Difference between revisions of "Timeline of Substack"

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	| 2017 || May || Initial launch || Substack is launched by Chris Best, Jairaj Sethi, and Hamish McKenzie<ref>{{cite web |title=Substack History: An Overview of Substack |url=https://bloggingguide.com/substack-history/ |website=Blogging Guide |access-date=26 September 2021 |date=21 June 2021}}</ref> with the mission to make it simple to start publications that make money from subscriptions.<ref>{{cite web |title=Chris Best |url=https://www.linkedin.com/in/cjgbest |website=linkedin.com |access-date=26 September 2021}}</ref>		| 2017 || May || Initial launch || Substack is launched by Chris Best, Jairaj Sethi, and Hamish McKenzie<ref>{{cite web |title=Substack History: An Overview of Substack |url=https://bloggingguide.com/substack-history/ |website=Blogging Guide |access-date=26 September 2021 |date=21 June 2021}}</ref> with the mission to make it simple to start publications that make money from subscriptions.<ref>{{cite web |title=Chris Best |url=https://www.linkedin.com/in/cjgbest |website=linkedin.com |access-date=26 September 2021}}</ref>
	|-		|-
−	| 2018 || May 1 || Funding || Substack raises US$2 million in seed funding.<ref>{{cite web |last1=Kokalitcheva |first1=Kia |title=Substack raises $2 million to prove newsletters can help media |url=https://www.axios.com/substack-raises-2-million-newsletters-media-636cbbe5-7cf3-4a0d-884a-9c5aa959b323.html |website=Axios |access-date=26 September 2021 |language=en}}</ref>	+	| 2018 || May 1 || Funding || Substack receives its firat seed funding round where they raise $2 million. Investors in this round include Fifty Years, Garage Capital, and several others. This initial capital helps Substack establish its platform and start attracting writers and subscribers.<ref>{{cite web |last1=Kokalitcheva |first1=Kia |title=Substack raises $2 million to prove newsletters can help media |url=https://www.axios.com/substack-raises-2-million-newsletters-media-636cbbe5-7cf3-4a0d-884a-9c5aa959b323.html |website=Axios |access-date=26 September 2021 |language=en}}</ref>
		+	|-
		+
		+	2. **July 17, 2019 - Series A: $19.1M**
		+	- Substack experienced significant growth with its Series A round, securing $19.1 million. The funding was led by prominent investors such as a16z and Y Combinator. This round marked a pivotal moment for Substack, allowing them to expand their team, enhance their platform features, and attract more high-profile writers to their subscription-based publishing model.
		+
		+	3. **March 30, 2021 - Series B: $65M**
		+	- In March 2021, Substack raised $65 million in its Series B round, which was the largest funding round in its history at that time. Andrew Chen, among other investors, participated in this round. The substantial investment aimed to fuel further platform development, international expansion, and diversification of content offerings. This round also solidified Substack's position as a leader in the independent publishing space.
		+
		+	4. **May 30, 2023 - Series B: $3.29M**
		+	- Substack continued to attract investment in May 2023 with an additional $3.29 million raised in a Series B extension round. While smaller compared to the previous Series B round, this funding was aimed at specific growth initiatives or strategic investments to further bolster their platform capabilities or market reach.
		+
	|-		|-
	| 2019 || February || Service || Substack launches audio content support for creators who want to sell podcast subscriptions to their audience.<ref name="Botticello">{{cite web |last1=Botticello |first1=Casey |title=What is Substack? |url=https://medium.com/substack-writing/what-is-substack-c0dc6c792f28 |website=Substack Writing |language=en |date=21 June 2021}}</ref>		| 2019 || February || Service || Substack launches audio content support for creators who want to sell podcast subscriptions to their audience.<ref name="Botticello">{{cite web |last1=Botticello |first1=Casey |title=What is Substack? |url=https://medium.com/substack-writing/what-is-substack-c0dc6c792f28 |website=Substack Writing |language=en |date=21 June 2021}}</ref>

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Revision as of 11:22, 27 June 2024

This is a timeline of Substack, a United States online platform that provides users with tools to publish paid (or free) subscription newsletters.

