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This week, I’m writing a newsletter about newsletters. Cue the Xzibit meme:
Hilarious and timely.
Specifically, I’m writing about the platform that’s revolutionized the newsletter game. By offering newsletter writers a more direct bond to their audience, as well as a chance to build their following, this platform not only consolidates a ton of great writing in one place, but allows these writers to receive more equitable compensation.
Wait, hang on—let me reread what I just wrote. Newsletter writers… getting compensation? Cue the ‘you guys are getting paid?’ meme.
Just going wild with the references today. Who wouldn’t pay for content like this?
Clearly, this trend of people paying for newsletters requires some deeper analysis. So let’s give it up for…
Yes, newsletters are all the rage right now—you’re welcome, everyone—but it wasn’t always that way. Let’s take a trip back to the dark, dark times of 2017: before HBBIP, and before newsletter writers had a more direct route to monetization. That was the year Substack came along. Inspired by other subscription-based newsletter models in the tech space, the brand’s founders set out to build a network that rewarded both writers and readers.
I like analyzing brands that launched in recent memory, because that way you can really see the ‘started from the bottom’ aspect of what it takes to build a winning brand (and maybe influence a few people along the way).
For example, in 2018, Substack claimed 16 fans on CreatorIQ’s U.S. creator panel, with these Substackers stacking up to a subpar 25 posts. To repeat: just seven years ago, 16 creators on our panel mentioned Substack 25 times.
How have things gone since then?
From not even showing up on the chart to topping the chart, Substack surged from those 16 creators in 2018 to 5.0k fans in 2024, an increase of just a measly, oh, 31,450%. Casual.
It’s a similar deal for Substacks’ content volume—in this metric, even poor 2019 barely shows up on the graph, while 2018 is nowhere to be seen. Those 25 posts in 2018 10x’ed to 223 in 2019, but eventually took a 154,076% surge all the way to 38.5k posts in 2024.
Do I even need to tell you that it was once again the same old story for Substack’s EMV?
Substack EMV: 2018 - 2024
Now we see the full extent of Substack’s recent progress. 2018 and 2019 have disappeared, while 2020 is just a sliver.
Really, most of Substack’s success can be attributed to the brand’s activity in 2024, which represented a 235% YoY improvement from 2023, and a slight uptick of 135,477% from 2018.
Inquiring minds want to know: what happened in 2024?
Well, for one thing, there was an election—remember that? I’m not going to go too far into any details or editorializing, because this is not a political newsletter, but suffice it to say that at least by CreatorIQ’s estimation, a substantial proportion of the Substack content that drove the most engagement and impact on other social media channels throughout 2024 was based in politics.
The good news for my newsletter’s neutral stance is that Substack also catered to both sides. The platform’s top 2024 EMV-driver by a wide margin was left-leaning YouTuber and podcaster Brian Tyler Cohen, who made creator economy history as the first YouTube creator to interview then-President Joe Biden in February 2022. But the ranks of top Substack EMV-drivers were rounded out by conservative commentator Dana Loesch, geopolitical affairs journalist Richard Medhurst, progressive organization More Perfect Union, self-described ‘centrist’ news anchor Chris Cuomo, and many more. So needless to say, Substack is a wide tent, and has become a go-to source of message-spreading and community-building for figures across the political spectrum.
But Substack isn’t just dominated by political commentators. Several other subcultures took root on the platform in 2024, demonstrating that the newsletter game is a flourishing ecosystem for a wide range of topics. There’s a pronounced financial element to some of Substack’s top voices, with a bent toward investment advice and crypto topics. Prominent creators in this community include InvestAnswers, which is pretty much exactly what it sounds like, as well as Humphrey Yang: financial advisor, gaming enthusiast, and confidence-giver to young people looking to build their wealth.
Another category that jumped to the top of the list, proving that Substack isn’t exclusively about heavy topics, was my personal favorite topic, food. Healthy meal prep expert Faiths Fresh made a big splash, driving $4M EMV for Substack in 2024 after not mentioning the brand in 2023. Similarly, the wonderfully named Sandwiches of History took followers on a spin through the culinary past by recreating and taste-testing old sandwich recipes. Look, I don’t care what your political beliefs are—that’s a mission we can all get behind.
You know what else we can get behind? Newsletter writers getting paid for their content! Much like sandwiches, this topic is near and dear to my heart. Now granted, CreatorIQ appreciates my efforts, and I appreciate that appreciation, but I do wonder…
Hmm. Nothing against Sandwiches of History, but that is some real food for thought. Will we see HBBIP: Substack edition in the near future? Stay tuned. Oh, and in the meantime, I’m on Venmo.
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