News Substack says it could be profitable — but it still isn’t

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Illustration by The Verge

Substack still isn’t profitable despite attracting big names in the independent writer world, whose newsletters and blogs rake in a massive digital subscriber base for the platform. Hamish McKenzie, one of Substack’s founders, told The New York Times that it could choose to be profitable but is focusing instead on “investing in and continuing to grow the business.”

According to the Times, X owner Elon Musk offered to acquire Substack during a phone call with its CEO, Chris Best, in April 2023. Musk even reportedly suggested making Best “chief executive of the combined company,” but Best turned down the offer.

Substack has repeated the line that it could choose profitability if it wanted for years. Best said on Nilay Patel’s Decoder in...

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