Timeline of Substack

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:

• How have notable writers utilized Substack to innovate their publishing strategies?
  • Sort the full timeline by "Event type" and look for the group of rows with value "Notable writer".
  • You will see an overview of how notable writers leveraged Substack for innovative publishing, audience engagement, and monetization. The descriptions highlight trends, personal experiences, challenges faced, and significant achievements, emphasizing the platform's role in fostering financial independence and community building among diverse creators.
• Which companies has Substack acquired over time?
  • Sort the full timeline by "Event type" and look for the group of rows with value "Acquisition".
  • You will learn about Substack's acquisitions, their goals, and how they affected creators and audiences.
• What forms of competition did Substack encounter from new publishing platforms over time?
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  • You will see a list outlining the competitive pressures encountered by Substack, including the impact of new platforms and changing user preferences.
• How have Substack's business practices contributed to backlash from writers and users over the years?
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  • You will see an overview of controversies involving Substack, highlighting key events, criticisms, and responses from writers and users. This includes instances of backlash regarding content moderation, financial practices, and support for controversial figures, illustrating the platform's challenges in balancing free speech and community standards over time.
• How have media outlets addressed the overall impact of Substack on the journalism and publishing landscape?
  • Sort the full timeline by "Event type" and look for the group of rows with value "Coverage".
  • You will see media coverage surrounding Substack, highlighting its influence on journalism and publishing. These events illustrate how various outlets report on Substack's strategies, controversies, and growth, emphasizing its role in fostering independent voices, monetization opportunities, and the evolving landscape of digital content creation.
• What notable funding rounds has Substack participated in since its inception?
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  • You will see a timeline of Substack's funding milestones, highlighting significant rounds of investment, key investors, and the impact of these funds on the platform's growth. This overview illustrates how financial backing has shaped Substack's development, enabled writer recruitment, and fostered community engagement over the years.
• What are the major updates and feature launches by Substack from its inception to the present?
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  • You will receive a chronological timeline highlighting significant updates and feature launches by Substack. Each entry includes a brief description of the update, and its impact on user experience and content creation, showcasing Substack's evolution and enhancements over time.
• What milestones has Substack reached in terms of user subscriptions and media influence over the years?
  • Sort the full timeline by "Event type" and look for the group of rows with value "Growth".
  • You will see events tracing Substack's rapid growth during the COVID-19 pandemic as traditional media journalists seek new monetization methods, and readers have more time for online content.
• Other events are described under the following types: "Digital collection", "Initial launch", "Partnership", "Program launch", and "Team".

Big picture

Time period	Development summary	More details
2017–2019	Founding and Early Growth	Substack is launched with the purpose to provide writers a platform for creating paid newsletters. The platform quickly gains traction, appealing to journalists and independent writers seeking direct relationships with readers and a way to monetize their work. Early adopters help establish Substack's reputation for supporting independent journalism.
2020–2021	Expansion and Controversy	Substack sees rapid growth during the COVID-19 pandemic as media professionals leave traditional outlets to start their own newsletters. The company attracts prominent writers with significant financial incentives and launch the Substack Pro program. However, its business model faces criticism for allegedly favoring divisive voices and for a lack of transparency in funding. During this time, major competitors like Twitter and Facebook launch rival newsletter services, intensifying the competition.
2021–Present	Diversification and Community Building	Substack expands its offerings to include features like comics, podcasts, and community-building tools, such as the acquisition of startups like People & Company and Cocoon. The platform reaches one million paid subscribers in 2021, signaling substantial influence in the media industry. Substack continues to evolve, focusing on enhancing writer-reader connections while exploring new content formats to maintain its appeal amid rising competition.

