Substack Lays Off 14% of Workforce as CEO Says Market Is ‘Increasingly Uncertain’
thewrap.compic.twitter.com/0ycGtrIBh6Substack is by far seen as the biggest player in the newsletter space, generating revenue by taking a cut of writers’ subscription fees.
The platform boasts some 12 million readers a month and reached one million paid subscriptions last year. It was seen as the dominant newsletter platform during the pandemic, luring everyone from freelance creators to legacy New York Times journalists.The platform is home to high-profile writers including Andrew Sullivan, Bari Weiss, Matthew Yglesias, Glenn Greenwald, Matt Taibbi and Roxane Gay.
Some of the top paid newsletters include Sinocism by Bill Bishop, with thousands of subscribers at $15 per month, and Popular Information by Judd Legum, with thousands paying $6 per month.
The 4-year-old San Francisco–based company was valued at some $650 million last year.Here is the full note from Best to employees:I’m writing to let you know the sad news that we have let go 13 people from the team.
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