Stats are great in both examples, Denis, but you are comparing apples and oranges! The Substack articles are about investing, while your M articles are all over the place. On S, you are actively selling your knowledge about investing, i.e., you S subscribers get tangible benefits from your articles = investing literacy. That's why some of them chose to pay for subscriptions. They pay their tuition fee. It is very similar to the Gumroad model where people actively sell their knowledge packaged into e-books or courses. On the other hand, on M, your writing has entirely different flavor. It does include some articles about investing, but they are "diluted" by your stories on many other topics. Besides that, you are comparing "followers" on M vs subscribers on S, which is not the same thing at all! your M stats is a sum of your M subscribers, M followers (not subscribers) and random readers. To make a fair comparison, we should separate the stats from your M subscribers, M followers who are not subscribers, and M random readers, which is impossible to do using M dashboard (and business model). And lastly, email subscribers and email lists are not the same thing. One thing is to have XX number of email subscribers for your weekly, bi-weekly or monthly "newsletters", and another thing is to use/abuse that email list to bombard your subscribers with your promos and calls to buy/pay, etc, or to email them your articles 3 times/day, on a daily basis... Regardless... thanks for the mention, Denis, and for this mutually beneficial polemics!