3 ms·

Jesus how can a blog platform burn so much money? Where do they go? Wages? What do those people do?

• red_trumpet 3y ago
  As you can see, "Partnership expenses" increased almost 20 fold. They paid people to write on substack.
  • runako 3y ago
    That's just the negative revenue side. They also spent another $16 million beyond that, primarily on salaries ($10mm).
  • badtension 3y ago
    Is this really necessary? Competing on merit no longer works? I see platforms burning money left and right and can't really understand how is this "the new norm". Especially with something simple like a blog platform.
    • comte7092 3y ago
      > Is this really necessary? Competing on merit no longer works? No longer? Not trying to say no one has ever competed on merit along, but I don’t think there exists a bygone era where people didn’t use $$$ to gain leverage in a market.
      • badtension 3y ago
        Yeah sure, with all the advertising madness going on merit is something that will get you a polite smile at most. But why even bother with something like a blog platform? You're not even innovative (looks like substack is simpler than medium so... cutting back on features?) so why pour all that money into it? Just to have yet another shitty platform and take investors money while trying to grow it?