It is reported to have made all of $9m in revenue in 2021, though it raised $65m in funding in March 2021 at a $650m valuation (it abandoned plans to raise more funding in 2022 after financial markets soured). Science and Technical Research and Development.Infrastructure Management - Transport, Utilities.Information Services, Statistics, Records, Archives.Information and Communications Technology.HR, Training and Organisational Development.Health - Medical and Nursing Management.Facility / Grounds Management and Maintenance. Elon Musk’s chaotic management of the platform has exposed how poorly it serves many journalists and writers. The search for a personal audience has in recent years led journalists, often fruitlessly, to Twitter, where their followers are seldom inclined to be shepherded off the network towards any actual journalism, let alone to pay for it. One is the publisher’s problem: how do you distribute pieces to readers and get paid for doing so? Another is the journalist’s: how do you build an audience over time? Without a reliable readership, every piece you publish is a fresh peril: it may go viral or be entirely unread. The Substack boom is more likely to be in its infancy than at its end, for a simple reason: it may provide the best answers to some of the perennial problems of journalism. Two years ago, fewer than 300,000 readers paid for a subscription on Substack. In reality the new economy created by the platform just keeps getting bigger. Is Substack the future of media? It’s a question the industry has been asking itself for at least two years – long enough for some to start declaring that the “Substack boom” of 2020 is already over.
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