Substack isn’t the threat—your lack of email strategy is

Substack is often framed as an existential threat to traditional publishing. Its rise has sparked anxiety across the industry, with headlines warning of writers defecting, audiences fragmenting, and a growing culture of creator-led media. But the concern is misplaced. Substack is not the problem—it’s merely a symptom of the opportunity publishers have been ignoring for far too long.

Email remains one of the most powerful tools in a publisher’s arsenal, yet too many treat newsletters as peripheral—a content afterthought rather than a strategic priority. Publishers who view Substack as a competitive threat should first look inward. The biggest danger isn’t Substack—it’s the absence of a thoughtful, well-executed email strategy.

Why Substack succeeded where publishers stalled

Substack’s success lies not in groundbreaking technology, but in its clarity of purpose. It recognised what many traditional publishers failed to act on: that direct relationships with readers are more valuable than scale, and that newsletters are a powerful foundation for those relationships.

Substack offered writers autonomy, direct monetisation, and simple tools to reach and grow their audiences—without reliance on algorithms or platform intermediaries. Crucially, it prioritised email from day one. That focus struck a chord with both creators and readers, who were increasingly disillusioned with cluttered websites, invasive ads, and social media noise.

Meanwhile, many publishers continued to treat email as a distribution tool rather than a core product. They sent undifferentiated daily digests, offered few customisation options, and failed to cultivate habits around their newsletters. As a result, newsletters often underperformed—not because the format was flawed, but because the strategy was absent.

Email is the product now

The lesson of Substack is not that publishers should panic—it’s that they should catch up. Email is no longer just a way to push content from the CMS to inboxes. It is the product.

Audiences increasingly prefer curated, direct-to-inbox content over homepage visits or social media discovery. Email offers consistency, intimacy, and control—an antidote to the algorithmic churn that governs so much of the web. A strong email strategy builds habit, drives subscriptions, improves retention, and strengthens reader trust.

Publishers who embrace this shift stand to gain significantly. Newsletters can drive a disproportionate share of subscription revenue, improve engagement metrics, and act as a critical touchpoint in the reader lifecycle. But this requires investment—not just in email tools, but in editorial focus, data strategy, and product thinking.

The real threat is passivity

If Substack feels threatening, it’s likely because it has highlighted publishers’ blind spots. It has forced the industry to confront uncomfortable truths: that many publishers don’t own their reader relationships, don’t have clear newsletter strategies, and don’t offer individual writers the autonomy or support they need to flourish.

Meanwhile, independent writers are building loyal, paying audiences on platforms like Substack—proving that readers will pay for email content, provided it’s consistent, high-quality, and personal. Publishers already have the talent, brand equity, and infrastructure to offer all of that at scale—but only if they choose to prioritise it.

The greater risk isn’t losing out to Substack—it’s watching talented writers leave because they can build stronger reader relationships elsewhere. It’s failing to monetise a channel that outperforms most others in engagement and retention. It’s sitting on a goldmine while worrying about someone else’s shovel.

Building an email strategy that works

To compete seriously in the newsletter economy, publishers need to treat email as a product with its own audience, goals, and performance indicators. That means:

• Segmenting newsletters based on reader interests, not editorial convenience.

• Hiring editorial leads who own email strategy, not just execution.

• Using data to optimise send times, content formats, and subject lines.

• Measuring success with metrics that reflect loyalty—like open rates, CTR, scroll depth, and conversion—not just volume.

• Investing in writer voices and giving them room to connect directly with readers.

It also means creating opportunities for exclusivity. Whether through paid newsletters, subscriber-only editions, or behind-the-scenes access, email should be used not just to distribute content, but to build community.

Substack is a wake-up call, not a death knell

Substack isn’t stealing something that publishers owned. It’s simply filling a gap that publishers left open. The real challenge isn’t to out-Substack Substack—it’s to build stronger, smarter email strategies rooted in your brand, audience, and mission.

Email is one of the few remaining digital channels where publishers can build owned, direct, and high-value relationships with readers. Those who ignore it will continue to bleed loyalty, talent, and revenue. But those who double down will find that Substack was never the threat at all—it was the reminder they needed to take email seriously.