Writers and journalists from legacy media, like Junot Diaz and George Saunders, are on Substack, bringing in a large audience|@SubstackInc|X
Substack’s not just for indie newsletters anymore—it’s officially a major media player. The platform had a record 73.9 million US site visits in June.
The number tops both The Wall Street Journal and CBS News for the first time in monthly traffic, according to Similarweb. The stat doesn’t even count authors using custom domains on Substack, like Matthew Yglesias, meaning its true reach is likely even larger.
Additionally, writers and journalists from legacy media and best-selling authors, including Junot Diaz and George Saunders, have also come to the site, bringing in a large audience.
Even news organizations such as the UK’s Telegraph are on Substack, and the Washington Post is reportedly looking to distribute its journalism there, too.
Revenue is reportedly at $45 million annually, and Substack is courting investors for a $100 million funding round. The company claims that over 50 creators on it are now earning over $1 million a year.
But there’s turbulence
Critics say Substack’s content moderation is lax, and some creators are jumping ship to rivals like Beehiiv and Ghost. Readers may also experience subscription fatigue.