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Substack has added more than 1mn subscribers since Donald Trump’s triumph in the US election last November, as the online platform benefits from the shift towards creator-led journalism.
Substack, a platform for writers and other content creators, reached 5mn paid subscriptions in March, across publications and podcasts. The platform attracted an additional 1mn subscribers between November and March alone, helping it generate positive cash flow in the first quarter.
Substack, which is backed by investors including Wall Street banker Omeed Malik and polling expert Nate Silver, offers journalists, politicians and commentators the opportunity to get paid directly by their audience via subscription fees.
The platform has benefited from an influx of traditional media executives such as former CNN star Jim Acosta drawing in new audiences.
Acosta and other journalists are cutting out traditional media channels and building large communities of followers, while new media groups such as Bari Weiss’s Free Press have based their businesses on the platform.
The US Department of State, headed by Marco Rubio, joined Substack last month, joining other US politicians such as Pete Buttigieg. Brands and corporations are also using the platform to reach consumers
“There has definitely been a big moment of interest around the election and then the first 100 days [of the Trump presidency]. There’s been a spate of people in that universe coming,” said Substack co-founder Chris Best.
Journalists were leaving traditional outlets, he added, including “a bunch of people who decanted from the Washington Post” in protest at the policies of its owner Jeff Bezos.
Washington Post commentator Jennifer Rubin and cartoonist Ann Telnaes resigned earlier this year and now write for their own Substacks.
Substack receives takeover offers “pretty frequently”, Best said, confirming that Elon Musk tried to buy the platform after taking over Twitter. “That was one of several [but] we’re focused on building a successful, independent company.”
Best said that YouTube represented the main competition for the platform given the shift in audiences to online creator-led journalism and shows — including podcasts — at the expense of legacy media channels.
More than 50,000 publishers make money on Substack, with the top 10 collectively earning more than $40mn a year. Substack takes a 10 per cent cut of revenues. Best declined to give any further financial details, saying only that Substack had been “focusing on growth, not profitability”.
Substack, a platform centred on written newsletters, is expanding its services to offer improved video creation, audio and editing. In April 2024, over half of the 250 highest-revenue creators were using audio and video. By February 2025, that number was four-fifths, reflecting a shift towards multimedia content.
Substack last raised a full funding round in 2021 — backed by investors including venture capital firm Andreessen Horowitz — but took in a further $10mn in a ‘friends and family’ round late last year. Best declined to say whether the group was looking to raise more money.
“The company is growing very efficiently. We also want the company to be independent, which to me means having a path that does not require outside capital to accomplish our goals, and we feel extremely comfortable that we’re in that position.”
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