Sample questions

The following are some interesting questions that can be answered by reading this timeline:

Big picture

Time period	Development summary	More details
2020		Substack grows in prominence as several well-known opinion journalists abandon their longtime employers to start their own subscriptions on the platform.[1]

Full timeline

2. **July 17, 2019 - Series A: $19.1M** - Substack experienced significant growth with its Series A round, securing $19.1 million. The funding was led by prominent investors such as a16z and Y Combinator. This round marked a pivotal moment for Substack, allowing them to expand their team, enhance their platform features, and attract more high-profile writers to their subscription-based publishing model. 3. **March 30, 2021 - Series B: $65M** - In March 2021, Substack raised $65 million in its Series B round, which was the largest funding round in its history at that time. Andrew Chen, among other investors, participated in this round. The substantial investment aimed to fuel further platform development, international expansion, and diversification of content offerings. This round also solidified Substack's position as a leader in the independent publishing space. 4. **May 30, 2023 - Series B: $3.29M** - Substack continued to attract investment in May 2023 with an additional $3.29 million raised in a Series B extension round. While smaller compared to the previous Series B round, this funding was aimed at specific growth initiatives or strategic investments to further bolster their platform capabilities or market reach.

Year	Month and date	Event type	Details
2017	May	Initial launch	Substack is launched by Chris Best, Jairaj Sethi, and Hamish McKenzie[2] with the mission to make it simple to start publications that make money from subscriptions.[3]
2018	May 1	Funding	Substack receives its firat seed funding round where they raise $2 million. Investors in this round include Fifty Years, Garage Capital, and several others. This initial capital helps Substack establish its platform and start attracting writers and subscribers.[4]
2019	February	Service	Substack launches audio content support for creators who want to sell podcast subscriptions to their audience.[5]
2020	December 28	Review	Anna Wiener at the The New Yorker writes that while "Substack has advertised itself as a friendly home for journalism, [...] few of its newsletters publish original reporting; the majority offer personal writing, opinion pieces, research, and analysis."[6]
2021	January 28	Competition	Twitter's acquisition of Revue, a newsletter platform, marks its entry into the email subscription business, directly competing with Substack. Revue offers similar services to Substack, which has been popular among journalists for monetizing newsletters. Twitter’s move includes reducing Revue's fee to 5% and plans to integrate newsletter subscriptions with Twitter accounts. Despite Twitter's vast resources and potential advantages, analysts like Ben Thompson caution that successful execution is crucial. Substack, backed by significant investments and notable writers, may still hold a strong position in the market. Critics question if Substack perpetuates media inequities by favoring already influential voices.[7]
2021	March 16	Competition	Facebook announces it has plans to launch its paid newsletter product “in the coming months.”[8]
2021	March 17		Substack publishes a statement titled Substack is for independent writers.[9]
2021	March 24	Review	Eric Levitz publishes article titled Substack Is a Scam in the Same Way That All Media Is.[1]
2021	May 30	Funding	Substack confirms US$65 million raise in new venture capital funding that values the company at around US$650 million. Andreessen Horowitz leads the investor round.[10][11]
2021	November 16		Substack has surpassed one million paid subscriptions, signaling significant growth and the platform's increasing influence in the media landscape. The company claims that these subscriptions represent new revenue for writers, not a shift from traditional media. High-profile writers like Glenn Greenwald, Matt Taibbi, Bari Weiss, and Matt Yglesias contribute to this success. In response, legacy media outlets like The New York Times and The Atlantic are launching paid newsletter programs to retain and attract top writers. This trend has prompted new platforms like Lede and Workweek to offer hybrid options, balancing newsroom support with writer independence.[12]
2023	September 17		An article discusses how Substack newsletters became a significant trend in the literary world, offering writers a platform to connect directly with readers, generate income, and explore niche topics. Notable authors like Bri Lee, Salman Rushdie, and Chuck Palahniuk use Substack to publish content ranging from personal essays to serialized novels. The platform allows for a mix of free and paywalled content, supported by reader subscriptions. While some authors use Substack to provide early access to forthcoming works, others, like George Saunders and Mary Gaitskill, focus on essays, reviews, and literary criticism. However, the article notes that maintaining a regular newsletter can be demanding and may not be sustainable for all writers. Despite challenges, Substack remains a popular and accessible platform for literary and journalistic content.[13]
