Recently, Substack has pulled out all the stops to lure creators. The company has rolled out livestreaming, more video options, and a dedicated ‘Creator Accelerator Fund.’ It’s also encouraged creators to make podcasts and ultimately provide a multimedia experience for followers. And if these numbers are anything to go by, it’s looking like a success.
In an interview with The Hollywood Reporter, the platform’s co-founder Hamish McKenzie revealed that Substack has surpassed 5 million paid subscriptions. He also revealed that 82% of Substack’s top 250 creators regularly incorporate audio and video into their content. Comparatively, a year ago, the percentage was 50%.
What Is Driving This Change?
McKenzie identifies two key drivers for Substack creators’ increased use of audio and video: the resurgence of Trump and the TikTok ban.
He adds that because the mainstream media has divided into anti-Trump and pro-Trump camps, users are looking for “new voices.” That, coupled with a number of prominent journalists going independent, has “accelerated” Substack’s path to 5 million, he said.
In addition, McKenzie said that “the uncertainty around the status of TikTok, whether it’s going to be banned or not, created this moment that highlighted the importance of creators owning their relationship with their audience and not being totally dependent on those platforms and their rules changing.”
Which he said led to Substack adding more features to “support” creators who use video and audio. McKenzie also said that Substack is trying to make the app more mobile-friendly to “directly address” those who prefer mobiles over desktop.
It’s important to note that just four months ago, Substack reached 4 million paid subscribers. However, despite that, the New York Times reported that the platform wasn’t profitable. Despite McKenzie’s lack of comment on profitability, the interview raised the question of whether Substack’s success extends beyond superficial gains.