Summary by year

Time period	More details
2017	Substack is founded by Chris Best, the co-founder of Kik Messenger; Jairaj Sethi, a head of platform and principal developer at Kik Messenger; and Hamish McKenzie, a former PandoDaily tech reporter.
2018	Substack attracts initial users and begins to grow its user base, offering writers the ability to earn money through paid subscriptions.
2019	Substack adds support for podcasts and discussion threads among newsletter subscribers. It also raises $15.3 million from investors including Andreessen Horowitz, Y Combinator, and Fifty Years, facilitating further expansion.
2020	Substack grows in prominence as several well-known opinion journalists, including Heather Cox Richardson, Glenn Greenwald, Andrew Sullivan, and Matt Taibbi, abandon their longtime employers to start their own subscriptions on the platform. During this time, Substack refines its revenue-sharing model, taking a 10% cut of the revenue generated by paid subscriptions and introducing features like tipping.
2021	Substack faces increased competition and controversy while experiencing significant growth. Twitter acquires Revue, a newsletter platform, aiming to challenge Substack by integrating its services with Twitter accounts. Substack emphasizes support for independent writers, launching initiatives to help them build direct relationships with readers. However, it encounters backlash from some writers over its association with controversial authors and opaque financial practices. Despite criticisms, Substack secures $65 million in funding, expanding its offerings, including new features and international outreach. By November, the platform surpasses one million paid subscriptions, prompting legacy media outlets to respond with their own paid newsletter programs.
2022	Substack faces criticism for hosting anti-vaccine content and enabling controversial creators, sparking debate over its content moderation policies. The platform expands into comic book publishing, introduces an app to streamline reading, and launches a new RSS feed reader. Substack acquires YEM to engage younger audiences, and adds a chat feature for iOS users to foster real-time interaction between writers and subscribers.
2023	Substack expands its platform with several new features, including private Substacks and video integration, allowing creators to monetize content more effectively. The company raises significant funding to support growth and launches a community fundraising round, emphasizing writer ownership. Substack faces competition from platforms like WordPress, which introduces paid newsletters, and Beehiiv, which secures funding for expansion. Controversies arise around content moderation, particularly regarding extremist writers, prompting backlash from some creators. Despite challenges, Substack grows in popularity among literary figures, reinforcing its position in the creator economy and highlighting the importance of human creativity amid AI advancements.
2024	Substack faces significant controversy when CEO Hamish McKenzie defends hosting neo-Nazi content, citing anti-censorship principles. Prominent writers, including Casey Newton, threaten to leave the platform unless such content is removed. In response, Substack introduces a reporting feature to enhance content moderation. Despite the backlash, the platform sees growth, with over 3 million paid subscriptions by February. Notable writer Eric Newcomer reports earning over $1 million in 2023. Substack also launches new tools for international writers, partners with Spotify for podcast distribution, and introduces features like video capabilities and a mobile app to enhance user engagement.

Full timeline

Inclusion criteria

We include:

• Important updates, usually covered by media websites, which may include new creator tools, monetization features, and security improvements, and changes directly impacting content creation, subscriber engagement, and platform security, making them more significant than minor adjustments.

We do not include:

• Less important updates on the website, typically involving minor bug fixes, aesthetic tweaks, and small performance improvements.
• Staff additions.

