1/ I think Substack is in the process of deciding whether they want to take Shopify’s approach or Etsy’s approach, or some combination of both...

2/ Etsy approach = “we are much more demand-focused. So we try to not necessarily do what sellers are asking for but doing what we think is best for the seller” https://twitter.com/LennyIce/status/1148907944790167553?s=20

3/ Here’s Etsy’s approach defined even more crisply via CEO at 2019 Investor Day: “The #1 thing we give sellers is buyers.”

4/ Shopify’s approach via CEO at 2019 Investor Day = Merchants are supreme.

5/ More on Shopify’s approach: “Shopify is designed to help our merchants own their brand” https://s23.q4cdn.com/550512644/files/doc_financials/2019/ar/0efb0f8e-be6a-47d9-b0d6-11a92482dbd3.pdf

6/ And one more on Shopify: “as a brand, we are virtually invisible to consumers. This is by design, as our job is to make our merchants look their very best in every interaction they have with consumers.” https://s23.q4cdn.com/550512644/files/doc_financials/2019/2019-Year-In-Review.pdf

7/ So which is Substack? The answer is … both? Substack CEO: “We are the Shopify of content” but “people will know us, but it will be the secondary brand to the brand of the creator, the writer, or whoever” https://stratechery.com/2019/substack-raises-series-a-an-interview-with-substack-co-founders-christopher-best-and-hamish-mckenzie/

8/ As Etsy says: “The #1 thing we give sellers is buyers.” The #1 thing Substack’s sellers (writers) want is buyers (readers & potential subscribers): “#1 thing writers care about is, can you connect me to more readers that would like the stuff I’m doing?” https://podcasts.apple.com/us/podcast/village-globals-venture-stories/id1316769266?i=1000476792047

9/ Because ultimately for Substack to justify a 10 percent take rate they need to be bringing demand to their supply side. https://podcasts.apple.com/us/podcast/village-globals-venture-stories/id1316769266?i=1000476792047

10/ I think there are elements of both approaches that Substack can study and apply to their own business. Etsy’s Offsite Ads product ( https://www.etsy.com/seller-handbook/article/introducing-etsys-risk-free-advertising/729663416588) is one potential product to look at. For example, here’s text from Etsy that I lightly edited to apply to Substack.

11/ This thread could go on forever and probably misses many nuances. I don’t know the answer, but it’s a recurring thought I’ve had when looking at Substack.