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.

Traditional publishers and social networks will have to compete with self-serve platforms to offer creators the best growth, monetization, and infrastructure. That’s a win for audiences who get more diverse content, as well as creators who get a more stable career path.