I’m of two minds about Substack. As a newsletter-and-blogging platform that is attractive and simplifies the task of writers charging readers for their work, it’s fine. As a venture capital-backed company whose leaders seem to have visions of world domination (and endless riches), well, I’m more than a little skeptical.
Which is to say that I’m dubious about Substack Local, a just-announced initiative under which 30 lucky local journalists will be able to get start-up funding and health insurance in order to cover their communities. Obviously the idea addresses the two biggest obstacles to going independent. And if it works, presumably there will be many more such Substack-backed local projects to come.
But is this really going to work? What happens when — as seems inevitable — the venture capitalists see no path to profitability and decide to cash out? I realize there may not be too many similarities, but this feels like Medium, with its ever-shifting business model, which has left many publishers holding the proverbial bag.
If I were starting such a site, I’d be much more interested in the Tiny News Collective, which is providing local news entrepreneurs with support for back-end services such as technology, business training and legal services for around $100 a month.
No, it’s not as lucrative as getting VC money via Substack. But as Sarah Scire points out at the Nieman Journalism Lab, the money isn’t all that much and is aimed at moving the sites toward sustainability — a goal that can be pursued without Substack’s help.
We seem to be moving toward peak Substack. My only advice to local news folks thinking about applying is that they should have a clear, detailed plan in place for how to move rapidly to a different platform if they wind up getting Medium’d.