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From: S. maltophilia	7/18/2025 8:07:39 PM
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Let’s all try to help Substack live up to its new valuation The company's new unicorn status has already led its founders to reverse their position on advertising. What other compromises are they prepared to make? ... That business has never entirely made sense to me. The company takes a 10 percent cut of subscription revenue, meaning that the more your business grows, the worse a bargain it is for you. (The level of service you get paying the company $1,000 a year is more or less the same as it is if you pay it $50,000 a year.) At the same time, it has never even been clear that 10 percent is a big enough cut to support Substack’s venture-backed ambitions — with creators keeping 90 percent of revenue, Substack would need thousands of them to succeed on a large scale even to justify its 2021 valuation of $650 million..... ...So how do they get from here to there? While it’s always possible to choose another path, platforms’ historical answer to this question has been: by making everything a little bit worse continuously forever. In 2022, Cory Doctorow gave a name to this phenomenon — enshittification — that I don’t love, but still find useful. It’s simply true that platforms typically start by offering creators generous terms and then gradually claw those back as financial imperatives become more important. Resisting this dynamic is akin to defying gravity: possible, but overwhelmingly difficult, and typically not worth the effort..... platformer.news [You get the idea from the preview] If Substack starts running ads on the ones I pay for, I won't be renewing them and the lesser known writers will be leaving SS.

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