Substack

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.{{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 }}{{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 }} Best and McKenzie describe Ben Thompson's Stratechery, a subscription-based tech and media newsletter, as a major inspiration for their platform. Best acts as CEO of the company.{{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}}

In 2019, Substack added support for podcasts and discussion threads among newsletter subscribers.{{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 }}{{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 }}

By November 2021, the platform said it had more than 500,000 paying subscribers, representing over one million subscriptions.{{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}}

Substack announced in January 2022 that it would begin private beta testing of video functionality on its platform. In November of that year, they launched Substack Chat where content creators could create private group chats with subscribers.

Also in 2022, the company launched the Substack Reader app for iOS, followed by an Android version six months later.{{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}}{{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}}

In April 2023, Elon Musk spoke with Substack's leadership about purchasing the platform, but the proposal was not accepted.{{cite web |title=Substack Bets on Politics, With Millions at Stake |url=https://www.nytimes.com/2024/11/18/business/media/substack-politics-newsletters.html |access-date=12 February 2025 |website=New York Times}} That same month, Substack implemented a Notes feature, which allows users to publish and repost short-form content. This microblogging feature was compared to Twitter, and many outlets considered it to be a response to changes at Twitter under the ownership of Elon Musk.{{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}}{{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 }} The launch of Substack Notes resulted in criticism by Musk, and Twitter began censoring links to Substack on its platform.{{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 }}{{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 }}{{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 }}

In November 2023, Substack introduced new video creation and editing tools, and content creators started launching original shows on the platform.{{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}}

In April 2024, Substack partnered with Spotify to allow podcasters to distribute episodes on both platforms and added new editing features for podcasts.{{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}} In June 2024, Substack announced a year-long development initiative for TikTok creators called Creator Studio,{{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|publisher=The Washington Post}} and also added five-minute video capabilities to their chat function.{{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}} Video was also added to Notes.{{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}}{{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}}

By November 2024, Substack had 4 million paid subscriptions.{{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|publisher=New York Times}}

Substack added livestreaming options for creators in September 2024.{{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}} Following this and the restrictions on TikTok in the United States, Substack announced the ability to post and monetize videos directly through the Substack app in February 2025. In March 2025, Substack announced that it had 5 million paid subscriptions.{{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|publisher=The Hill}}

Substack users include journalists, subject-matter experts, and media platforms.{{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 }}{{cite magazine |last1=Recker |first1=Jane |date=December 22, 2020 |title=Substack Is Attracting Big DC Journos. Who's Making the Leap? |url=https://www.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 }}{{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 }} Among the high-profile writers to have used the platform are Pulitzer Prize-winning journalist and author Glenn Greenwald; the Nobel laureate and economist Paul Krugman; Seymour Hersh; culture critic Anne Helen Petersen; music essayist Robert Christgau; and food writer Alison Roman.{{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}} The New York Times columnist Mike Isaac argued in 2019 that companies like Substack see newsletters as a more stable means to maintain readers through a more direct connection with writers.{{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}} In 2020, The New Republic said there was an absence of local news newsletters, especially in contrast to the large number of national-level political newsletters.{{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 }} As of late 2020, large numbers of journalists and reporters were coming to 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). 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."{{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}} It described Substack's content moderation policy as "lightweight", with rules against "harassment, threats, spam, pornography, and calls for violence; moderation decisions are made by the founders".

Major writers who have used Substack include historian Heather Cox Richardson, tech journalists Casey Newton{{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 }} and Eric Newcomer,{{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 }} data journalists Matthew Yglesias and G. Elliott Morris,{{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}}{{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}} 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, Blake Nelson, Chuck Palahniuk,{{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 }} Marianne Williamson,{{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 }} Salman Rushdie,{{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 }} Tui T. Sutherland,{{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}} David Bentley Hart,{{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}} and Skottie Young.{{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}}

Authors can decide to make subscribing to their newsletter free or paid, and to make specific posts publicly available to non-subscribers. {{As of|2020}}, the minimum fee for a subscription was $5/month or $30/year, and Substack usually takes a 10% fee from subscription payments. Substack earns no revenue from advertisements placed by publishers.{{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 }} In February 2019, the platform began allowing creators to monetize podcasts. Substack reported 11,000 paid subscribers as of 2018, rising to 50,000 in 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 }}

File:Chris Best 2015.png

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.{{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}} 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.{{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}} Substack has provided some content creators with advances to start working on their platform.

