My prediction: bundling. Most of the good content (excluding self-hosted) is now arguably on Substack, but the subscription model is still one-to-one and doesn’t allow them to take advantage of the network effects. There’s a limited number of subscriptions I’m willing to pay for. Bundling economics, if done right, could extract a higher monthly fee from me into the platform. After all, the marginal cost of providing content to me is negligible, so anything I’d be willing to pay for but not enough for to justify another subscription is money left on the table.

Or they could win some folks because of ... Twitter.