Substack’s Shopify problem

Shopify rose to become one of the most consequential companies in retail, playing a pivotal role in powering the growth of the direct-to-consumer brand business by providing a platform that enables independent retailers to sell online. Its platform and tools allowed upstarts to compete in an e-commerce world ruled by Amazon. Shopify nailed the narrative too: It was “arming the rebels.”

I’ve long found similarities between Shopify and Substack, which has become, in my view, one of the most consequential companies in publishing, powering the growth of direct-to-consumer publishing businesses. The Substack platform has enabled individuals and small groups to publish directly to audiences and make money through subscriptions. It too has armed the rebels after an era in which platforms got between publishers and their audiences.