What's next for Substack?

I try not to write about Substack itself on Substack too often—I know it can feel a bit too meta. But as a writer in this space, I’m invested in how the platform evolves, especially as more writers are finding both a community and livelihood here. At a time when authors’ salaries are shrinking, AI technologies are rapidly advancing, and many people I care about in publishing are being made redundant, it’s hard to ignore how much the landscape is shifting.

Yesterday, I was offered some interview time with the co-founders of Substack Hamish McKenzie and Chris Best. I don’t interview many people these days—it's been years since I swapped my podcasting and journalism work to focus on writing more fiction and nonfiction books—but Substack is an interesting place, and they had some news to share.

Today, Substack announced $100 million in new funding. I don’t know much about the running of big companies—I’m a solo worker, and I like it that way—but I’ve always assumed big investment means big targets and more pressure. Still, this feels like a turning point for the platform. Clearly they’re aiming to go big or go home. During the interview, I kept my focus simple: What does this mean for us writers?

In their blog post today: they assure us that they want to help people build “livelihoods based on trust, quality, and creative freedom.” They want to help us protect our “independence, amplify [our] voices, and foster deep and direct relationships.”

I asked them some direct questions: What do you do with $100 million investment? How do you plan to grow? What lessons are you taking from what went wrong at Twitter (X)? Are Notes cannibalizing the Substack newsletter model? And ultimately—what are you hoping to achieve longterm? How will you help writers and artists make their stuff and get paid?

There are plenty of writers who are more interested in the business side of things than me and will continue to watch it all unfold—I just want to use this platform to write and live my quiet, happy life. But I’m glad I had the chance to have this conversation and share it with you, because I care deeply about the empowerment of writers and artists—and right now, we’re in the middle of something pretty exciting. Hope you enjoy the interview! Big thanks to Hamish and Chris for their time xoxo

Interviewing the co-founders of Substack, Hamish McKenzie and Chris Best:

EMMA GANNON: First of all, I want to say thank you, because, you know, the media industry was quite demoralising before you guys came along.

CHRIS BEST: Thanks, and thank you for using Substack.

EMMA: Never a dull day in your offices. On that note, you've got some quite big news.