Substack

Former Airbnb executives Chris Best, Hamish McKenzie, and Jairaj Sethi launched Substack in 2017 to solve a specific problem: how to let writers keep their audience data while earning a living without begging for clicks. The platform emerged as a direct alternative to the ad-driven models of legacy media, offering a clean interface where authors could publish newsletters, podcasts, and video content directly to subscribers.

Its business model relies on a simple freemium structure that appeals to both new voices and established journalists. Writers can start publishing for free, and the company only takes a 10% cut of earnings once a creator surpasses $5,000 in annual revenue. This approach helped attract high-profile departures from major newsrooms, including Jia Tolentino, Matt Taibbi, and Ezra Klein, who brought significant readership with them.

Today the company operates out of San Francisco and has grown into a dominant force in the creator economy. It processes hundreds of millions of dollars in transaction volume annually and continues to expand its feature set with tools like Substack Audio and community group chats. Despite facing criticism over content moderation policies, the platform remains a primary destination for independent journalism and opinion writing. [edit]