FLESH WORLD by Jessica DeFino
Investor Due Diligence Report
by Jessica DeFino
substackCulture
Reporting on the absurd world of beauty culture. / “The newsletter the beauty industry fears.” - the Herald.
134K
11.4K paid
-0.4%
-0.7%
net churn
Pricing
$6/mo
$65/yr annual option
$57K
11.4K paid subs
$57K/mo – $57K/mo(±0%)
6.6
114.6
0.09%
(comments + likes) / subscribers
Weekly
1.4 posts/week
64/100
Consistent (~5.1d avg)
| Newsletter | Subscribers | Weekly Growth | Price | Platform |
|---|---|---|---|---|
| Lexicon Valley | 34K | N/A | Free | substack |
| Weirder Together with Ben Lee & Ione Skye | 32K | N/A | Free | substack |
| Colin Meloy's Machine Shop | 26K | N/A | $6/mo | substack |
| Godmothers | 23K | N/A | $8/mo | substack |
| Month | Subscribers | Est. Revenue | Change |
|---|---|---|---|
| Feb 2026 | 135K | $57,747.94 | — |
| Mar 2026 | 136K | $58,175.7 | ~0% |
| Apr 2026 | 136K | $58,175.7 | ~0% |
| May 2026 | 135K | $57,747.94 | ~0% |
| Jun 2026 | 135K | $57,747.94 | ~0% |
| Jul 2026 | 134K |
Platform Dependency
Hosted on substack subdomain
Publishing Consistency
Variable publishing frequency
Key Person
Single-author publication — key-person dependency
Audience Concentration
Consistent engagement across posts
Subscriber threshold
134K subscribers — above the 1K category median for first paid tier
Has paid tier
Active paid subscription offering
Peer monetization
100% of 50 similar-size peers in Culture have paid tiers
Pricing position
$6/mo vs $5/mo category median (3656 newsletters)
| Date | Monthly | Annual |
|---|---|---|
| Mar 2026 | $6 | $65 |
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.
| Component | Score | Weight |
|---|---|---|
| Engagement Rate | 46/100 | 30% |
| Paid Subscriber Ratio | 100/100 | 25% |
| Growth Consistency | 97/100 | 15% |
| Publishing Consistency | 50/100 | 10% |
| First Floor |
| 23K |
| N/A |
| $5/mo |
| substack |
| $57,320.18 |
| ~0% |
Revenue Model
Active paid subscription tier