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. In 2020, following the onset of the COVID-19 pandemic, Substack extended grants of $1,000–$3,000 to over 40 writers to begin working on the platform. Substack expanded into comics content in 2021 and signed creators including Saladin Ahmed, Jonathan Hickman, Molly 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.{{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 }}

The Substack founders reached out to a small pool of writers in 2017 to acquire their first creators. Bill Bishop was among the first to put his newsletter, Sinocism, on Substack, providing his newsletter for $11 a month or $118 a year with daily content. As of 2019, Bishop's Sinocism was the top paid newsletter on the service. By late 2020, the conservative newsletter The Dispatch claimed the title of top Substack user, with more than 100,000 subscribers and over $2 million in first-year revenue, according to founder Steve Hayes. In May 2021, Substack acquired Brooklyn-based startup People & Company.{{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}} In August 2020, Substack reported that over 100,000 users were paying for at least one newsletter. 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 web|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=2021-09-01|website=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}} In April 2022, The New York Times reported Substack may be valued at $650 million.{{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 }} Substack dropped an effort to raise money in May 2022.{{cite news |last1=Mullin |first1=Benjamin |title=Substack Drops Fund-Raising Efforts as Market Sours |url=https://www.nytimes.com/2022/05/26/business/media/substack-venture-capital.html |access-date=26 May 2022 |work=The New York Times |date=26 May 2022 |archive-date=2 June 2022 |archive-url=https://archive.today/20220602094844/https://www.nytimes.com/2022/05/26/business/media/substack-venture-capital.html |url-status=live }} The company had aimed to raise between $75 million and $100 million.

On July 28, 2020, Substack sent out email notifications to all its users about changing privacy policies and notification about California Consumer Privacy Act (CCPA) compliance. In this notification email, email addresses of all recipients were inadvertently included in the email "cc" field rather than in the "bcc" field. This exposed the email addresses of many Substack users.{{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}} The company acknowledged the issue on Twitter and said that it was remedied after the initial batch of emails but did not disclose the number of users affected.

In March 2021, Substack revealed that it had been experimenting with a revenue sharing program in which it paid advances for writers to create publications on its platform; this became a program known as Substack Pro.{{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}} Substack has been criticized for not disclosing which writers were part of Substack Pro.{{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}}

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.

In 2020, popular platforms such as Twitter, Facebook, and YouTube began restricting or removing accounts that they claim spread COVID-19 misinformation, which violates those platforms' content policies. Some prominent authors accused of spreading misinformation have moved from those platforms to Substack. The Washington Post mentioned Joseph Mercola (whose content Imran Ahmed, CEO of the Center for Countering Digital Hate, called "so bad [that] no one else will host it") and Steve Bannon (whom Elizabeth Dwoskin, writing for The Washington Post, accused of spreading "violent rhetoric and false claims about the [2020] election in the weeks leading up to the Capitol siege on Jan. 6") as conspiracy theorists who have moved their online presence to Substack.

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 (who have tens of thousands of subscribers).{{cite news |author=Elizabeth 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 }} Presumably in response to press inquiries, the three founders affirmed their commitment to minimal censorship in a blog post.{{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 }}

Substack faced further criticism in November 2023 for allowing its platform to be used by white nationalists, Nazis, and antisemites.{{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 }} Critics highlighted that this is in spite of Substack's terms of service that supposedly prohibit hate speech. In an open letter, more than 100 Substack creators threatened to leave Substack and implored Substack's leadership to stop giving bigotry a platform.{{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 }} Substack CEO Hamish McKenzie responded to the controversy by confirming that the company will continue to allow the publication of extremist views, saying that attempting to censor them would make the problem worse.{{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 }}{{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 }}

In the December 23, 2023, edition of his The Racket newsletter, a post titled "The Social Network",Katz, Jonathan, [https://theracket.news/p/the-social-network The Social Network] {{Webarchive|url=https://web.archive.org/web/20231224035037/https://theracket.news/p/the-social-network |date=24 December 2023 }}, The Racket, Substack, December 23, 2023 Jonathan Katz provided details about dialogue he has had with the platform about the controversy noted in the aforementioned open letter, which was titled "Substackers Against Nazis".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 He took issue not only with Substack's promotion of extremist newsletters on the platform but also its subjection of subscribers to non-extremist newsletters on the platform and with its billing partner Stripe to profiteering from said promotion and sharing on behalf of the extremist authors. He discussed options he was exploring in reaction to the platform's assertion that the policy will continue. Substack's decision to allow Nazi and other extremist content led multiple newsletters to leave the platform, including Casey Newton's Platformer,{{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 }}{{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 }}{{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 }} Molly White's Citation Needed, and Ryan Broderick's Garbage Day.{{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 }}

• Medium (website)

{{Reflist}}

• {{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