Products

EMARKETER delivers leading-edge research to clients in a variety of forms, including full-length reports and data visualizations to equip you with actionable takeaways for better business decisions.
PRO+
New data sets, deeper insights, and flexible data visualizations.
Learn More
Reports
In-depth analysis, benchmarks and shorter spotlights on digital trends.
Learn More
Forecasts
Interactive projections with 10k+ metrics on market trends, & consumer behavior.
Learn More
Charts
Proprietary data and over 3,000 third-party sources about the most important topics.
Learn More
Industry KPIs
Industry benchmarks for the most important KPIs in digital marketing, advertising, retail and ecommerce.
Learn More
Briefings
Client-only email newsletters with analysis and takeaways from the daily news.
Learn More
Analyst Access Program
Exclusive time with the thought leaders who craft our research.
Learn More

About EMARKETER

Our goal is to unlock digital opportunities for our clients with the world’s most trusted forecasts, analysis, and benchmarks. Spanning five core coverage areas and dozens of industries, our research on digital transformation is exhaustive.
Our Story
Learn more about our mission and how EMARKETER came to be.
Learn More
Methodology
Rigorous proprietary data vetting strips biases and produces superior insights.
Learn More
Our People
Take a look into our corporate culture and view our open roles.
Join the Team
Contact Us
Speak to a member of our team to learn more about EMARKETER.
Contact Us
Newsroom
See our latest press releases, news articles or download our press kit.
Learn More
Advertising & Sponsorship Opportunities
Reach an engaged audience of decision-makers.
Learn More
Events
Browse our upcoming and past events, recent podcasts, and other featured resources.
Learn More
Podcasts
Tune in to EMARKETER's daily, weekly, and monthly podcasts.
Learn More

Substack opts out of Series C as investor interest slows down

The news: Newsletter and digital publishing startup Substack has abandoned plans to raise a Series C funding round due to the souring market, per The New York Times—a sign that hype around the company that skyrocketed during the pandemic may be cooling.

How we got here: Substack was heralded during the pandemic as a new model for digital publishing, but current economic uncertainty and the recent interest rate increase has dampened investor enthusiasm.

  • Rising interest rates have made many companies hesitant to spend aggressively. Several tech companies have announced hiring freezes or waves of layoffs, and major venture capital firms like Sequoia Capital have urged startups to cut back on spending.
  • Substack’s last funding round was announced in March 2021 and valued the company at $650 million. The canceled series C would have valued the company as high as $1 billion, according to the Times’ report.

A not-so-new model: Substack is feeling some of that economic squeeze, but it also hasn’t turned out to be the savior of digital publishing that some thought—or hoped—it might be.

  • Initially launched as a way for writers to monetize email newsletters, Substack quickly attracted major writers like Matthew Yglesias and Bari Weiss away from prominent publications to start their own newsletters.
  • Last year, Substack told Axios the top 10 writers on the platform make a collective $20 million—great for writers, but not so great for a company with a valuation several times that amount. The fact that money is so concentrated at the top of Substack also drew comparisons to crowdfunding companies like Patreon, which themselves were once heralded as the solution to digital publishing’s woes.
  • Substack has also launched its own podcasting arm, further muddying the distinction between itself and other legacy media companies, as well as social media platforms launching their own podcasting efforts.

The big takeaway: Substack’s choice to skip out on a new funding round reflects both the current uncertain state of the economy, as well as the fact that digital publishing’s struggles have not been solved.

  • Instead, Substack has simply emerged as another competitor and viable option for writers wishing to go off on their own and flex their pre-existing audiences.