Source: Simon Owens's Media Newsletter
The Ankler's departure reveals a constraint in Substack's design: the platform deliberately limits customization and monetization tools to keep the product simple, but this now disadvantages its most established creators. As newsletters scale into standalone media businesses with multiple revenue streams and audience segments, creators need publishing infrastructure—analytics, paywalls, advertising controls—rather than a mailing list alone. Substack hasn't built those tools because they would complicate the experience for casual writers. Ghost and Beehiiv exploit this gap by offering power-user features, forcing Substack to choose between remaining a writer's platform or developing publisher capabilities that may conflict with its culture.