Is Substack a new frontier of journalism?

Substack is not an original concept. It’s an email newsletter system with the option to pay for tiers of content; nothing revolutionary [at least on the surface]. Yet in the past couple of years it’s become THE standard newsletter platform [it turns five this summer], thanks in part to the content creators and high-profile journalists who have made homes there. At a time where we’re in information overload and news media continues to free fall [Pew Research Center estimates newsroom employment dropped by 26% from 2008-2020], Substack has seen rapid growth, much of which happened during the pandemic.  The company is now an influential part of the media ecosystem, according to Ryan Kost with the San Francisco Chronicle. Needless to say, there’s a lot of curiosity around it.

Clients are often asking us if Substack makes sense for them. We have go-to examples that always come up. There’s Pulitzer Prize winner Glenn Greenwald’s analysis and investigative reporting, contributing Rolling Stones editor Matt Taibbi’s news and features, and most frequently, former New York Times opinion editor Bari Weiss’ staffed publication Common Sense [also an anecdotal fan favorite is Alison Roman’s recipes and recommendations].

You’ll notice that these top Substackers have similar qualities. First, they are excellent writers that cut their teeth at respected news organizations. Second, they’ve publicly expressed strong opinions and been embroiled in varying levels of controversy and / or heated dialogue as a result. That’s not to say that if you’re contemplating starting a Substack that you need to follow their lead as there are MANY non-controversial Substacks out there [check out the leaderboard!]. But it’s notable that their content drives conversation both in the comments and in larger culture. Aka relevance is a major part of the equation in gaining those coveted paying subscribers.

Becoming a space for controversial writers isn’t surprising given Substack’s minimal approach to content moderation. In fact, it’s a point they tout as they position themselves as the anti-Facebook ad-driven model. According to Chris Stokel-Walker in Wired, “A place where quality and thoughtfulness triumph over engagement algorithms.” It’s clearly worked thus far, though not without controversy. Unsurprisingly, individuals known for spreading misinformation have also joined Substack - as well as podcasting platforms and right-wing social media networks - after getting kicked off or restricted on Facebook, Twitter, and YouTube.

Joseph Mercola, a leading anti-vaccine advocate who is restricted by YouTube and Facebook has a Substack newsletter in the top 20 most popular in the political category, with subscribers paying $50 a year, according to Elizabeth Dwoskin with The Washington Post. There’s also Alex Berensen, a former New York Times writer who was banned from Twitter for pushing false claims about the safety of Covid-19 vaccines [The Atlantic broke down some of his more troubling comments]. Alex runs an incredibly popular Substack, Unreported Truths, that was earning an estimated $720,000 a year from subscribers, according to Wired. In fact, back in January 2022, the Center for Countering Digital Hate reported that Substack generates at least $2.5 million in revenue from anti-vaccine newsletters per year, of which 10% goes to the company and 90% goes to the authors. 

It’s tough to determine what’s next for Substack - will they stand firm, similar to Spotify and their handling of Joe Rogan versus Neil Young [with Neil Young’s music getting removed from the platform]? Or will they buckle and establish more stringent regulations like the bigger social media platforms, aka Facebook, Twitter, and YouTube?

In a recent profile of Substack’s founders in Vanity Fair that walked through the company’s many ups and downs in even greater detail [highly recommend it if you’ve made it this far], it sounds like they’re determined to weather it out, at least as of now. As Hamish McKenzie, one of Substack’s three founders said, “Our content guidelines protect the platform at the extremes while providing a high bar for intervention but also give us the ability to intervene when it’s necessary. I’m not going to say any more than that.” (Substack has taken steps to deactivate accounts, but has not disclosed how many).

But back to the actual mechanics of building a successful Substack, determining if Substack is for you and how to get started. Of all the Substackers, we’ve mentioned thus far, it’s Bari Weiss who has taken her Substack to the next level. She runs her newsletter like a full-on website / newspaper-style publication, with a writing staff that regularly makes news. She also hosts a parallel podcast called Honesty that is on-brand with its “Uncancellable. Unowned. Free and fearless” approach. 

Taking Bari Weiss’ strategy as a guide, here are the standout reasons to choose Substack:

  • Substack Pro - are you a writer already? You might be eligible for fellowships and / or advances to join, aka Substack’s version of a book advance or creator fund

  • Hands off moderation - Substack doesn’t do much moderation, so if you do publish controversial content, you’ll be able to have a lot of latitude

If you are ready to jump in, here are your next steps:

  • What is your purpose and greater ‘why’? Launching on a new platform is no easy task, especially with newsletters since they are so personal / directly in our inboxes. Be sure to know what you’re trying to accomplish and why Substack is uniquely the best place to share this message versus other platforms, first and foremost

  • Content strategy - With the deluge of content being published every minute, you’ve got to have an overall original approach or fresh take with your entire publication. Bari Weiss’ approach is to provide an alternate perspective to mainstream media, an angle she’s uniquely suited to take, given her background coming from The New York Times. As you decide where / how to position yourself in your given area of expertise, consider the content and the competitive set [aka what it already out there] to see where you uniquely add the most value for your audience

  • Who are you talking to? And how are you adding value? Speaking of target audience, getting super granular and specific with who your Substack is targeted to is essential. Bari Weiss literally defines her target audience in the Common Sense About section - “There are tens of millions of Americans who aren’t on the hard left or the hard right who feel that the world has gone mad. Science is at the mercy of politics. Identity trumps ideas. In the name of progress, art is erased and history is rewritten. Obvious truths are dangerous to say out loud. This newsletter is for those people.” Agree or disagree with her, she’s incredibly clear with who she’s speaking to and who she is writing for

Looking ahead, we can’t promise what Substack will become. As Joe Pompeo muses in Vanity Fair, “Maybe it will become a hotspot for literary agents seeking lucrative deals. Maybe it will become a pipeline for film and television and audio adaptations. Maybe there will come a point when brands and celebrities and even media outlets have to be on Substack just as much as they have to be on Instagram and Facebook. Or maybe, in another five years, we’ll all look back on Substack and remember when it was the hot new thing, only to have fizzled.” 

Whatever it is, we are [mostly] excited to experiment on it, and cautiously ready to walk away with email subscribers if it burns down in an unregulated mess.

Need To KnowMelissa BlumComment