Lucid
Investor Due Diligence Report
by Ruth Ben-Ghiat
substackPolitics
A newsletter for big-picture thinking about autocracy and threats to democracy around the world.
Investor Due Diligence Report
by Ruth Ben-Ghiat
A newsletter for big-picture thinking about autocracy and threats to democracy around the world.
209K
17.8K paid
-0.2%
-0.9%
net churn
Pricing
$7/mo
$80/yr annual option
$108K
17.8K paid subs
$108K/mo – $108K/mo(±0%)
17.2
491.8
0.24%
(comments + likes) / subscribers
~3x per week
2.8 posts/week
70/100
Consistent (~2.9d avg)
| Newsletter | Subscribers | Weekly Growth | Price | Platform |
|---|---|---|---|---|
| Pete Buttigieg's Substack | 982K | N/A | Free | substack |
| Brian Tyler Cohen | 593K | -0.2% | $5/mo | substack |
| The Counteroffensive with Tim Mak | 138K | N/A | $8/mo | substack |
| OpenTheBooks | 111K | N/A | Free | substack |
| Month | Subscribers | Est. Revenue | Change |
|---|---|---|---|
| Feb 2026 | 208K | $123,821.88 | — |
| Mar 2026 | 210K | $125,015.52 | ~0% |
| Apr 2026 | 208.5K | $124,120.29 | ~0% |
| May 2026 | 209K | $124,418.7 | ~0% |
| Jun 2026 | 210.5K | $125,307.84 | ~0% |
| Jul 2026 |
Platform Dependency
Hosted on substack subdomain
Publishing Consistency
Regular publishing schedule
Key Person
Single-author publication — key-person dependency
Audience Concentration
Some posts outperform significantly
Subscriber threshold
209K subscribers — above the 7K category median for first paid tier
Has paid tier
Active paid subscription offering
Peer monetization
98% of 52 similar-size peers in Politics have paid tiers
Pricing position
$7/mo vs $6.25/mo category median (681 newsletters)
| Date | Monthly | Annual |
|---|---|---|
| Jul 2026 | $7 | $80 |
| 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.
| Component | Score | Weight |
|---|---|---|
| Engagement Rate | 81/100 | 30% |
| Paid Subscriber Ratio | 100/100 | 25% |
| Growth Consistency | 98/100 | 15% |
| Publishing Consistency | 69/100 | 10% |
| Emily in Your Phone with Emily Amick |
| 73K |
| N/A |
| $7/mo |
| substack |
| 210K |
| $125,015.52 |
| ~0% |
| Aug 2026 | 211K | $125,606.25 | ~0% |
| Sep 2026 | 211K | $125,606.25 | ~0% |
| Oct 2026 | 209K | $124,418.7 | ~0% |
Revenue Model
Active paid subscription tier