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Media Monday: Substackistan episode artwork

EPISODE · Jun 23, 2025 · 22 MIN

Media Monday: Substackistan

from The Powers That Be: Daily · host Puck | Audacy

Jon Kelly joins guest host Dylan Byers for a deep dive into Substack’s increasingly precarious business model—marked by a high cash burn rate, flat valuation, and potential dilution. They debate whether the company is truly a tech platform or a media business in disguise, and unpack the growing pains writers face when leaving legacy outlets for the Substack promise.

Episode metadata supplied by the publisher feed · Published Jun 23, 2025

What this episode covers

Jon Kelly joins guest host Dylan Byers for a deep dive into Substack’s increasingly precarious business model—marked by a high cash burn rate, flat valuation, and potential dilution. They debate whether the company is truly a tech platform or a media business in disguise, and unpack the growing pains writers face when leaving legacy outlets for the Substack promise.

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Media Monday: Substackistan

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This episode is 22 minutes long.

When was this The Powers That Be: Daily episode published?

This episode was published on June 23, 2025.

What is this episode about?

Jon Kelly joins guest host Dylan Byers for a deep dive into Substack’s increasingly precarious business model—marked by a high cash burn rate, flat valuation, and potential dilution. They debate whether the company is truly a tech platform or a...

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