News
“More than 50 people” are making over $1 million a year on Substack.
Chris Best drops that fact onstage at The Information’s “Future of Influence” event in Los Angeles. He also says Substack was “accidentally cash flow positive” in the first quarter of this year, but isn’t planning to be profitable soon. “We’re focused on growth,” he says. “It turns out that when you do that, it makes the business grow really well, too.”
Related Knowledge Center: State of the business model
State of Play
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.