What is Substack?

Kevin LaBuz
6 min readJul 13, 2020

This week we’re breaking down Substack’s business model.

Substack is a platform for independent writers to distribute subscription newsletters. The company makes this easy, even I figured it out.

The 1,000 True Fans Business Model

Business models can be like Rorschach tests. When I look at Substack, I see author Kevin Kelly’s 1,000 True Fans. The core of Kelly’s argument in this essay is that:

To be a successful creator you don’t need millions…To make a living as a craftsperson, photographer…

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Kevin LaBuz

Head of IR & Corporate Development at 1stDibs. Previously finance at Etsy, Indeed, and internet equity research at Deutsche Bank. Find me on Twitter @kjlabuz.