[jemmyw]

I don't think moderation has anything to do with it and it's not the core of the argument in the article. They've taken a huge valuation and investors will want a return on that. The problem is that there's just not that much loyalty in this space. I don't care where the content is hosted as long as it's not annoying, content makers don't care so long as they can make money. When substack starts needing to extract value they have to do it in a way that's annoying and chances are high we see the next platform appear. We've seen it before.

It would be lovely to see a platform get big taking a sustainable approach. But that investment money buys marketing and hype.