2021	November 16		Substack surpasses one million paid subscriptions, signaling significant growth and the platform's increasing influence in the media landscape. The company claims that these subscriptions represent new revenue for writers, not a shift from traditional media. High-profile writers like Glenn Greenwald, Matt Taibbi, Bari Weiss, and Matt Yglesias contribute to this success. In response, legacy media outlets like The New York Times and The Atlantic launch paid newsletter programs to retain and attract top writers around the time. This trend would prompt new platforms like Lede and Workweek to offer hybrid options, balancing newsroom support with writer independence.
2023	June 27	Competition	An article discusses on Substack facing increased competition from platforms like WordPress and Beehiiv as it emerges from a period of defensive retrenchment. Despite setbacks, including controversies and layoffs, Substack remains a popular choice for many high profile writers. By this time, the platform has its Twitter-like Notes feature, which led to tensions with Twitter, notably under Elon Musk. Meanwhile, legacy media and newer platforms offer competitive newsletter options, with WordPress launching paid newsletters and Beehiiv securing $12.5 million in funding to expand its offerings. Substack cofounder Hamish McKenzie emphasizes the importance of helping writers grow to justify their 10% fee amidst this competition.[14]
2023	December 15	Controversy	Over 100 Substack writers, including prominent figures like George Washington professor Dave Karpf, sign a letter condemning Substack for allowing neo-Nazi and white supremacist writers, such as Richard Spencer, to monetize their content on the platform. Despite Substack’s terms prohibiting content inciting violence based on race, gender, ethnicity, and religion, a report by The Atlantic reveals several accounts linked to extremist leaders. Substack, known for its "hands-off" approach to content moderation, faces significant backlash but also receives support from some high-profile writers advocating for its current policies. The company declines to comment on the criticism.[15]
2024	January 3	Controversy	Substack experiences a user revolt after its CEO defended hosting and handling payments for neo-Nazis on the platform, citing anti-censorship reasons. Chief Writing Officer Hamish McKenzie states that while Substack opposes Nazi views, it believes censorship exacerbates the problem. Prominent newsletter writers, including Casey Newton of Platformer, threaten to leave if Substack doesn't remove pro-Nazi content. By this time, Talia Lavin moved her newsletter to Buttondown. Substack, taking a firm stance against content moderation, remains committed to free expression despite criticism and potential revenue losses. The platform also faces scrutiny over its opaque Substack Pro service.[16]
2024	January 4		Eric Newcomer, founder of the Substack newsletter "Newcomer," reports earning over $1 million in 2023. By this time, his newsletter, focused on startups and venture capital, has more than 75,000 free subscribers and over 2,000 paying $200 annually. Newcomer, who left Bloomberg in 2020, also generates revenue through an ad-supported podcast and events. His business, profitable with substantial cash reserves, remains independent without external funding. To expand, Newcomer hired his first reporter and plans more events. While expressing concerns about Substack's handling of pro-Nazi content, he credits the platform for facilitating his transition to independent journalism. [17]
2024	January 29		Substack launches new tools to support international writers and audiences, including local payment methods, support for more currencies, and default language settings for newsletters. By this time, the platform supports payments in 13 currencies such as USD, EUR, and BRL, removing the need for users to deal with dollar conversion rates. European subscribers can use local payment methods like direct debit. It is observed an 85% increase in paid conversions when local payment options are available. Additionally, Substack introduces default language options for newsletters, supporting Spanish, French, Italian, German, and Portuguese. However, geo-specific pricing is not yet available.[18]
