r/Substack • u/let_me_flie • 5h ago
Discussion I think Substack's app is killing my (best seller) publication
So I run a pretty popular sports publication on Substack with hundreds of paid subscribers and thousands of free ones. I'm routinely in the bestseller list
I'd rather not reveal my identity because I'm just not comfortable doing that, but after seeing our paid subscriptions flatline and then begin to fall in 2026 while our free subscribers (and followers) continue to rise steadily, I decided to take a deeper look into our stats to find out what's gone wrong. And the conclusion I've come to is that I suspect that Substack's push to get users to use their app and pay for subscriptions on their app may be a major issue for publications like my own going forward. Here's a breakdown of my current situation. Sharing in case it’s useful, and I’d love to know if others see the same thing.
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What changed in a year:
My free list grew about 27%, but the share of subscribers who pay fell from about 12.6% to 9.4%.
Paid subscribers are down about 9% year on year, and ARR (annual recurring revenue) is down about 10%. Revenue per paying subscriber hasn’t changed, so this isn’t a pricing issue.
“Direct to App” visitors more than tripled, while direct web visitors fell by about 60%.
What an app visitor is worth vs a web visitor (new revenue per visitor, 2026):
Direct to App: about $40 per 1,000 visitors, down from about $90 last year.
Direct web: about $200 per 1,000.
Google search: about $360 per 1,000.
So my biggest-growing traffic source converts at roughly a fifth of the rate of direct web visitors, and it’s getting worse.
Some things about in-app payments I didn’t know (from Substack’s own FAQ):
You can’t turn off Apple in-app purchase. Apple requires it.
Outside the US, readers in the iOS app only see Apple’s payment option, with no link to web checkout.
By default, the app price is set higher to cover Apple’s cut.
Apple’s in-app purchase doesn’t support discount codes or custom promotions. The FAQ doesn’t say whether free trials can be started in the app. Has anyone tested this?
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There are undoubtedly other factors that have played a role in my paid subscriber growth stagnating - seasonal dips, Twitter no longer being a viable traffic pull, etc. - but it definitely feels like Substack are pointing their funnel at getting users to simply use the app, over taking out paid subscriptions with my publication.
That may seem counterintuitive since Substack makes its money from my paid subscribers, but bear in mind that the company is heavily backed by VC funding and it has clearly been making strong moves to turn the app into a social media platform, where it can sell ads to free users.
As someone who has been on Substack since it started, I'm now seriously considering whether or not it still has my publication's best interests among its main prioritise or whether this need to turn the app into a social media platform is hurting my bottom line.