By now, the lifecycle of social media platforms has become easy to predict. What starts as a utopian ideal promising new ways to connect eventually ends in a process colloquially known as 'enshittification', with sites crumbling under the weight of growth, ads, and the never-ending quest for more eyeballs. But one platform that could veer from the familiar depressing script is Substack.
What started as a simple newsletter platform and Twitter alternative has grown to encompass videos and podcasts. But what it doesn't involve right now is ads. Instead, Substack makes its money by taking a cut of creators' subscription fees. The business model is all about writers and artists creating direct relationships with their readers, and it works – the company recently revealed that "more than 50 people” are making over $1 million a year on Substack.