2024	February 22		Substack announces a milestone of over 3 million paid subscriptions, up from 2 million last year and 1 million in 2021. The platform raised significant funding based on achieving a critical mass of subscribers. Efforts to enhance its recommendations feature have contributed to subscriber growth, with plans to expand this feature to include more newsletters. Substack monetizes by taking a 10% cut from paid subscriptions, supporting writers and podcasters. While exploring new revenue avenues like aiding creators in selling ads, Substack continues to evolve its model amid ongoing growth opportunities.[19]
2024	February 28		Substack introduces direct messaging (DM) capabilities, enabling writers and readers to send private one-on-one messages, similar to features on social networks like X (formerly Twitter) and Instagram. This optional feature can be disabled, and DMs can be initiated from profiles or the Chat tab. Messages from non-connections land in a "Requests" folder. Writers can limit DMs to paid members. This addition is part of Substack’s evolution into a social network, following the launch of its Notes feature.[20]
2024	April 11	Partnership	Spotify and Substack partner to allow Substack podcast creators to distribute their content, both free and premium, on Spotify. This integration, part of Spotify Open Access, aims to expand the reach of Substack podcasts like "Rich Text," "Split Zone Duo," and "Culture Study" to Spotify’s 602 million monthly active users. Podcast creators can now effortlessly add Spotify distribution, enabling listeners to link their Substack and Spotify accounts or subscribe via Substack to access premium content. This partnership aims to enhance the podcast experience for both creators and subscribers, providing broader accessibility and control over content and revenue.[21]
2024	April 16		Substack enhances its Notes feature, a key revenue source for some creators, by making it easier to embed videos. Introduced a year earlier, Notes are designed for short, engaging updates, similar to tweets or snaps. These posts can now be embedded on external sites, increasing their reach. Substack also upgrades its video player, enhancing monetization options and making paywalls more flexible. This update is expected to make Notes more valuable and engaging. Testimonials highlight the revenue potential, with one creator earning $8,000 from a single short post. Substack's enhancements aim to expand the platform's influence across the web.[22]
2024	April 22	Competition	Ghost, an open-source competitor to Substack, announces its plans to integrate with the fediverse in 2024. This move would allow Ghost's blog and newsletter authors to become part of the federated network, enabling users to follow, like, and interact with their content from various federated platforms like Mastodon, Threads, and others. This integration utilizes ActivityPub, similar to how WordPress interacts with the fediverse, enhancing user engagement and content distribution across decentralized networks. Ghost aims to add millions of users to the fediverse and provide more diverse subscription options, including email, RSS, and ActivityPub.[23]
2024	May 1		Substack announces updates to its chat feature, allowing newsletter creators to paywall chat access for paid subscribers or founding members. Free subscribers and non-subscribers need to upgrade to access these chats. The updates also include improved navigation and usability, such as chat search on web and iOS, better access to notifications, and real-time messaging for live event participation. These enhancements aim to facilitate direct engagement between writers and their audiences, supporting Substack's growth alongside features like Notes and DMs.[24]
2024	June 5		Substack adds video capabilities to its Chat feature, allowing writers to share videos with subscribers. This follows the introduction of video to Notes, Substack’s short-form content platform similar to X/Twitter. The new feature aims to enhance communication between newsletter creators and their audiences, enabling them to share exclusive content and updates. Writers can upload or record videos up to five minutes long, add captions, and choose to put videos behind a paywall. Subscribers receive push notifications for new videos. This addition positions Substack as a competitor to social media platforms, expanding its appeal to various types of creators.[25]
2024	June 11		Substack launches the Substack Creator Studio, a year-long incubator program for TikTok creators to expand their reach and businesses. The program supports influencers like Coco Mocoe, Gabi Jones, and Jeauni Cassanova in using Substack's multimedia platform, which now includes video capabilities. This initiative aims to help creators move beyond TikTok’s algorithm-driven model, offering a more direct way to connect with audiences. Substack allows creators to charge for paywalled content and provides additional support to those in the program. The platform seeks to attract creators by offering a stable, responsive alternative to other social media platforms.[26]

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See also

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