Interesting argument by an ex FT/FTAV journalist, who has recently started her own newsletter, on why she didn’t chose Substack.
One thing that stood out is legal cover. “As it stands, Substack can shift the biggest risk and cost in all journalism — libel risk — onto the shoulders of individual authors.”
This ties in with news they have dropped their Series C round (at a valuation of $750m – $1bn).
The reason is likely down to the fact they made only $9m of revenue last year, suggesting even their previous valuation of $650m is too high.
The other thing is moderation – as any platform grows moderation becomes an issue, something other publishers have been quick to point out.