Timeline

Year	Month and date	Event type	Details
2017	October 16	Founding	Substack is founded in San Francisco, California, by Chris Best, Jairaj Sethi, and Hamish McKenzie. The platform aims to provide independent writers with a way to publish newsletters and monetize their content through subscriptions, offering simple infrastructure for email newsletters without heavy content moderation.
2017	October 18	Notable writer	Bill Bishop launches the first paid newsletter on Substack, marking its official introduction to the public. The success of this launch demonstrates the platform's potential for monetizing content through subscriptions.
2018	May 1	Funding	Substack receives its first 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.
2019	February 7	Service	Substack introduces podcasting features, enabling podcasters to monetize their content through paid subscriptions. Substack aims to attract audio creators by providing a platform for producing and distributing podcasts, complementing its existing newsletter service. This move highlights the growing trend of audio content and the potential for revenue generation in the newsletter space, especially as creators seek new avenues to engage and monetize their audiences.
2019	July 16	Funding	Substack secures $15.3 million in Series A funding led by Andreessen Horowitz, with participation from Y Combinator. Andreessen Horowitz’s Andrew Chen, who joined Substack’s board, endorses the platform’s innovative approach that combines traditional content delivery with modern monetization. The company allocates part of the funds to support fellowships and substantial advances for writers. Additionally, Substack considers using some of the capital to offer users legal and editorial guidance.
2020	July 15	Program launch	Substack launches Defender, a legal support program for U.S.-based professional writers using its platform, aimed at protecting against legal pressures such as defamation, copyright abuse, and infringements on First Amendment rights. Initially tested with select writers, Defender becomes available to a wider user base, who must apply and submit case details for approval. Substack may cover legal fees up to $1 million, with potential for higher support in exceptional cases. Defender underscores Substack's commitment to press freedom and independent journalism amid heightened de-platforming concerns and growing legal challenges in digital media spaces.
2020	July 30	Growth	A Business Insider article details how Substack saw its user base double and revenue increase by 60% during the first three months of the COVID-19 pandemic. This growth was driven by readers with more time at home and writers from traditional media seeking new monetization methods.
2020	August 4	Coverage/Team	An article discusses Chris Best, CEO and co-founder of Substack, focusing on his background, entrepreneurial journey, and vision for the platform. Best's leadership had guided Substack into becoming a major player in the newsletter industry, providing writers with a direct way to monetize their content. The piece highlights how Best's approach prioritizes independent writers and fosters a creative ecosystem free from traditional media gatekeeping.
2020	November 17	Criticism	An article from The Guardian critiques Substack for its growing influence in the media landscape. The piece argues that Substack's model, which allows writers to earn directly from subscribers, disrupts traditional media but also raises concerns about the platform's role in shaping public discourse, its lack of editorial oversight, and the potential for fostering echo chambers. The article questions whether Substack's rise will ultimately benefit or harm the broader media ecosystem.
2020	December 2	Growth	An article from NPR explores the growing trend of journalists transitioning from social media to Substack, in search of more creative control and financial independence. Frustrated with the pressures of traditional media and social media's algorithm-driven environment, these writers are attracted to Substack's model, which allows them to directly connect with their audience and monetize their work through subscriptions. While this shift provides new opportunities, it also raises concerns about the long-term sustainability of this model and its impact on traditional journalism.
2020	December 16	Update	Substack launches an RSS reader feature, allowing users to manage and read their newsletter subscriptions in one place. This move aims to streamline the experience for Substack users by integrating newsletters into a familiar format, enhancing accessibility and user engagement on the platform. The feature reflects Substack's broader strategy to become a more comprehensive tool for both writers and readers.
2020	December 28	Coverage	Anna Wiener at the The New Yorker examines Substack's role in the future of media, discussing its potential to empower independent writers while also raising concerns about content quality and diversity. The article highlights how Substack allows writers to monetize their newsletters directly, fostering a new publishing model. However, the piece also questions whether this model can sustain meaningful journalism and whether it may lead to echo chambers and reduced editorial oversight.
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.
2021	March 12	Service	Substack discloses its initiative to attract prominent writers by offering a revenue-sharing program called Substack Pro. Under this program, Substack provides advances to select writers, encouraging them to create exclusive publications on its platform. This approach aims to compete with traditional media outlets and foster a diverse range of independent voices. Writers would receive upfront payments as an incentive, along with a share of subscription revenue. Substack Pro seeks to empower creators financially, giving them greater autonomy over their content while driving more readers to the platform, ultimately positioning Substack as a key player in digital publishing.
2021	March 17	Service	Substack publishes a statement titled Substack is for independent writers, which emphasizes the platform's support for independent writers, offering them tools to build direct relationships with their readers and retain creative control over their content. Substack promotes freedom from traditional media constraints and highlights its commitment to helping writers monetize their work through subscriptions. The platform enables writers to engage with audiences directly, empowering independent journalism and content creation.
2021	March 19	Controversy	Substack faces backlash from some writers, like Jude Doyle, who leave due to the platform's support for controversial authors accused of hate speech. Substack's business model, which includes paying large advances to attract high-profile writers, causes further tension. By this time, the lack of transparency regarding these deals and concerns about supporting divisive figures have led to criticism. With competitors like Facebook and Twitter entering the newsletter market, Substack risks losing writers. The company's identity crisis between being a platform and a publisher exacerbates these issues, challenging its long-term stability.
