Substack
Newsletters with built-in distribution and payments
4.3Free (10% of paid revenue)Best for Investors building an audience through consistent writing
Newsletter Publishing Audience
Overview
Substack, founded in 2017, is the publishing platform that made independent newsletters a business: writing, email delivery, podcasts, video and paid subscriptions with zero upfront cost — the platform takes 10% of paid revenue. Its recommendation network drives real subscriber growth between publications. For investors, it has become the default home for thesis-building in public; a well-run fund Substack compounds into deal flow and LP awareness with no infrastructure to maintain.
Key features
- Email newsletter publishing and hosting
- Paid subscription infrastructure built in
- Cross-publication recommendation network
- Podcast, video and Notes formats
- Simple analytics on opens and growth
- Custom domains for publications
Pros
- Zero cost and zero maintenance to start
- Recommendations deliver organic subscriber growth
- Reader network effects favor consistent publishers
Cons
- Limited design control versus owned websites
- 10% fee stings if paid subscriptions get large
- Audience relationship partly mediated by the platform