- Substack's subscription model has maxed out, with creators struggling to earn sustainable income as the number of newsletters grows faster than the paying audience.
- The platform pivoted to social media features like Notes, video, and live-streaming to boost engagement, but this increased free content without growing subscription revenue.
- Subscription fatigue among users limits their willingness to pay for multiple newsletters, forcing creators into direct competition for a shrinking pool of paid subscribers.
- Cory Doctorow's term 'enshittification' describes the platform's decline as it prioritizes growth over creator sustainability.
- Potential solutions like curated subscription bundles or pay-per-article models are suggested but not yet implemented by Substack.
- Creators are adapting by seeking alternative revenue, such as sponsorships, while maintaining editorial independence.