2021	March 24	Criticism	An article by Eric Levitz argues that while Substack has been criticized for its secretive financial arrangements and potentially misleading new writers about the profitability of newsletter writing, these issues are not unique to Substack but are endemic to the entire journalism industry. Levitz suggests that the real problem lies in the broader structural challenges faced by the media, including the collapse of traditional revenue models and the resulting mass underemployment of journalists. He proposes that a solution to these deeper issues might require public financing of journalism to support its vital civic function.
2021	March 30	Funding	Substack confirms a $65 million Series B funding round, led by Andreessen Horowitz, valuing the company at approximately $650 million. This investment aims to expand support for independent writers through the Substack Pro program, which provides financial backing for launching publications, albeit with a higher revenue cut during the first year. The funding also focuses on enhancing subscription-publishing tools, infrastructure, community building, and local news initiatives. Substack faces criticism for alleged opacity in the Pro program and competes in the paid-newsletter market against platforms like Facebook, Twitter, Pico, and Ghost.
2021	April 13	Criticism	An article critiques Substack's introduction of a pro program aimed at high-profile writers. Critics argue that this program creates a disparity between well-known authors who can secure lucrative deals and lesser-known writers who struggle to gain visibility. The article discusses concerns about how the program might reinforce existing inequalities in the media industry and potentially undermine the platform's original goal of democratizing content creation and providing opportunities for a diverse range of voices.
2021	April 23	Competition	An article discusses Substack's strategy of attracting prominent journalists from traditional media outlets like The New York Times by offering lucrative financial incentives and greater editorial freedom. This approach intensifies competition in the media industry as Substack aims to build a robust subscription-based model, challenging established media companies' dominance. The piece explores the implications of this shift for journalism and the broader media landscape.
2021	May 6	Update	Substack launches a new feature called "Sections", which allows writers and content creators to manage multiple newsletters or podcasts within one main publication, akin to traditional media outlets. Subscribers can choose which sections of the publication they want delivered to their inbox, potentially intensifying competition with established media organizations. This development underscores Substack's growing influence in the digital content space.
2021	May 13	Acquisition	Substack acquires Brooklyn-based startup People & Company, which specializes in community consulting. The acquisition aims to enhance Substack's platform by integrating community-building capabilities, allowing creators to foster more engaged audiences. This move reflects Substack's commitment to supporting writers and content creators by providing tools that facilitate deeper connections with their readers. The news coverage highlights the importance of community in the digital landscape and how Substack intends to leverage this acquisition to bolster its offerings, enabling creators to cultivate vibrant communities around their content.
2021	June 7	Competition	An article by Wired compares Ghost and Substack, two popular platforms for independent publishers. It explores the distinct features each platform offers, such as Ghost’s open-source software and customizable design options, versus Substack’s user-friendly interface and built-in subscriber management tools. The article also highlights how each platform supports different publishing models, catering to creators seeking control over content and monetization.
2021	June 29	Competition	Facebook launches Bulletin, a newsletter platform designed for creators and publishers to connect with their audiences. Bulletin allows users to create and distribute newsletters directly through Facebook, aiming to enhance engagement and provide a monetization option for content creators. This initiative reflects Facebook's broader strategy to diversify its offerings and compete with other platforms like Substack, focusing on community-building and direct communication.
2021	August 9	Coverage	A New York Times article explores how Substack expands beyond traditional text-based newsletters to include comic books. This move highlights Substack’s growing versatility as a platform, attracting comic book creators who seek a direct connection with their readers and more control over their work. The article discusses several prominent comic artists who are using Substack to serialize their comics, offering exclusive content to subscribers and leveraging the platform’s subscription model to monetize their creations effectively.
2021	August 12	Coverage	An article from Rest of World discusses Substack's international expansion efforts, focusing on how the platform is attracting writers and journalists outside the United States. As Substack grows globally, it aims to diversify its user base by offering local-language support and adapting to different cultural and market dynamics. By this time, the platform's model gains traction among international creators who seek financial independence and greater control over their work.
2021	August 24	Acquisition	Substack acquires Cocoon, a subscription-based social app designed for close friends and family. This move is part of Substack's strategy to expand its platform by integrating social networking features, enabling writers and creators to foster more intimate and engaged communities. The acquisition aims to enhance user experience by allowing creators to connect with their audiences in a more personal way, utilizing Cocoon's unique approach to social interaction. The coverage highlights how this acquisition reflects Substack's commitment to diversifying its offerings and providing creators with tools to deepen their relationships with readers.
2021	September 21	Notable writer	It is reported that Chuck Palahniuk, author of "Fight Club," is set to release a new book through Substack. Palahniuk's decision to use the platform reflects a broader trend of authors and creators leveraging Substack to reach their audiences directly. The new book would be serialized on Substack, allowing subscribers to engage with the content as it is published and interact with Palahniuk through the platform. This move represents an innovative approach to publishing, enabling Palahniuk to connect more personally with his readers and explore new formats for storytelling.
2021	October 5	Notable writer	Filmmaker Michael Moore moves to Substack. Moore's decision to utilize Substack reflects a growing trend among prominent media figures seeking greater control over their content and direct engagement with their audience. The article highlights Moore's intent to share exclusive content and insights through his Substack newsletter, capitalizing on the platform's ability to facilitate personal connections with subscribers while offering financial independence from traditional media outlets.
2021	November 16	Growth	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. This trend would prompt new platforms like Lede and Workweek to offer hybrid options, balancing newsroom support with writer independence.
