Substack Announces One Million Paid Subscriptions

Substack is a newsletter platform that allows creators and writers to charge their subscribers a monthly subscription. Monday’s announcement by Substack was a landmark for the four-year-old company that has shaken up media.

In a blog post-Hamish McKenzie, co-founder of the platform, said that the one billion paid subscriptions to its publications were “subscriptions that didn’t exist before” and do not diminish the subscriber bases for traditional media outlets. They also “represent a rush in new money into the media ecosystem.” McKenzie stated that the platform’s top ten publications collectively generate $20,000,000 a year.

Substack cannot rank all its publications, but it does give a range in their readership. Heather Cox Richardson’s letters from an American rank tops in the politics category. Jimmy Evans’ Tipping Point prophecy update and TK news by Matt Taibbi lead the podcast category. Alison Roman, a newsletter, ranks tops food-and-drink, with “tens of thousands” of thousands of people, according to them, the website.

10%. Substack earns 10% from subscriptions that are paid to its authors. Stripe takes 3% to process the payments. The creators of the newsletter receive the rest of the subscription fee. Writers can use the platform for free, and newsletter owners have the choice to make their content available behind or before a paywall.

Substack offered large audiences substantial advances to some writers to help them start their newsletters. Substack allows journalists with a reputation for excellence to create their newsletters. This includes the New York Times_’ Bari Weiss, New York Magazine_s Andrew Sullivan, and The Intercept_s Glenn Greenwald.

Substack is a competitor to Substack that both Twitter and Facebook have launched. Facebook’s Bulletin won’t take a cut on subscription fees from writers. Twitter’s Revue takes 5.

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Adam Collins
Adam writes about technology, business and economics. With master's degree in Economics, he's presented six papers in international conferences. As a solivagant in the constant state of fernweh, curiosity is the main weapon in his arsenal.

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