Media Briefing: Why publishers are flocking to Substack
Substack newsletters have suddenly become hot with publishers this year.
Allure, Daily Mail, The Economist, The Financial Times, The New Yorker, New York Magazine and Reach have all launched Substack newsletters. Strategies vary depending on the publisher, but it’s clear that Substack now represents a new way to reach audiences they’re struggling to find elsewhere – and to build tighter communities that can eventually convert into subscribers.
All publishers that have launched Substack newsletters have made most of them free to access – even the paywalled publishers. For most, it is still an experiment – a low-risk way to test new voices, formats and audiences without overhauling their core businesses.
Related Knowledge Center: State of the business model
The traditional journalism business model has long since collapsed, and news organizations have shrunk or disappeared entirely. While a number of promising experiments are under way, the public has not shown a willingness to buy what news organizations are selling.