2022	January 27	Controversy	Substack faces criticism for hosting and profiting from content by anti-vaccine advocates like Joseph Mercola, who spreads claims about COVID-19 vaccines that the critics consider to be debunked. While major social media platforms ban or restrict such content, Substack's more lenient policies allow these figures to gain significant followings and generate substantial revenue. Substack argues that tolerating diverse viewpoints is essential for fostering trust in information, but critics warn that this approach may enable the spread of harmful misinformation. The platform's business model, which includes a 90-10 revenue split between authors and the company, draws scrutiny as it generates millions from controversial content.
2022	January 31	Growth	An article discusses Substack’s entry into the comic book publishing arena, including its plans to relaunch and support comic book creators. It details how Substack aims to provide a new platform for comic artists to reach audiences through serialized content and direct subscriptions. The article highlights the potential benefits for creators, such as creative control and a direct revenue stream, while also noting the challenges and competition in the evolving digital publishing landscape.
2022	March 9	Controversy	An article from Mashable discusses why some Substack creators, such as Grace Lavery, are leaving the platform. Lavery, a trans woman and UC Berkeley professor, departs due to Substack's failure to enforce its content guidelines against harassment and misinformation, particularly around transphobic content. This exodus includes other writers like K. Tempest Bradford and Kirsten Han, who criticize Substack's hands-off approach to content moderation. By this time, the platform's stance on free speech, prioritizing minimal censorship, has attracted controversial figures spreading misinformation and hate speech, which would drive many creators away despite Substack's financial appeal.
2022	March 9	Update	Substack introduces the "Substack Reader" app for iOS, designed to consolidate all subscriptions into a single platform for reading content from followed writers. The app enhances connectivity between writers and readers, allowing writers to deliver newsletters and podcasts directly to subscribers. Users can navigate an inbox featuring new newsletters, comment on posts, and explore content by category in a dedicated discover section. Substack emphasizes the app as an ecosystem for meaningful engagement, distinguishing it from social media distractions. An Android version is announced, with users able to sign up for a waiting list. Additionally, Substack reports testing video uploads to enrich subscriber interaction.
2022	March 10	Coverage	An article highlights why users should switch to Substack's new app, emphasizing its streamlined reading experience, enhanced community engagement, and better notifications compared to email newsletters. The app makes it easier to follow writers, interact with content, and stay updated on new posts without the clutter of a traditional inbox. It’s also a centralized hub for both readers and writers, offering a focused, ad-free environment for consuming content.
2022	April 5	Team	Substack reportedly rejects the idea of hiring Twitter employees who were considering quitting due to Elon Musk's potential acquisition of the platform. Substack's leadership indicates they were uninterested in onboarding individuals who disagreed with Musk's free speech principles. This situation arises during a period of uncertainty about the future direction of Twitter following Musk's public interest in taking over the company.
2022	April 8	Service error	A Substack bug is reported causing users to receive duplicate email newsletters. This issue leads to confusion and frustration among subscribers, with some users accidentally being subscribed to the same newsletter multiple times. Substack acknowledges the problem, reassuring users that it is a technical error and not related to any malicious activity. The bug underscores the challenges of managing large-scale email distribution systems.
2023	April 7	Competition	Twitter restricts users from liking or retweeting posts that contain links to Substack. This action by Twitter limits the visibility and engagement of Substack content on its platform. The restriction raises concerns among users and creators who rely on both Twitter and Substack for content distribution and audience engagement.
2022	April 13	Coverage	A New York Times article discusses Substack's growth in the newsletter space. Despite facing challenges such as criticism from traditional media and competition from other platforms, by this time Substack managed to attract prominent writers and expand its user base. The platform's subscription-based model is described as appealing to both writers and readers, fostering a direct connection between them.
2022	May 20	Coverage	A review of the Substack blogging platform on Creative Bloq praises its ease of use, especially for writers looking to monetize their content through newsletters and paid subscriptions. It highlights the platform's minimalist design, strong community-building features, and options for both free and paid tiers. Substack is recommended for creators who want an alternative to traditional blogging platforms with built-in email services. However, it also notes some limitations in customization and design flexibility.
2022	June 29	Team	Substack lays off 13 employees, roughly 14% of its workforce, in response to challenging economic conditions. The layoffs are part of a broader strategy to cut costs and extend the company's financial runway.
2022	August 3	Competition	A Search Engine Journal article reviews 11 Substack alternatives, focusing on newsletter platforms and their features. It explores platforms like Ghost, Mailchimp, and Revue, comparing how they work, their pricing structures, and the tools they offer for creators looking to monetize newsletters or build subscription-based content. The piece is useful for creators looking for alternatives to Substack, depending on their needs for customization, open-source options, or audience reach.
2022	September 26	Update	Substack introduces a new RSS feed reader, which is made available on both web and mobile, offering users a simple way to follow content from Substack and other websites. It resembles the experience of Google Reader, with a clean interface for managing multiple subscriptions. This allows users to access their favorite newsletters and other sources in one place, improving the reading experience and making content discovery more intuitive.
2022	September 29	Acquisition	Substack acquires YEM (Youth Engagement Manager), a platform designed to help creators and organizations connect with younger audiences. This acquisition aligns with Substack's broader strategy to expand its subscription marketing tools and offer more features for creators to engage with their audiences. YEM’s technology is expected to help Substack enhance audience outreach, particularly in targeting and managing younger demographics through newsletters.
2022	October 25	Digital collection	George Orwell's works, including his iconic essays and novels, are published on Substack, a platform traditionally used for newsletters. The Orwell Foundation, which manages the literary estate of the late author, collaborated with Substack to make Orwell’s writings accessible to a broader audience, aiming to introduce his work to new readers in the digital age.
