https://www.theguardian.com/lifeandstyle/2021/apr/29/substack-news-writing-pyramind-scheme

The company says it’s creating a viable alternative for readers and writers – but is it trying to have its cake and eat it?

Since launching in 2017, Substack has been touting itself as a “better future for news.” Their offering was simple: email newsletters with an option for subscribers to pay monthly fees for content – like Netflix for newsletters.