> Both these questions are related in the sense it reflects how large the audience needs to be to a viable business. But as long as the unit economics are posi

> Both these questions are related in the sense it reflects how large the audience needs to be to a viable business. But as long as the unit economics are positive, why does the audience size matter? AFAIK, Substack's OPEX looks a lot more like traditional software/SaaS businesses and a lot less like Uber's or Amazon's. You're right that Substack's functionality can be commoditized, but loads of successful dividends-paying businesses operate in commoditized spaces.