2022	November 3	Update	Substack introduces a chat feature for iOS users, allowing newsletter creators to engage with their audiences through live conversations. This feature lets subscribers communicate directly with writers in a chat format, enabling real-time discussions within the app. The update aims to enhance interaction between writers and their followers, fostering a sense of community while keeping the audience engaged with the content.
2023	January 26	Product expansion	Substack introduces private Substacks, where creators can control who subscribes to their newsletters by requiring readers to request access. This feature enhances the platform's flexibility, allowing writers to curate exclusive content for specific audiences. It builds on Substack's ongoing efforts to offer more customizable subscription options and boost user engagement by adding another layer of control over newsletter distribution.
2023	February 9	Revenue	An article reveals that the 27 highest-earning newsletters on Substack generate over $22 million annually, with at least five making $1 million each per year. These top newsletters cover a range of topics, including politics, culture, and niche interests. Notable high earners include Heather Cox Richardson’s "Letters from an American," which brings in around $5 million annually. The analysis underscores Substack's potential as a lucrative platform for writers, particularly those with significant followings.
2023	March 28	Funding	Substack launches a community fundraising round, inviting newsletter writers to invest in the company. This initiative follows a challenging financing environment that had led Substack to shift toward self-sustainability through new revenue streams and cost-cutting. Founders Chris Best, Hamish McKenzie, and Jairaj Sethi emphasize that allowing writers to own a stake strengthens the platform’s network. The round, an extension of Substack's $65 million Series B from 2021, aims to raise $2 million, with $194,300 already secured. The minimum investment is $100, prioritizing Substack writers. At the time, over 17,000 writers earn money through the platform.
2023	April 11	Update	Substack introduces "Notes," a new feature that allows users to create short posts similar to tweets, incorporating quotes, comments, images, and links. This feature is accessible through a dedicated tab, offering separate feeds for content from subscribed sources and the wider Substack network. Users can "restack" posts, akin to retweeting on Twitter, and interact through familiar icons for likes, replies, and reshares. Substack's co-founders emphasize that Notes aims to foster healthier content creation incentives focused on audience trust rather than virality. The company also expresses commitment to mitigate troll behavior by enabling users to define their subscription environments.
2023	April 17	Coverage	An article explores how Substack provides financial and editorial freedom for investigative journalists, allowing them to publish independently. By this time, its growth during the COVID-19 pandemic had been significant, boasting two million paid subscriptions by early 2023. Substack's benefits include built-in monetization, design support, and the Defender program for legal assistance. However, challenges such as sustaining an audience, publishing frequency, and monetization persist. Case studies like Geneva Health Files, SoCal Water Wars, Undue Influence, and 18 Degrees North Investigations highlight both the platform's potential and the hurdles faced by journalists in building a successful, independent investigative journalism presence.
2023	May 30	Funding	Substack announces a Series B funding round in which it raises $10 million. The funding is led by Andreessen Horowitz and J17 Capital.
2023	June 1	Competition	WordPress introduces a new feature that allows users to create paid newsletters, directly competing with Substack. This update enables users to monetize their newsletters by adding paid subscriptions and premium content, even on the free plan. WordPress.com would charge a transaction fee starting at 10% for free plan users, decreasing to 0% for paid plans. Payments are processed through Stripe. This move leverages WordPress's extensive customization options and large user base, providing an attractive alternative for newsletter creators looking to expand their offerings beyond just newsletters to include websites and online stores.
2023	June 5	Update	Substack introduces new video features, enabling creators to integrate video content into their newsletters and subscriptions. This update allows users to upload and share videos directly on Substack, providing an additional revenue stream and expanding content options beyond traditional text-based newsletters. This feature enhances the platform's capabilities, aiming to support creators in building richer and more engaging content for their subscribers.
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.
2023	August 2	Notable writer	Writer, interviewer, and podcaster Madeleine Dore reflects on her first year on Substack, embracing her inconsistent writing style and leveraging it alongside the support of paying readers to create a consistent schedule for paid content. She emphasizes the value of starting without perfect clarity, allowing her newsletter "On Things" to evolve organically. Dore advises against the comparison trap, preferring personal commitment over external metrics, and warns of the unsustainable pursuit of growth. Her measure of success focuses on personal fulfillment rather than subscriber numbers. Looking forward, she expresses plans to expand offerings for paid subscribers and sustain her independent writing career with diverse content and community engagement. This provides insights into how Substack serves as a platform that enables writers to embrace their unique writing styles and build a community around their creative pursuits.
2023	August 10	Coverage	Casey Botticello publishes an article detailing the history and impact of Substack on independent journalism and traditional media. The page provides a detailed history of Substack, tracing its origins from its founding in 2017 to its rise as a prominent platform for independent writers. It highlights key milestones, such as the introduction of features like newsletters, podcasts, and subscription models that empower writers to monetize their content. The page also addresses the platform's evolution in response to market demands and controversies surrounding content moderation and freedom of expression.
2023	August 14	Update	Substack introduces a new feature allowing users to follow writers without subscribing to their newsletters. This feature lets followers stay updated on writers' activities, publications, and interactions through Substack's Notes feed and profiles. Positioned as a way to expand writers' audiences within Substack's network, the feature aims to complement, rather than replace, paid subscriptions.
2023	August 15	Update	Substack introduces a "Follow" button to make its platform more social network-like. This feature allows users to follow writers without subscribing to their newsletters, helping writers grow their audience. Followers can stay updated on writers' activities through the Notes feed and profiles. The platform aims to encourage subscriptions by notifying followers of new posts and milestones, making it easier to convert follows into subscriptions. This move aligns with Substack's strategy to compete with X (formerly Twitter) and expand beyond being just a newsletter platform.
