One of the biggest publishers on Substack – The Ankler – has ditched the newsletter-focused tech platform to run on its own in-house tech infrastructure.
The Hollywood-based B2B brand, which covers the entertainment industry, has around 150,000 paid subscribers and around $10m per year in annual revenue.
Substack takes a 10% share of publisher subscriptions sales, which looks like a good deal for smaller titles but is more expensive for larger ones. The simplicity of Substack, both in terms of front-end functionality and data available at the back end, also starts as a benefit for creators getting started but can hinder titles as they become more sophisticated.
The Substack ‘network effect’ helps new titles grow but becomes less important once they have reached critical mass.
Ankler chief executive Janice Min and editorial director Richard Rushfield (also co-founders) set out the changes in a letter to subscribers.
They explained that Ankler Media has grown from a single email newsletter to a multi-platform operation with 18 full-time staff.
It now publishes 15 newsletters, as well as podcasts, video output and runs live events. Subscribers are said to be growing 13% year on year.
The Ankler has moved to a new owned website format, with a more sophisticated and designed homepage.
Subscriptions are now being run by Passport, a new paywall provider operated by WordPress owners Automattic and media analyst Ben Thompson.
Why has The Ankler left Substack?
Min and Rushfield said: “This transition marks a defining moment in what has been underway: a move beyond newsletters into a fully integrated media company, now all brought together in a single, easy-to-navigate home. To us, if the first wave of newsletters in media was about supporting independent creators, the next wave is about building durable businesses.”
Explaining reasons behind the move, The Ankler’s founders said: “More control over our platform allows us to better expand coverage and improve the subscriber experience: a more refined design, a single sign-on and everything across Ankler Media living under one roof.
“It also gives you — our audience — more control over how you engage with us and what you receive in your inbox, along with more flexible subscription options. Starting today, you can subscribe to Series Business and Sean McNulty’s The Wakeup as standalone products if you choose.
They added: “Substack was instrumental in The Ankler’s early growth and will remain an important part of our ecosystem. We’ll maintain a presence there, including a weekly newsletter and live video. And yes, you heard it here first, Richard will continue to represent Ankler Media on Substack with a new, even more unfiltered newsletter — we’ll have more to share on that front soon.”
Two Ankler spin-off titles – The Optionist and Like & Subscribe – are also migrating off Substack to the new platform.
Which other Substackers have left the platform?
Other titles which have left Substack to go it alone include Platformer and Mill Media.
In 2024 Platformer (170,000+ free subscribers) left Substack for open-source publishing platform Ghost. Founder Casey Newton cited concerns over Substack’s laissez-faire approach to far-right content on its platform.
UK local news success story Mill Media left Substack in 2024, also to join Ghost.
Founder Joshi Herrmann said the 10% revenue split had become too expensive, alongside a desire for greater customisation.
[Read more: Newsletter platforms for publishers compared: Substack versus the rest]
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