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How long can the Substack party last?

It can sometimes feel a bit nerve-racking being a journalist at an established newspaper these days. Not only does one constantly fear being caught on the wrong side of the fuzzy and fluctuating line that separates acceptable ideas and words from wrongthink, but amid steep falls in print circulation and shrinking ad revenues, it seems there are constantly new digital challengers out there desperate to eat our lunch. We wrote a Notebook column about the latest challenger, Substack, for last Thursday’s print edition. The Andreessen-Horowitz-backed company is doing very, very well. Last week it confirmed it was raising m in a Series B, which Axios reported will make it worth 0m. To put that into perspective, that’s almost three times what Jeff Bezos paid for the

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FT Alphaville is a free daily news and commentary service giving finance professionals the information they need, when they need it. In a world where market professionals are inundated with information there is a pressing need to edit and filter, and hopefully sow a few ideas along the way. That’s where the FT Alphaville team comes in.

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