Meta and YouTube aren’t the only platforms looking to benefit from TikTok potentially disappearing — Substack wants in on the action, too.
The company announced Thursday it’s launching a $20 million “creator accelerator fund,” promising content creators they won’t lose revenue by jumping ship to Substack. Creators in the program also get “strategic and business support” from Substack, and early access to new features.
“We established this fund because we’ve seen creators who specialize in video, audio, and text expand their audience, revenue, and influence on Substack, where the platform’s network effects amplify the quality and impact of the work they’re doing,” the company said in a blog post.
This pivot on Substack’s part has been in the works for a while — for months, the company has been marketing itself not as a newsletter delivery service but as a creator platform similar to Patreon.
“On Substack, [creators] can build their own home on the internet: one where creators, not platform executives or advertisers, own their work and their audience,” the blog post reads. The post also cites “bans, backlash, and policies that change with the political winds” as a reason creators can’t depend on traditional social media services.
That’s all fine (we at The Verge have been saying this for a while). But creators focusing on Substack are also subject to ebbs and flows depending on what the company is prioritizing: first, it was newsletters, then it was tweet-like micro blogs, followed by full-on websites and livestreaming. For some, Substack’s initial stated mission of giving more freedom to independent writers is fading. And TikTok creators looking to move to Substack will need to rebuild their following all over again — you obviously can’t export your TikTok followers.
Substack’s business is not immune from “political winds,” either. Just a year ago the company found itself in hot water over Nazi newsletters that were being monetized on the platform. Substack eventually banned some of the newsletters, but only after sustained and public pressure from high-profile writers. In 2022, when Substack’s promise was to be a better version of a newsroom, the company abruptly fired an editor who had worked on a newsletter critical of Substack.
The $20 million fund isn’t the first time Substack has offered a pool of money meant to entice creators. Under a program called Substack Pro, the company poached top media talent from traditional newsrooms with higher pay, health insurance, and other perks. That program ended in 2022, with Substack cofounder Hamish McKenzie saying the deals weren’t employment arrangements but “seed funding deals to remove the financial risk for a writer in starting their own business.” In other words, welcome to Substack. Now that you’re here, you’re on your own — which is more or less the deal other platforms offer.