Uh oh, Substack!
this morning, the numbers are rough. Even I was surprised to see that Substack lit $25 million on fire in 2021. And though it had gross revenue of $11.9 million — better than previously reported numbers — it had negative revenue overallSubstack raised $65 million in 2021. It burned $25 million that same yearHow does this happen? Like many platforms, Substack’s business model is primarily taking a small cut of subscription costs. If a newsletter makes money, so does Substack.
. We do know that Substack took out loans in 2022 — not a great sign since interest rates had gone up and they’d failed to raise more money. The amount of debt wasn’t disclosed, either. Also not great.Meanwhile, Twitter was a major place for Substack writers to cultivate their audiences, something
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