Chris Best and Hamish McKenzie, co-founders of Substack, aim to transform the writing landscape by enabling writers to connect directly with their audiences for financial support. They share their hurdles in launching the platform amidst skepticism, while also detailing their evolution from past ventures like Kik. Topics include the balance of creativity and technology, and the cultural shift in media during the COVID-19 pandemic that has empowered numerous independent voices. They also touch on strategic lessons learned and the unexpected nature of entrepreneurship.
Substack was created to offer writers independence from traditional media, enabling them to connect directly with their audience and monetize content.
Despite initial skepticism about paid subscriptions, Substack successfully attracted millions of users by showcasing diverse voices and fostering free speech.
The platform's growth was significantly accelerated by the COVID-19 pandemic, with many writers shifting from traditional media to Substack, reinforcing its legitimacy.
Deep dives
The Birth of Substack
Substack was founded in 2017 by Chris Best and Hamish McKenzie as a platform that enables writers to connect directly with their readers and monetize their content. The duo recognized a gap in the media landscape where individuals sought independence from traditional journalism, which was struggling to retain subscribers. Their idea was initially met with skepticism; many doubted that people would pay for online content due to the prevalence of free information. Despite these challenges, Substack made it seamless for writers to create and manage their own publications, combining the roles of content creator and publisher.
Embracing Free Speech
Substack firmly positions itself as a proponent of free speech, allowing writers to express themselves on various topics with minimal restrictions. The platform takes a hands-off approach to content moderation, stepping in only to prevent illegal activities such as incitements to violence and harassment. This stance attracted a diverse range of writers, particularly those disillusioned with mainstream media's editorial constraints. As a result, Substack has become a sanctuary for voices that might otherwise be marginalized, growing its user base and influence in an increasingly polarized media environment.
The Impact of the Pandemic
The COVID-19 pandemic served as a catalyst for Substack's growth, with many journalists facing layoffs from traditional media outlets. Prominent writers like Barry Weiss and Matt Taibbi left established positions to join Substack, signaling its legitimacy as an alternative platform. During the pandemic, Substack experienced a significant surge in subscribers, with reports suggesting growth exceeding sixfold during this period. This boom demonstrated the platform's ability to thrive in a chaotic media landscape, providing a viable pathway for writers to regain control over their work and livelihoods.
Navigating Controversy and Competition
As Substack expanded, it faced challenges not only from the evolving media landscape but also from competition and controversy. Notably, tensions arose with Elon Musk after he acquired Twitter, leading to an attempt to block Substack links on the platform. However, the founders remained resolute, emphasizing the importance of maintaining independence and a strong business model that favors writers. Through strategic positioning and an unwavering commitment to free expression, Substack solidified its stance in the industry, drawing attention to the growing divide between traditional media and independent platforms.
The Future of Media with Substack
Looking ahead, Substack aims to continue evolving beyond written content, integrating multimedia features such as audio and video to enrich the writer-reader experience. The platform's unique model empowers individual creators to cultivate direct relationships with their audiences, fostering community engagement. By prioritizing transparency in revenue-sharing and supporting content creators, Substack hopes to redefine the traditional media landscape and facilitate a sustainable future. The founders believe in the potential for writers to thrive, transforming their influence into profitable ventures with the right tools at their disposal.
Substack was founded to create an escape vehicle for writers: Chris Best and Hamish McKenzie imagined a world where writers didn’t have to rely on legacy publications or corporate advertisers, but could instead create a more direct and meaningful relationship with their audience. Despite early skepticism, Chris and Hamish were confident that many people would pay a few dollars a month to subscribe to their favorite newsletters, on subjects ranging from politics to sports to tech. Today, Substack has over 35 million active users, and while many of its offerings are free, a number of its content-creators make upwards of $500,000 a year.
This episode was produced by J.C. Howard, with music by Ramtin Arablouei.
Edited by Neva Grant, with research help from Iman Maani.
