Timeline of Substack

From Timelines
Revision as of 14:48, 26 June 2024 by Sebastian (talk | contribs)
Jump to: navigation, search

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

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 raises US$2 million in seed funding.[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]
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.[12]
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.[13]
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. [14]
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.[15]
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.[16]
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.[17]
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.[18]
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.[19]
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.[20]
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.[21]
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.[22]

Meta information on the timeline

How the timeline was built

The initial version of the timeline was written by FIXME.

Funding information for this timeline is available.

Feedback and comments

Feedback for the timeline can be provided at the following places:

  • FIXME

What the timeline is still missing

Timeline update strategy

See also

External links

References

  1. ↑ 1.0 1.1 Levitz, Eric (24 March 2021). "Substack Is a Scam in the Same Way That All Media Is". Intelligencer. 
  2. ↑ "Substack History: An Overview of Substack". Blogging Guide. 21 June 2021. Retrieved 26 September 2021. 
  3. ↑ "Chris Best". linkedin.com. Retrieved 26 September 2021. 
  4. ↑ Kokalitcheva, Kia. "Substack raises $2 million to prove newsletters can help media". Axios. Retrieved 26 September 2021. 
  5. ↑ Botticello, Casey (21 June 2021). "What is Substack?". Substack Writing. 
  6. ↑ Nast, Condé (21 December 2020). "Is Substack the Media Future We Want?". The New Yorker. Retrieved 26 September 2021. 
  7. ↑ Ingram, Mathew (January 28, 2021). "Twitter gets into the newsletter business—should Substack be worried?". Columbia Journalism Review. Retrieved June 20, 2024. 
  8. ↑ "Supporting Independent Voices". Supporting Independent Voices | Facebook Media. Retrieved 26 September 2021. 
  9. ↑ Jairaj, Chris Best, Hamish McKenzie, and (17 March 2021). "Substack is for independent writers". Substack. Retrieved 26 September 2021. 
  10. ↑ Primack, Kia Kokalitcheva,Dan. "Substack raising $65 million in venture capital amid newsletter boom". Axios. Retrieved 26 September 2021. 
  11. ↑ "Substack confirms $65M raise, promises to 'rapidly' expand its financial backing of newly independent writers". TechCrunch. Retrieved 26 September 2021. 
  12. ↑ Folk, Zachary (December 15, 2023). "Over 100 Substack Writers Sign Letter Condemning Site For Hosting Nazi And White Supremacist Newsletters". Forbes. Retrieved June 20, 2024. 
  13. ↑ Hern, Alex (2024-01-03). "Substack faces user revolt over anti-censorship stance on neo-Nazis". The Guardian. Retrieved 2024-06-20. 
  14. ↑ "Substack Writer Eric Newcomer Says His Revenue Surpassed $1M in 2023". Axios. 4 January 2024. Retrieved 20 June 2024. 
  15. ↑ Mehta, Ivan (January 29, 2024). "Substack introduces new payment methods for international markets". TechCrunch. Retrieved June 20, 2024. 
  16. ↑ "Substack hits 3 million paid subscriptions". Axios. 2024-02-22. Retrieved 2024-06-26. 
  17. ↑ Vasani, Sheena (February 28, 2024). "Substack's platform now has direct messages". The Verge. Vox Media. Retrieved June 20, 2024. 
  18. ↑ "Spotify and Substack Partner To Bring Even More Podcasts to Listeners". Spotify Newsroom. April 11, 2024. Retrieved June 20, 2024. 
  19. ↑ "Substack Notes Now Allows Users to Embed More Videos". Tubefilter. 2024-04-16. Retrieved 2024-06-26. 
  20. ↑ Navlakha, Meera (May 1, 2024). "Substack will allow writers to paywall the chat feature". Mashable. Retrieved June 20, 2024. 
  21. ↑ Lauren Forristal (June 5, 2024). "Substack brings video to its Chat feature". TechCrunch. Retrieved June 20, 2024. 
  22. ↑ Taylor Lorenz (June 11, 2024). "TikTok creators experiment with Substack". The Washington Post. Retrieved June 20, 2024. 
Retrieved from "http://timelines.issarice.com/index.php?title=Timeline_of_Substack&oldid=80210"