Hello, I (Hamish) will answer question #1 and leave the rest to my colleagues.
I think what has driven our growth is a nice synthesis between the product, the business dev work (i.e. convincing writers to give it a shot), and the business model.
The model may be the underestimated part. It's compelling for many writers, partly because of its simplicity and transparency: you own the relationship with your audience, you publish stuff that gets sent to them, and then if you're doing good work some portion of that audience will choose to pay you to keep going. That's a good deal for writers, since:
a) It lets them do the work they believe is most important
b) No one can mess with their audience
c) There's a clear path to making money, which is the major thing absent from most other options for writing on the internet (or, increasingly, anywhere else).
These things make Substack a relatively easy "sell".
Of course, some writers are better poised to succeed with this model than others, so we have put in a sustained effort to identify those writers and let them know about their opportunity on Substack. In a small number of cases, that has meant we've offered a financial package to derisk the move for them (you can think of it as like startup funding to get them going; many don't have much financial buffer and may be reluctant to leave jobs even if they are unhappy in those jobs). But the vast majority of writers doing well on Substack have come to the platform of their own accord, without any kind of deal.
I think what has driven our growth is a nice synthesis between the product, the business dev work (i.e. convincing writers to give it a shot), and the business model.
The model may be the underestimated part. It's compelling for many writers, partly because of its simplicity and transparency: you own the relationship with your audience, you publish stuff that gets sent to them, and then if you're doing good work some portion of that audience will choose to pay you to keep going. That's a good deal for writers, since:
a) It lets them do the work they believe is most important b) No one can mess with their audience c) There's a clear path to making money, which is the major thing absent from most other options for writing on the internet (or, increasingly, anywhere else).
These things make Substack a relatively easy "sell".
Of course, some writers are better poised to succeed with this model than others, so we have put in a sustained effort to identify those writers and let them know about their opportunity on Substack. In a small number of cases, that has meant we've offered a financial package to derisk the move for them (you can think of it as like startup funding to get them going; many don't have much financial buffer and may be reluctant to leave jobs even if they are unhappy in those jobs). But the vast majority of writers doing well on Substack have come to the platform of their own accord, without any kind of deal.