The coronavirus pandemic resulted in many journalists being laid off or furloughed while others sought to become their own bosses.
As a result, some took the opportunity to distribute their content via Substack. It’s a medium that allows writers to produce their newsletters and content and get paid for it by their audience.
With Substack’s popularity growing since its foundation in 2017, the company seeks to raise $65 million in investments to capitalize on its platform’s popularity.
Andreessen Horowitz leads the $65 million round of venture capital funding that might boost the company’s value to $650 million, Axios reported.
“When readers pay writers directly, writers can focus on doing the work they care about most. A few hundred paid subscribers can support a livelihood. A few thousand makes it lucrative,” Substack says on its website.
“We believe that writers, bloggers, thinkers, and creatives of every background should be able to pursue their curiosity, generating income directly from their own audiences and on their own terms.”
Horowitz refused to comment, while Substack hasn’t yet replied to Axios’ requests.
Eduardo Razo is the Assistant Content Editor for BNM, which includes writing daily news stories on the news media industry. He can be found on Twitter @eddierazo_ or you can reach him by email at eddie1991razo@gmail.com.
