What I learned in year four of Platformer
Everything that happened after we left Substack
Programming note: Platformer will be off Tuesday and back for a rare Wednesday edition with the news from Meta Connect.
Ever since Platformer left Substack in January, readers have been asking us how it’s been going. Today, in keeping with our annual tradition of anniversary posts (here are one, two, and three), I’ll answer that question — and share some other observations on the state of independent media over the past year.
Gratitude for the Support
The first thing to say to all of you reading is thank you. Throughout the tumult of the past year, Platformer readers have given us incredible support. When we announced our move, hundreds of you stepped up to buy annual subscriptions. And when the inevitable hiccups that come with switching platforms arrived, you were patient and generous with us as we smoothed things out. In basically every way, 2024 was Platformer’s most difficult year — but it was made much easier every time one of you sent us a supportive note, shared our stories on social media, and bought a subscription for a friend or co-worker. For all that, I’m profoundly grateful.
Progress and Growth
So how’s it going since Platformer left Substack? Let’s get into some specifics. As I write this, Platformer now has 190,196 subscribers — up about 35,000 from last year. That’s a much slower growth rate than year three, when in the midst of Elon Musk’s takeover of Twitter, our audience doubled. But it also feels like more honest, durable growth than we saw in 2023. Unplugged from the dark pattern of Substack’s growth hacks, we still managed to grow significantly.
Financials and Sustainability
What about our finances? I’m proud to report that despite leaving Substack, revenue was up about 11 percent year over year. Part of that reflects the fact that we no longer pay Substack 10 percent of revenue. But leaving incurred new expenses. We pay our new provider, Ghost Pro, substantial fees for hosting and distributing Platformer. We pay Outpost for services we once got through Substack, such as sending welcome emails to new subscribers and reminders when your subscription is about to renew. We sprung for a nifty redesign. And we now handle our own customer service, sharing responsibilities between our managing editor Zoë Schiffer, our editorial assistant Lindsey Choo, and me. It all amounts to less than we used to pay Substack. But it is also more work.
Diversifying Revenue Streams
A bright spot for us this year was the launch of a single paid advertisement in our free weekly newsletter. Under Zoë’s leadership, we nearly brought in six figures worth of advertising revenue in our first year, and we hope to build on that in the year ahead. Readers received the ads politely, advertisers renewed their campaigns, and we added a new pillar of revenue that we hope will make Platformer sustainable long into the future.
Challenges Faced
What did you lose when you left Substack? The main thing, aside from the dubious hypergrowth of our mailing list, was new paid monthly subscribers. On Substack last year, we saw substantially more readers willing to pay us $10 to try out Platformer for a month. This is likely for a mix of editorial reasons and platform dynamics.
Building a Strong Foundation
For sure. First and foremost, we have an honest-to-goodness website now. One where we can easily modify the design, add new features, and grow our offering over time. One reason why I write so often about the decline of the web is that I love websites as products. And our new setup gives us almost unlimited flexibility as Platformer evolves.
Looking Ahead
Where does Platformer go from here? Four years in, my main goal remains the same: to bring the best news and analysis of tech platforms to your inbox, and to do it in a way that is sustainable over the long term. Through all the tumult of the media industry over the past few years, the model we've been proving out at Platformer has been quite resilient. Email, the web, and paid subscriptions remain a powerful combination, and it makes me happy to see it working for a growing number of my colleagues across lots of different verticals.