2023	August 31	Update	Substack introduces AI-powered tools for audio transcription, enabling creators to automatically convert audio content into text. These tools aim to make newsletters more accessible by providing accurate, searchable transcripts for podcasts or other spoken content. The update, which leverages AI for efficiency, is part of Substack's broader push to enhance creator tools and improve user engagement. The feature also supports editing and formatting of transcriptions, which can be directly integrated into newsletters, enhancing the content creation process.
2023	September 17	Coverage	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.
2023	September 20	Update	Substack redesigns its mobile app to enhance discovery and engagement, featuring a new Home experience with a reading queue at the top for easier browsing and post sharing. This queue prioritizes new posts from paid subscriptions and frequently read content. Additionally, a discovery feed showcasing notes and post recommendations is introduced. The inbox is moved to the center tab with improved filtering, while notifications are placed in the top bar. Substack announces aim to make its platform more social, encouraging writers to share notes to attract and convert readers into subscribers.
2023	October 20	Update	Substack's new update allows users to share links more freely, taking a subtle jab at X, which restricts Substack links. The update enhances content distribution by making link-sharing more straightforward and convenient for writers and readers on Substack. This move is seen as part of an ongoing rivalry between Substack and X, especially as both platforms cater to writers and content creators.
2023	November 29	Update	Substack expands its services into video content, introducing new tools for creators to upload, manage, and monetize videos directly on its platform. This move positions Substack to compete with established platforms like Patreon and YouTube, aiming to attract creators who want to integrate video with their existing written content. The shift highlights Substack's strategy to diversify its offerings and impact the creator economy by providing an alternative to traditional video platforms, potentially altering how content creators engage with their audiences and manage revenue streams.
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.
2023	December 16	Coverage	An article emphasizes Substack's commitment to preserving the importance of human creativity in writing, despite the rise of AI-generated content. By this time, Substack, once a niche platform, had grown significantly, attracting writers and publications. Co-founder Hamish McKenzie asserts that artificial intelligence cannot replicate the meaningful human connections central to culture-making through writing. Substack affirms that human-to-human relationships and genuine storytelling will remain irreplaceable, addressing the growing concerns of AI replacing human authorship.
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.
2024	January 4	Notable writer	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.
2024	January 4	Controversy	Casey Newton publishes an article on Platformer criticizing Substack's policy on not demonetizing or removing openly Nazi accounts, sparking significant public debate.
2024	January 17	Update	Substack introduces a report feature in response to ongoing controversies over content moderation and freedom of expression. This feature allows users to flag content that violates Substack's community guidelines, addressing concerns about harmful or misleading information. The move highlights Substack's efforts to balance content freedom with user safety, as debates around online platform responsibility continue.
2024	January 29	Update	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.
2024	February 6	Coverage	An Axios article discusses how Substack assists creators in selling advertisements. By this time, Substack, is expanding its services to support creators in monetizing their content through ad sales. This initiative aims to provide more revenue opportunities for writers and content creators using Substack, allowing them to maintain financial independence while growing their audience.
2024	February 22	Growth	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.
2024	February 28	Update	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 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.
2024	April 11	Partnership	Substack partners with Spotify 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. From this time, podcast creators can 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.
2024	April 16	Update	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.
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.
2024	May 1	Update	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.
2024	June 5	Update	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. 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.
2024	June 11	Update	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.
2024	July 29	Update	Substack introduces prediction market embeds through a partnership with Polymarket, allowing writers to integrate live prediction odds into their posts. This feature, launched ahead of the 2024 Paris Olympics, enhances stories on topics like sports, politics, and crypto with real-time, data-driven insights. Users can easily embed Polymarket odds by copying a link from Polymarket’s site into the Substack editor, creating an auto-refreshing widget. Additionally, Polymarket debuts The Oracle on Substack, providing analysis and statistical summaries of major prediction markets. This collaboration aims to deepen readers' understanding of current events through a quantitative perspective.
2024	August 8	Update	Substack introduces a mobile app that allows users to easily access and engage with newsletters while on the go. It aims to become a more versatile tool for both writers and readers, encouraging deeper interaction. Additionally, Substack attempts to position itself as an alternative to traditional social media, allowing creators to bypass platforms like X and Facebook, giving them more control over their audiences and content.
2024	September 18	Update	Substack launches live video functionality in its app, enabling writers and creators to engage with their subscribers in real time. This feature caters to the growing demand for dynamic interaction during breaking news and live events, allowing publishers to share immediate updates, behind-the-scenes content, and host interactive sessions like AMAs. Subscribers receive instant notifications when a writer goes live, and creators can restrict access to paid subscribers for exclusive events. The live video capability is initially available to bestselling creators on iOS and Android, with plans for broader rollout. Collaborative streaming with other creators is also encouraged to enhance audience reach.
2024	September 19	Coverage	An article from Town & Country highlights how Substack influences fashion and online shopping trends by allowing designers, brands, and influencers to connect directly with consumers through newsletters. This direct-to-consumer approach promotes more personalized and curated shopping experiences, blending editorial content with fashion product recommendations. It reflects a growing trend of leveraging Substack’s platform for marketing and e-commerce purposes, allowing creators to build loyal audiences while driving sales.

