Substack has announced that it now has over 3 million paid subscriptions, a significant increase from 2 million last year and 1 million in 2021. The company attributes this growth to improvements in its recommendations feature, which helps writers promote other newsletters in its network. Substack plans to expand this feature to include more newsletters. The company takes a 10% cut of all paid subscriptions on its platform in exchange for offering support to the writers and podcasters it works with. The latest subscription milestone suggests there’s still room for growth within Substack’s current model, but the firm is experimenting with other ideas to improve it.
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