Both platforms try to convince writers and independent media brands to join them. Both platforms have lots of funding and receive lots of press. Neither platform can decide if they are a content management system or a media brand.

Substack has a business model that creates unique unit economics. Substack isn’t trying to build the next The Economist or The Athletic. It’s not branded; the consumer doesn’t need to know what Substack is. Instead, the growth will come from consumers resonating with individual creators.