Substack is getting into comic books and fiction as it expands its efforts to lure in writers beyond journalism to the platform. The newsletter compan

Substack just made a major new hire as it goes after comic-book writers and expands its fiction efforts

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2021-06-09 15:00:08

Substack is getting into comic books and fiction as it expands its efforts to lure in writers beyond journalism to the platform.

The newsletter company has hired Nick Spencer, writer of franchises like "Captain America" and "The Amazing Spider-Man," to offer "Substack Pro" advance-payment deals to comic-book writers, Substack cofounder Hamish McKenzie told Insider.

The entertainment and literary push underscores Substack's aggressive growth strategy as it faces more competition in the newsletter space from upstarts like Ghost and social giants Facebook and Twitter. Founded in 2017, Substack raised $65 million earlier this year to fuel its expansion.

Mostly geared toward non-fiction writers thus far, the "Substack Pro" program is structured similarly to how authors are compensated by book publishers — with an advance plus a cut of future sales after the sum is recouped.

Under the agreements, Substack typically pays a writer an upfront sum and takes the majority of subscription revenue during the first year. Then the platform reverts to its standard cut of 10%, plus payment processing fees. McKenzie wouldn't say whether any fiction writer had taken a Substack Pro deal yet.

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