Substack does suffer from the same potential terminal illness as Medium: An extremely high valuation relative to addressable market. I think both businesses wer

Substack does suffer from the same potential terminal illness as Medium: An extremely high valuation relative to addressable market. I think both businesses were good low hundred-million-dollar businesses. Medium never found a way to justify their ~$1B cap. Substack's current valuation is currently $650M based on recent funding.