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Substack wants to do more than just newsletters (www.semafor.com)

submitted 6 days ago by Blaze@lemmy.zip to c/technology@lemmy.zip

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cross-posted from: https://beehaw.org/post/16468659

The company still isn’t profitable on an annual basis, and declined to say how much revenue has grown since it was reported to be a modest $9 million in 2022. But Substack has added more than a million paid subscribers over the last year. News content continues to account for the company’s largest segment of subscribers, and it has more in the pipeline.

To avoid fizzling the way competitors like Medium have, Substack is trying to become less a journalism platform and more a payment system for creators.

In recent months, the company has been reaching out to influencers, video creators and podcasters to convince them to join the platform. It doesn’t need beauty influencers, say, to all of a sudden become bloggers. But it does want to be the primary vehicle for paying creators regardless of medium.

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[–] jlow@beehaw.org 2 points 6 days ago

And so the enshittification begins ...