Anna Mackenzie on Substack

A Substack newsletter is both a product and a portfolio: a way to make money, but also a venue for displaying personality, intelligence, and taste.

Chris Best, Hamish McKenzie, and Jairaj Sethi started Substack in 2017, but their history dates back years before. Chris co-founded the anonymous posting app Kik during his third year at the University of Waterloo (2010). He spent the better part of eight years at the company where he met his soon-to-be co-founders. When Chris left Kik in early 201

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Substack sits on top of a trend that’s very dear to me: the democratization of monetized information. In simple terms, writers can earn money by sharing valuable information without the dependency on a publisher or newspaper. That’s not just better for creators but also for consumers because they can have a direct relationship with each other.

The biggest risk to Substack isn’t that Gmail changes its algorithm or that readers set up automatic forwarding and share accounts. It’s that years from now, each author will have built up so much content that a reader can pay a 1 month subscription, download the archive, and be set on reading material.

I said earlier that the biggest risk to Substack is archives, but that’s only true in the existential sense. With regards to future growth, the biggest risk is that the mainstream population continues to read mainstream journals, and Substack never crosses the chasm.

Substack could decide, for example, to provide an app that showcases all of its writers, enabling a user to search through the newsletters, browse articles, and sign up for those they wish to. This would be analogous to the Shop app by Shopify.