Substack is a publishing platform that lets writers run a newsletter and charge readers a recurring subscription directly, without going through a traditional media company. Founded in 2017 by Chris Best, Hamish McKenzie, and Jairaj Sethi, it became one of the most prominent platforms in the shift toward independent, subscription-funded online writing.
How the subscription model works
Writers on Substack can publish posts for free or put some content behind a paywall for paying subscribers, with Substack handling the billing and payment infrastructure. The platform takes a cut of subscription revenue, commonly reported at around ten percent, on top of standard payment-processing fees, leaving writers with the majority of what readers pay while removing much of the technical overhead of running independent billing themselves.
Growth and notable writers
Substack grew quickly by attracting journalists and commentators who left traditional publications to write directly for a paying audience, alongside independent voices across politics, culture, technology, and other fields who built new followings from scratch. By the mid-2020s, industry trackers estimated Substack annual revenue in the tens of millions of dollars, placing it among the larger newsletter platforms despite competition from a growing number of alternatives.
Expansion beyond newsletters
Over time Substack added features beyond plain text newsletters, including podcast hosting, video, a chat and discussion feature, and a short-form social feed called Notes, moving the platform closer to a broader publishing and social network rather than email alone.
Content moderation debates
Because Substack take a largely hands-off approach to what writers publish, the platform has repeatedly faced public debate over where it draws the line on hosting newsletters with extreme or controversial political content, with critics arguing for stricter moderation and the founders generally defending a broad view of free expression on the platform.
FAQs
What is Substack used for? Substack lets writers publish newsletters and charge readers a subscription, with Substack handling billing and distribution.
Who founded Substack? Substack was founded in 2017 by Chris Best, Hamish McKenzie, and Jairaj Sethi.
How much does Substack take from subscriptions? Substack is commonly reported to take around ten percent of subscription revenue, in addition to payment-processing fees.
Is Substack only for newsletters? No, Substack has expanded to include podcasts, video, a chat feature, and a short-form social feed called Notes.
More in Software & the Web
Key facts
- Founded in 2017 by Chris Best, Hamish McKenzie, and Jairaj Sethi.1
- Lets writers charge readers recurring subscriptions, taking a cut commonly reported around 10 percent.1
- Estimated at tens of millions of dollars in annual revenue by the mid-2020s.1
- Expanded beyond newsletters into podcasts, video, chat, and a social feed called Notes.1
Quick checkHow does Substack make money?Show answer
Substack takes a cut, commonly reported around ten percent, of the subscription revenue that writers collect from paying readers on the platform.
Sources
- Trends.vc, Substack company profile, https://trends.vc/opportunities/companies/substack
Editorially reviewed by Specialty Digest Editorial TeamLast reviewed November 9, 2026Researched and drafted with AI assistanceReport an issue