![]() Users can find friends to follow by syncing their phone contacts with Substack. The company says that since launching its Twitter-like Notes feature in April, following has been one of the most requested features from writers and readers. The new feature gives users a way to keep up with what a writer is doing without having to subscribe to their newsletter. ![]() However, among the top ten, which all make at least $600,000, six are from other sections.Ĭulture is the second-best represented category, with five newsletters in the top 27 list and three in the top ten.Substack is adding a new feature to make its platform feel more like a social network, as the company announced on Tuesday that users can now follow writers. More than half of the top-performing Substacks appear in the site’s crowded politics section. According to Press Gazette's analysis, Slow Boring should also earn at least $800,000 annually before Substack's 10% fee. Yglesias was originally tempted to the platform with a $250,000 up-front payment (offset by Substack taking 85% of his first year’s subscription revenue). Similarly, The Washington Post reported last month that Slow Boring, the newsletter run by Vox co-founder Matthew Yglesias, has at least 13,000 paying subscribers, which would mean his Substack generates at least $1.04m. Press Gazette's analysis indicates her newsletter now earns at least $800,000 annually. She also disclosed to the start-up that in March 2022 she raised between $1m and $5m from outside investors to expand the publication. For example, Bari Weiss, the former New York Times opinion writer who now runs The Free Press on Substack, told Semafor that she raised $80,000 in annual subscription revenue within the first week of launching her newsletter, then named Common Sense. Some information about these newsletters’ revenue has been reported elsewhere. That Substack – the only one listed as having “hundreds of thousands” of paying subscribers on the website – is written by Boston College history professor Heather Cox Richardson and offers, according to The New York Times, “a break from the media maelstrom”. The joint-second most successful Substack on the list, written by Gergely Orosz, covers engineering and brings in some $1.5m.Īnd by far the most successful newsletter in Press Gazette’s analysis is Letters from an American, which appears to bring in at least $5m in annual subscription fees. Dan Rather, the former CBS Evening News anchor, appears to make at least $500,000 in revenue. Not all those on the list are alt-media, however. ![]() As does Jimmy Evans, whose newsletter, Tipping Point Prophecy Update, is concerned with the forthcoming end of the world. For example, Covid-19 vaccine sceptics Robert Malone, Steve Kirsch, Alex Berenson and Joseph Mercola all appear among the most lucrative Substacks. The analysis affirms previous reporting suggesting Substack has become a lucrative revenue stream for writers with fringe views. Our calculations are for overall subscriber revenue, and do not account for the 10% cut Substack takes or any deals writers might have with the company. Press Gazette has consequently proceeded on the assumption “thousands of” subscribers means more than 1,000 and “tens of thousands” means more than 10,000. However, one Substacker on the list who has “tens of thousands” of subscribers told Press Gazette when asked about their follower numbers: “We've been open about the fact that we have more than 10,000 paid subscribers.” If you know of a Substack newsletter that you believe has more than 10,000 subscribers and should be on this list, email declined to clarify whether having “tens of thousands of” subscribers meant a newsletter had more than 10,000 customers or more than 20,000. Well-known Substack newsletters such as those authored by Glenn Greenwald, Dominic Cummings and Bill Bishop are not on this list because they are described as having only “thousands of” paid subscribers by Substack.
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