Newsletter startup Substack has hit the one-million-paying-subscriber milestone, highlighting the growth of journalism by individual writers as a business model for news.
The number of paying subscribers rose from 250,000 in December 2020 to one million this November. Renowned writers from outlets such as The New York Times have left their jobs to join Substack because of more editorial freedom and cash advances.
Substack offers writers a tech platform to self-publish and create their own freelance business, charging a fee for access to their newsletters, with Substack taking a 10 percent cut of the revenue writers make from subscriptions.
Read more here.
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