The Guardian has taken a fresh look at Substack making money from subscribers to Nazi publishers on the platform.
The article doesn’t mention how many of its own journalists and ex-journalists run Substacks (or for that matter how many are on white supremacy platform, X)
…The article says that Substack has around 5 million paying subscribers and it cites 4 example Nazi accounts there, with an average annual subscription of around $80.
If that price point is typical, since Substack takes about 10% of subscriptions, we might infer that it has a subscription revenue of something like $40 million.
At $1.1 billion, Substack is valued at roughly 27x that figure.
One of the many news organisations actively promoting its free Substack account is the UK’s Channel 4
