#HKSTARTUPS
Substack 近日成功融資 1 億美元，估值達 11 億，正式晉身「獨角獸」行列。儘管收入僅達 4,500 萬美元，遠低於原先 1 億目標，但在主流媒體持續萎縮下，平台仍吸引不少創作者與投資者關注。文章直言這場成就背後或意味 Substack 將開始調整與創作者的利益分配，甚至步向平台「逐步劣化」的老路。未來幾年，Substack 能否堅守初心，還是會選擇資本驅動的妥協之路？
Substack just hit unicorn status with a $1.1B valuation after raising $100M, even though its annual revenue stands at just $45M. As legacy media continues to decline, creators like Jim Acosta and Mehdi Hasan have found new success on the platform. Yet this milestone may mark a turning point, as the company could gradually shift its creator-friendly terms to meet VC expectations — echoing the “enshittification” cycle many platforms fall into. Can Substack stay true to its mission, or will monetisation pressures lead it down the same path?
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Full article https://www.platformer.news/substack-series-c-enshittification/