This is a well done reflection. Business models and investment both have gravity; in this case, the gravity of the investment they’ve taken works against the gravity of their business model
My view: The most ambitious thing SubStack could do right now is stop pushing forward. But given who is running and funding the place, that is unlikely. Scott Carney says the platform is collapsing. I say it is more likely that it has reached the limit of its supply lines—and that the cure is... 1/