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Sublack added more than 1 million subscribers since Donald Trump's triumph in the US elections last November, while the online platform benefits from the journalism led by creators.
Substack, a platform for writers and other content creators, reached 5 minutes of paid subscriptions in March, in publications and podcasts. The platform attracted an additional 1 min of subscribers between November and March only, helping him to generate positive cash flows in the first quarter.
Sublack, who is supported by investors, including the banker of Wall Street, Omeed Malik and the Nate Silver survey, offers journalists, politicians and commentators the possibility of being paid directly by their audience via subscription fees.
The platform has benefited from an influx of traditional media leaders such as the former CNN star Jim Acosta drawing new audiences.
Acosta and other journalists abolish traditional media channels and build large communities of followers, while media groups such as the free press of Bari Weiss have based their companies on the platform.
The US State Department, led by Marco Rubio, joined Bullack last month, joining other American politicians such as Pete Buttigieg. Brands and companies also use the platform to reach consumers
“There was certainly a great moment of interest around the elections, then the first 100 days (from the Trump presidency). There was a series of people in this universe to come,” said the co-founder of Suback Chris Best.
Journalists left traditional outlets, he added, including “a group of people who set off the Washington Post” to protest to policies of its owner Jeff Bezos.
The commentator of the Washington Post, Jennifer Rubin, and the cartoonist Ann Telnaes have resigned earlier this year and now write for their own substances.
Substack receives the takeover of the offers “quite frequently”, said Best, confirming that Elon Musk tried to buy the platform after returning Twitter. “It was one of the many (but) we focused on building a successful independent business.”
Best said that YouTube represented the main competition of the platform given the change of public to journalism and the programs led by the online creator – including podcasts – to the detriment of inherited media channels.
More than 50,000 publishers earn money on substitution, the top 10 collectively earning more than $ 40 million per year. Substitution takes a 10% reduction in income. Better, refused to give other financial details, saying that only substitution was “focused on growth, not on profitability”.
Substack, a platform focused on written newsletters, expands its services to offer an improvement in video, audio and editing. In April 2024, more than half of the 250 highest income creators used audio and video. In February 2025, this number was four fifths, reflecting a change to multimedia content.
Buthack raised for the last time a complete financing round in 2021 – supported by investors, including the venture capital company Andreessen Horowitz – but took an additional $ 10 million in an “Friends and Family” round at the end of last year. Better refused to say if the group sought to collect more money.
“The company is developing very effectively. We also want the company to be independent, which means for me to have a path that does not require external capital to achieve our objectives, and we feel extremely comfortable that we are in this position. “
