Dear investors, 

We reflect on 2024 with both satisfaction and impatience. We’re satisfied because the business is strong, growth is robust, and we continue to attract the world’s best writers and creators to Substack. But there is still much work to be done, new territories to push into, and some key improvements to make to the product, and we’re... See more

In general, will Substack replicate the patterns of marginalization found across the media industry, or will it help people locked out of the dominant media sphere to flourish? To a large extent, the answer depends on whether or not Substack’s founders believe they’re in the publishing business. When we spoke, they were adamant that Substack is a... See more

Substack’s tagline— “a new economic engine for culture”—hides a paradox: high-brow and high-growth rarely coexist.