Substack at $45M/year

Jan-Erik Asplund
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TL;DR: After originally positioning against ads, Substack is working on its own ad product to keep its highest-earning writers from defecting. Sacra estimates that Substack hit $45M annualized revenue (ARR) in July 2025, up from $37M in 2024, taking 10% of roughly $450M GMV across 5M paid subscriptions. For more, check out our full report and dataset on Substack.

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We first covered Substack in April 2023 at $19M in revenue as the “luxury publishing conglomerate” taking on legacy media like the NYT.

We last covered Substack in May 2024 at $29M in revenue as Substack’s competition with Beehiiv and ConvertKit intensified.

Key points via Sacra AI:

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