Substack launched “private Substacks,” a tool where readers can subscribe to posts, alongside other features.

The new feature enables writers to create more targeted content for specific groups of readers, while also giving readers more control over the content they receive. Additionally, private Substacks can be used to create a paywall or membership system for access to exclusive content. Other feature improvements include an improved search engine, LaTeX support (to embed math equations into posts), and inline footnotes.

Analyst QuickTake: The feature launch comes as a wider part of the company’s strategy to regain market share from social media platforms, such as Twitter, in the backdrop of investments in the creator economy falling 75% in 2022, with the company abandoning a fundraising round in May and subsequently laying off 14% of its staff. Recent efforts to clawback market share include the launch of Substack Chat in November 2022 (which allowed writers to communicate directly with their readers on the Substack mobile app), Substack Grow in July 2021 (​​an initiative to help writers add paid subscribers), and BookSmart studios (a podcast network) in July 2021 .