twitter, Facebook, and YouTube began restricting or deleting accounts they claimed spread COVID-19 misinformation, and some prominent authors accused of spreading misinformation moved from those platforms to Substack. ''The Washington Post'' mentioned Joseph Mercola and Steve Bannon as conspiracy theorists who have moved their online presence to Substack.<ref name="WaPoCon" />

In January 2022, the Center for Countering Digital Hate accused Substack of allowing content that could be dangerous to public health. The Center estimated that the company earned $2.5 million per year from the top five anti-vaccine authors alone.<ref name="WaPoCon">{{cite news |author-first1=Elizabeth |author-last1=Dwoskin |date=January 27, 2022 |title=Conspiracy theorists, banned on major social networks, connect with audiences on newsletters and podcasts |url=https://www.washingtonpost.com/technology/2022/01/27/substack-misinformation-anti-vaccine/ |newspaper=The Washington Post |access-date=3 February 2022 |archive-date=12 February 2022 |archive-url=https://web.archive.org/web/20220212211619/https://www.washingtonpost.com/technology/2022/01/27/substack-misinformation-anti-vaccine/ |url-status=live }}</ref> The three founders responded via blog post affirming their commitment to minimal censorship.<ref>{{cite web |author1=Hamish McKenzie |author2=Chris Best |author3=Jairaj Sethi |date=January 26, 2022 |title=Society has a trust problem. More censorship will only make it worse. |url=https://on.substack.com/p/society-has-a-trust-problem-more |website=Substack |access-date=3 February 2022 |archive-date=6 March 2023 |archive-url=https://web.archive.org/web/20230306014352/https://on.substack.com/p/society-has-a-trust-problem-more |url-status=live }}</ref><ref name="WaPoCon" />

Substack faced further criticism in November 2023 for allowing its platform to be used by white nationalists, Nazis, and antisemites.<ref>{{cite news |last=Katz |first=Jonathan |date=Nov 28, 2023 |title=Substack Has a Nazi Problem |work=The Atlantic |url=https://www.theatlantic.com/ideas/archive/2023/11/substack-extremism-nazi-white-supremacy-newsletters/676156/ |access-date=21 December 2023 |archive-date=21 December 2023 |archive-url=https://web.archive.org/web/20231221195429/https://www.theatlantic.com/ideas/archive/2023/11/substack-extremism-nazi-white-supremacy-newsletters/676156/ |url-status=live }}</ref> In an open letter, more than 100 Substack creators threatened to leave the platform<ref>Kabas, Marisa, [https://www.thehandbasket.co/p/more-than-200-publications-join-substackers More than 200 publications join Substackers Against Nazis] {{Webarchive|url=https://web.archive.org/web/20231224035108/https://www.thehandbasket.co/p/more-than-200-publications-join-substackers|date=24 December 2023}}, ''The Handbasket'', December 16, 2023</ref> and implored Substack's leadership to stop giving bigotry a platform.<ref>{{cite news |last1=Rainey |first1=Clint |date=14 December 2023 |title=More than 100 creators are threatening to leave Substack over Nazi newsletters |url=https://www.fastcompany.com/90998505/substack-writers-creators-threatening-boycott-over-nazi-newsletters |access-date=21 December 2023 |work=Fast Company |archive-date=21 December 2023 |archive-url=https://web.archive.org/web/20231221141228/https://www.fastcompany.com/90998505/substack-writers-creators-threatening-boycott-over-nazi-newsletters |url-status=live }}</ref> In response, Substack co-founder Hamish McKenzie said the company would continue to allow the publication of extremist views because attempting to censor them would make the problem worse.<ref name="GuardianRevolt">{{cite news |last1=Hern |first1=Alex |title=Substack faces user revolt over anti-censorship stance on neo-Nazis |url=https://www.theguardian.com/media/2024/jan/03/substack-user-revolt-anti-censorship-stance-neo-nazis |access-date=January 3, 2024 |work=The Guardian |date=January 3, 2024 |archive-date=21 May 2024 |archive-url=https://web.archive.org/web/20240521015616/https://www.theguardian.com/media/2024/jan/03/substack-user-revolt-anti-censorship-stance-neo-nazis |url-status=live }}</ref><ref name="VergeNazi">{{cite news |last1=Lawler |first1=Richard |title=Substack says it will not remove or demonetize Nazi content |url=https://www.theverge.com/2023/12/21/24011232/substack-nazi-moderation-demonetization-hamish-mckenzie |access-date=December 21, 2023 |work=The Verge |date=December 21, 2023 |archive-date=22 December 2023 |archive-url=https://web.archive.org/web/20231222060000/https://www.theverge.com/2023/12/21/24011232/substack-nazi-moderation-demonetization-hamish-mckenzie |url-status=live }}</ref> Creators like Casey Newton,<ref>{{Cite magazine |last=Madarang |first=Charisma |date=January 12, 2024 |title=Substack Loses Major Newsletter Platformer Over Nazi Content |url=https://www.rollingstone.com/culture/culture-news/substack-platformer-leaving-nazi-content-1234945461/ |access-date=January 12, 2024 |magazine=Rolling Stone |archive-date=12 January 2024 |archive-url=https://web.archive.org/web/20240112180003/https://www.rollingstone.com/culture/culture-news/substack-platformer-leaving-nazi-content-1234945461/ |url-status=live }}</ref><ref>{{Cite news |last=Peters |first=Jay |date=January 11, 2024 |title=Substack keeps the Nazis, loses Platformer |url=https://www.theverge.com/2024/1/11/24035338/substack-nazis-platformer-newsletter-switch-to-ghost |access-date=January 12, 2024 |work=The Verge |archive-date=12 January 2024 |archive-url=https://web.archive.org/web/20240112112038/https://www.theverge.com/2024/1/11/24035338/substack-nazis-platformer-newsletter-switch-to-ghost |url-status=live }}</ref><ref>{{Cite news |last=Bhattacharya |first=Ananya |date=January 12, 2024 |title=Substack's Nazi content has cost it a top tech newsletter |url=https://qz.com/substack-platformer-nazi-newsletter-content-1851161948 |access-date=January 12, 2024 |work=Quartz |archive-date=12 January 2024 |archive-url=https://web.archive.org/web/20240112180004/https://qz.com/substack-platformer-nazi-newsletter-content-1851161948 |url-status=live }}</ref> Molly White, and Ryan Broderick left the platform as a result.<ref>{{Cite news |last1=Lorenz |first1=Taylor |last2=Oremus |first2=Will |date=January 12, 2024 |title=Substack's woes deepen as tech blog leaves over Nazi content |url=https://www.washingtonpost.com/technology/2024/01/11/substack-platformer-nazis/ |access-date=January 12, 2024 |newspaper=The Washington Post |language=en-US |issn=0190-8286 |archive-date=20 January 2024 |archive-url=https://web.archive.org/web/20240120012739/https://www.washingtonpost.com/technology/2024/01/11/substack-platformer-nazis/ |url-status=live }}</ref>

==See also== * Medium (website)

==References== {{Reflist}}

==External links== *{{official website|https://substack.com}} *{{cite web |last1=Chang |first1=Clio |title=The Substackerati |url=https://www.cjr.org/special_report/substackerati.php |website=The Columbia Journalism Review |language=en |date=Winter 2020}}

Category:Online companies of the United States Category:Blog hosting services Category:Internet properties established in 2017 Category:American companies established in 2017 Category:Companies based in San Francisco Category:2017 establishments in California Category:Subscription services Category:Newsletter publishing companies Category:Neo-Nazism in the United States Category:Alt-tech Category:Website monetization Category:Far-right politics and the Internet