Here is a recent Techcrunch article that shows the current state of things: https://techcrunch.com/2022/05/26/report-substack-the-highly-hyped-newsletter-platfo

Here is a recent Techcrunch article that shows the current state of things: https://techcrunch.com/2022/05/26/report-substack-the-highly-hyped-newsletter-platform-has-ditched-plans-for-a-series-c/ https://techcrunch.com/2022/05/26/report-substack-the-highly... Here is an excerpt from the article: > Substack told Axios late last year that the top 10 writers on the platform collectively generate $20 million in annual revenue. According to the Times, Substack separately told investors that it saw revenue of just $9 million last year. (It told the Times directly in a story last month that it has hundreds of thousands of paid newsletters now on the platform.) That’s not a lot of revenue for a company boasting a $650 million valuation. It seems the newsletters seems to be working for the content creators, same cannot be said about Substack itself.