Substack still isn’t profitable, despite a large subscriber base and a pivot to fill a political void left by big social media companies, but it says it could be if it wanted to.
Substack still isn’t profitable despite attracting big names in the independent writer world, whose newsletters and blogs rake in a massive digital subscriber base for the platform. Hamish McKenzie, one of Substack’s founders, told The New York Times that it could choose to be profitable but is focusing instead on “investing in and continuing to grow the business.” According to the Times, X owner Elon Musk offered to acquire Substack during a phone call with its CEO, Chris Best, in April 2023.
Best said on Nilay Patel’s Decoder in 2020 that the company could become profitable “quickly” if its expenses didn’t grow. But its “focus has always been on being very comfortably default alive” — that is, growing and gathering investments. He also said, “...unless you can raise money, the company is going to end.” The Times details several recent moves the company has made to grow its business and shore up funds.
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