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Substack says it could be profitable — but it still isn’t

The newsletter platform Substack still isn’t turning a profit, even as its writers make millions.

Substack still isn’t profitable despite attracting big names in the independent writer world, whose newsletters and blogs rake in a massive digital subscriber base for the platform. Hamish McKenzie, one of Substack’s founders, told The New YorkTimes that it could choose to be profitable but is focusing instead on “investing in and continuing to grow the business.” Those include raising money from its writers(something Axios reports it recently did again), starting its own Twitter competitor, Notes, and betting on political content, which has done well on the platform.

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