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Substack took four months to tell anyone
On February 6, 2026, Substack disclosed a data breach affecting roughly 697,313 user records. The breach itself happened the previous October. Substack sat on the disclosure for four months, while writers were leaving over the 10% fee anyway.
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StreamElements raised $111M
StreamElements lost 64% of its staff between October 2025 and May 2026. The math behind a $100M SoftBank round assumed continued growth of live streaming on Twitch. The market refused, and the creators who built their setups on top are now migrating their entire operational stack.
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We're not the only ones saying this
Tyler Denk runs Beehiiv. He's making the same ownership argument I keep making about link-in-bio, just from inside a $100M competitor to Substack. That's not coincidence; it's a category emerging.
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$219 a month, $86 in your head
The average American household pays $219 a month for subscriptions and estimates they pay $86. The gap between those two numbers is the entire subscription economy.
