Conspiracy theorists, banned on major social networks, connect with audiences on newsletters and podcasts

This type of content is “so bad no one else will host it,” said Imran Ahmed, CEO of the Center for Countering Digital Hate, a nonprofit that focuses on combating misinformation and has researched Substack. By splitting subscription profits with creators, the group estimates, Substack generates at least $2.5 million a year in revenue from just five anti-vaccine leaders who have amassed tens of thousands of subscribers, each paying $50 a year.