I was doing research on Substack and here on my notes. The goal in doing this research was to answer the question; is substack a good place to grow a following on my tech research? I did use Chat-GPT to pull all this together so it may not be fully accurate. I left as much of the links to the sources as possible.
Here is my research.
Substack is an American online platform that provides publishing, payment, analytics, and design infrastructure to support subscription-based content, including newsletters, podcasts, and video. It allows writers to send digital content directly to subscribers. Founded in 2017, Substack is headquartered in San Francisco. Wikipedia+1The New Yorker+1
Founding and Early Growth
Substack was founded in 2017 by Chris Best (CEO), Jairaj Sethi (CTO), and Hamish McKenzie (Chief Writing Officer). The team first met while working together at Kik, a free messenger app that Best had co-founded. Both Best and Sethi graduated from the University of Waterloo. At Kik, Sethi served as the Head of Platform for nearly six years. McKenzie was a former journalist who had written for various newspapers and magazines. He met Best and Sethi while doing communications work for Kik, where McKenzie had worked as an Editorial Advisor. Vanity Fair+12Contrary Research+12Vanity Fair+12
The founders were inspired by Ben Thompson's Stratechery, a subscription-based tech and media newsletter, as a major inspiration for their platform. Best acts as CEO of the company. ContentGrip+19Wikipedia+19WIRED+19
Substack's first publication was Bill Bishop's Sinocism, a newsletter focused on China. By July 2018, Substack had just over 11,000 paid subscribers who shelled out on average nearly $80 a year. Vanity Fair+3WIRED+3Wikipedia+3Vanity Fair
Platform Expansion
In 2019, Substack added support for podcasts and discussion threads among newsletter subscribers. By November 2021, the platform said it had more than 500,000 paying subscribers, representing over one million subscriptions. Substack announced in January 2022 that it would begin private beta testing of video functionality on its platform. In November of that year, they launched Substack Chat where content creators could create private group chats with subscribers. Also in 2022, the company launched the Substack Reader app for iOS, followed by an Android version six months later. ContentGrip+6Wikipedia+6Wikipedia+6
In April 2023, Elon Musk spoke with Substack's leadership about purchasing the platform, but the proposal was not accepted. That same month, Substack implemented a Notes feature, which allows users to publish and repost short-form content. This microblogging feature was compared to Twitter, and many outlets considered it to be a response to changes at Twitter under the ownership of Elon Musk. The launch of Substack Notes resulted in criticism by Musk, and Twitter began censoring links to Substack on its platform. In November 2023, Substack introduced new video creation and editing tools, and content creators started launching original shows on the platform. Wikipedia
Financial Growth and Funding
Substack raised an initial seed round in 2018 from investors including The Chernin Group, Zhen Fund, Twitch CEO Emmett Shear, and Zynga co-founder Justin Waldron. Andreessen Horowitz provided $15.3 million in Series A funding in 2019, some of which went to bringing high-profile writers into Substack's network. Substack has provided some content creators with advances to start working on their platform. Wikipedia+3Wikipedia+3Generalist+3
As of August 2021, Substack had more than 250,000 paying subscribers, and its top ten publishers were making $7 million in annualized revenue. In April 2022, The New York Times reported Substack may be valued at $650 million. Substack dropped an effort to raise money in May 2022. The company had aimed to raise between $75 million and $100 million. Wikipedia
Controversies and Criticism
In 2020, Substack faced criticism for inadvertently exposing user email addresses due to a privacy incident. The company acknowledged the issue and said that it was remedied after the initial batch of emails. Wikipedia+1Wikipedia+1
Substack has also been criticized for allowing content that could be dangerous to public health, such as anti-vaccine misinformation. In January 2022, the Center for Countering Digital Hate accused Substack of allowing content that could be dangerous to public health. The Center estimated that the company earned $2.5 million per year from the top five anti-vaccine authors alone. In response, the three founders affirmed their commitment to minimal censorship in a blog post. Wikipedia
In November 2023, Substack faced further criticism for allowing its platform to be used by white nationalists, Nazis, and antisemites. Critics highlighted that this is in spite of Substack's terms of service that supposedly prohibit hate speech. In an open letter, more than 100 Substack creators threatened to leave Substack and implored Substack's leadership to stop giving bigotry a platform. Substack CEO Hamish McKenzie responded to the controversy by confirming that the company will continue to allow the publication of extremist views, saying that attempting to censor them would make the problem worse. YouTube+11Wikipedia+11Vanity Fair+11
Current Status
As of March 2025, Substack announced that it had 5 million paid subscriptions. The platform continues to evolve, adding new features and tools to support its growing community of writers and content creators. Wikipedia+1ContentGrip+1
For more information, you can visit Substack's official website: https://substack.com
I Asked:
Substack's readership is diverse and dynamic, but certain demographic trends stand out. Here's an overview of who engages with content on Substack:
📊 Age & Gender
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Age: The largest segment of Substack readers falls within the 25–34 age group, followed by those aged 35–44.
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Gender: The platform's audience is nearly evenly split, with 50.35% female and 49.65% male readers. Similarweb
🌎 Geographic Distribution
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United States: Approximately 63.78% of Substack's traffic originates from the U.S. Similarweb
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Other Countries: Notable readership also comes from the United Kingdom (7.01%), Canada (4.57%), Australia (2.49%), and India (1.99%). Similarweb+1Semrush+1
🎓 Education & Employment
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Education: Nearly 47.2% of Substack readers hold a college degree, indicating a well-educated audience. Reddit
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Employment: About 45.89% are employed full-time, suggesting that many readers are working professionals. Reddit
📱 Digital Behavior
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Device Usage: A majority of readers (57.11%) access Substack via mobile devices, highlighting the importance of mobile-friendly content. Semrush
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Platform Engagement: Many Substack users are active on platforms like YouTube, indicating a preference for multimedia content.
🎯 Interests & Content Preferences
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Topics: Substack readers are interested in a wide range of subjects, including science, education, news, technology, and fashion. Similarweb
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Content Type: The platform attracts readers seeking in-depth analysis, personal essays, and niche topics not typically covered by mainstream media.
💡 Summary
Substack's audience primarily consists of educated, tech-savvy individuals aged 25–44, with a balanced gender distribution. They are predominantly based in the U.S. and engage with a variety of content topics, often accessing the platform via mobile devices. This demographic is drawn to personalized, in-depth content that offers unique perspectives outside traditional media channels.George Kao
Sure! Here's a reference section formatted in a clean, professional style that you can use to cite the research on Substack:
📚 References: Substack History & Demographics
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Wikipedia Contributors. (2024). Substack. Retrieved from https://en.wikipedia.org/wiki/Substack
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Contrary Research. (n.d.). Substack Company Profile. Retrieved from https://research.contrary.com/company/substack
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Vanity Fair. (2019, July). Peak Personal Newsletter and I Feel Fine. Retrieved from https://www.vanityfair.com/style/2019/07/peak-personal-newsletter-and-i-feel-fine-substack-tinyletter
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SimilarWeb. (2024). Substack.com Traffic Analytics & Market Share. Retrieved from https://www.similarweb.com/website/substack.com
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Reddit. (2024). 2024 Substack Wrapped: Who's Reading Your Newsletter? [r/Substack]. Retrieved from https://www.reddit.com/r/Substack/comments/1h7z6m1/2024_substack_wrapped_part_1_whos_reading_your
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SEMRush. (2024). Substack Website Overview. Retrieved from https://www.semrush.com/website/substack.com/overview