Investor Due Diligence Report
by The Bulwark
The Bulwark is home to Sarah Longwell, Tim Miller, Bill Kristol, JVL, Sam Stein, and more. We are the largest pro-democracy bundle on Substack for news and analysis on politics and culture—supported by a community built on good-faith.
994K
90K paid
-4.3%
-7.7%
net churn
Pricing
$12/mo
$100/yr annual option
$764K
90K paid subs
$535K/mo – $993K/mo(±30%)
215.3
526.8
0.07%
(comments + likes) / subscribers
Daily
35.0 posts/week
89/100
Very Consistent (~1.2d avg)
| Newsletter | Subscribers | Weekly Growth | Price | Platform |
|---|---|---|---|---|
| The Good in Us by Mary L. Trump | 384K | +0.3% | $6/mo | substack |
| Lincoln Square | 332K | -0.5% | $10/mo | substack |
| Public Notice | 274K | N/A | $6/mo | substack |
| Welcome to Joy's House! | 210K | +0.2% | $8/mo | substack |
| Month | Subscribers | Est. Revenue | Change |
|---|---|---|---|
| Jan 2026 | 1.1M | $549,999.18 | — |
| Feb 2026 | 1.1M | $553,081.05 | ~0% |
| Mar 2026 | 1.1M | $556,663.83 | ~0% |
| Apr 2026 | 992.5K | $508,737.78 | -8.6% |
Platform Dependency
Operates on custom domain (www.thebulwark.com)
Publishing Consistency
Regular publishing schedule
Key Person
Single-author publication — key-person dependency
Audience Concentration
Hit-driven — top post engagement 3x+ above average
Subscriber threshold
994K subscribers — above the 6K category median for first paid tier
Has paid tier
Active paid subscription offering
Peer monetization
100% of 12 similar-size peers in Politics have paid tiers
Pricing position
$12/mo vs $7.79/mo category average (1166 newsletters)
| Date | Monthly | Annual |
|---|---|---|
| Mar 2026 | $12 | $100 |
| Jan 2026 | $11 | $100 |
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 |
|---|---|---|
| Engagement Rate | 96/100 | 30% |
| Paid Subscriber Ratio | 100/100 | 25% |
| Publishing Consistency | 82/100 | 10% |
| Why It Matters |
| 205K |
| N/A |
| $7/mo |
| substack |
Revenue Model
Active paid subscription tier