Sure, but as a newsletter author, portability means that if this happens, I'll just move to e.g. Ghost or Beehiiv, or another platform. The portability is the

Sure, but as a newsletter author, portability means that if this happens, I'll just move to e.g. Ghost or Beehiiv, or another platform. The portability is the reason I am on the platform, and not on another platform. Take away this portability and I am gone. The big difference with every other platform like Spotify, Medium, YouTube, Twitter, Instagram, LinkedIn etc etc is how those platforms do not allow for this kind of portability by design. They never have done so, and never will. And their take rate is also much higher than Substack's 10%. Given full portability exists today, why are we speculating about things that are not happening, and what would likely undermine Substack's business model of both attracting and retaining newsletter authors? And yes: Substack will need to make more money to justify their valuation. Taking away portability to do so would backfire: at least from my view.