Substack is growing due to its ability to aggregate attention, having 5 million paying subscribers. Unlike traditional media, it offers independent writers a platform to gain audiences. This model has attracted significant investment, reflected in its recent $100 million funding at a valuation of $1 billion. As attention shifts, Substack has tapped into a market that prioritizes unique content and direct subscriber relationships, allowing it to thrive despite controversies surrounding its hosted content.
Substack has successfully aggregated 'reading attention' on its platform, cultivating a virtuous cycle akin to the dynamics experienced with Tumblr, where attention flows seamlessly between creators.
Substack's growth is underpinned by its ability to attract a significant subscriber base, with 5 million paying for access, highlighting its value proposition in today's media landscape.
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