The Ankler Ditches Substack to Fly Solo

Why It Matters

By cutting Substack’s fee and gaining full control of its tech stack, Ankler can improve monetization and user experience while scaling its multi‑platform offerings, signaling a shift for mature newsletter brands toward independent infrastructure.

Key Takeaways

• Ankler moves 150k subscribers from Substack to own platform
• Annual revenue around $10 million, avoiding Substack’s 10% fee
• Subscription system now powered by Automattic’s Passport paywall
• Ankler now offers 15 newsletters, podcasts, video, live events
• Growth continues 13% YoY as platform expands

Pulse Analysis

Substack has become the launchpad for many niche publishers, offering a low‑friction way to monetize newsletters and tap into a built‑in audience network. Its 10% revenue share and simple front‑end are attractive for early‑stage creators, but as subscriber bases swell, the platform’s limitations—restricted data access, uniform design, and escalating fees—can hinder growth. For publishers that have crossed the critical mass threshold, the calculus shifts toward owning the customer relationship and tailoring the digital experience.

The Ankler’s migration reflects that inflection point. With roughly 150,000 paying readers and $10 million in annual revenue, the 10% Substack cut translates to a $1 million expense each year. By switching to Passport, a paywall solution backed by WordPress owner Automattic, Ankler gains granular analytics, single‑sign‑on capabilities, and flexible subscription bundles such as standalone series. The new site also consolidates its expanding portfolio—15 newsletters, podcasts, video content, and live events—under one branded hub, enhancing cross‑promotion and reducing friction for readers.

Ankler is not alone; titles like Platformer and Mill Media have also exited Substack for open‑source or proprietary platforms, citing cost, customization, and content‑moderation concerns. This wave suggests a maturing newsletter ecosystem where the early‑stage benefits of Substack give way to the strategic advantages of independent infrastructure. As more publishers reach scale, the industry may see a bifurcated landscape: a vibrant entry‑level tier on Substack and a parallel tier of self‑hosted, diversified media companies competing on technology, data ownership, and audience experience.