Substack has to pay back its VC investors who expect a massive return. That alone is enough to ruin most of these services. But Substack’s revenue model incenti

Substack has to pay back its VC investors who expect a massive return. That alone is enough to ruin most of these services. But Substack’s revenue model incentivizes bad behavior on their part. Whereas Ghost apparently charges by usage. So, the incentives for providing good service are aligned with the goals of their customers, rather than their investors.