Numerical and visual data

Monthly active users

As of February 2023, Substack had over 20 million monthly active subscribers. In January 2024, the platform had 49.4 million unique visitors, a 41.95% increase since August 2023. This growth is reflected in monthly unique visitor counts, which rose from 34.8 million in August 2023 to 49.4 million in January 2024. Please note that this data is compiled partly using third-party sources and is not endorsed by Substack, which may affect its accuracy.

Year	Month	Unique Visitors (millions)
2023	August	34.8
2023	September	38.0
2023	October	39.8
2023	November	38.9
2023	December	45.9
2024	January	49.4

Paying subscribers

As of February 2021, Substack has over 500,000 paying subscribers, with notable growth since July 2018, when it had only 11,000 subscribers. Despite this rapid increase, Substack would no longer publicly update the number of unique paying subscribers. Please note that this information is collated from various news articles and announcements sourced from Substack. Therefore, the data may not reflect a regular cadence and may not accurately represent the current subscriber count.

Year	Month	Paying Subscribers
2018	July	11,000
2018	October	25,000
2019	April	40,000
2019	July	50,000
2020	March	100,000
2020	September	250,000
2020	December	250,000+
2021	February	500,000+

Funding

Substack has raised a total of $90.2 million through five funding rounds, with notable investors including Y Combinator and Andreessen Horowitz. The funding journey started with $120 thousand in January 2018 and culminated in a Series B round of $65 million in March 2021, along with a community fundraising of $7.8 million.

Year	Month	Funding Round	Funding Amount (millions)
2018	January	Pre Seed	$0.12
2018	April	Seed	$2.00
2019	July	Series A	$15.3
2021	March	Series B	$65.0
2023	April	Community Fundraising (Wefunder)	$7.8

Top author earnings

The annual earnings of the top 10 authors on Substack have shown a significant and steady increase from $7 million in September 2020 to $25 million by October 2022. This consistent growth reflects the platform's rising popularity and success in attracting both authors and subscribers, leading to higher revenue generation over the two-year period.

Year	Month	Annual Earnings (in millions of dollars)
2020	September	$7
2020	December	$10
2021	February	$15
2021	October	$20
2022	October	$25

Google Trends

The image below shows Google Trends data for Substack (company), from May 2017 (founding date) to October 2024, when the screenshot as taken. Interest is also ranked by country and displayed on world map.

Wikiedia views

The image below shows Wikipedia Views data for the article Substack.

Meta information on the timeline

How the timeline was built

The initial version of the timeline was written by Sebastian.

Funding information for this timeline is available.

Feedback and comments

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

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What the timeline is still missing

• Summary by year
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