First Floor
Investor Due Diligence Report
by Shawn Reynaldo
substackCulture
A newsletter about electronic music and the culture / industry that surrounds it.
23K
2.3K paid
~0%
Subscriber count is a platform estimate
Pricing
$5/mo
$50/yr annual option
$9K
2.3K paid subs
$9K/mo – $9K/mo(±0%)
Previously Weekly
1.1 posts/week
45/100
Variable (~6.4d avg)
| Newsletter | Subscribers | Weekly Growth | Price | Platform |
|---|---|---|---|---|
| The Culturist | 370K | N/A | $7.99/mo | substack |
| Story Club with George Saunders | 329K | -0.2% | $6/mo | substack |
| The Audacity. | 183K | +0.7% | $7/mo | substack |
| In the Writing Burrow | 175K | +0.7% | $6/mo | substack |
| Month | Subscribers | Est. Revenue | Change |
|---|---|---|---|
| Feb 2026 | 22K | $8,745 | — |
| Mar 2026 | 22K | $8,745 | ~0% |
| Apr 2026 | 23K | $9,142.5 | +4.5% |
Platform Dependency
Hosted on substack subdomain
Publishing Consistency
Variable publishing frequency
Key Person
Single-author publication — key-person dependency
Revenue Model
Active paid subscription tier
Subscriber threshold
23K subscribers — above the 1K category median for first paid tier
Has paid tier
Active paid subscription offering
Peer monetization
100% of 260 similar-size peers in Culture have paid tiers
Pricing position
$5/mo vs $5/mo category median (3654 newsletters)
| Date | Monthly | Annual |
|---|---|---|
| Mar 2026 | $5 | $50 |
Disclaimer: This report is generated automatically based on publicly available data and proprietary estimation models. Estimated subscriber counts are derived from engagement patterns and should be verified through direct disclosure. Revenue estimates are based on known pricing and estimated paid subscriber counts. This report is for informational purposes only and should not be the sole basis for investment decisions.
Score based on available components only.
| Component | Score | Weight |
|---|---|---|
| Paid Subscriber Ratio | 90/100 | 25% |
| W. Kamau Bell asks, "Who's With Me?" |
| 145K |
| +3.7% |
| $5/mo |
| substack |