Analysis
Whatnot's Real Take Rate Is About 12.5%, Not the 8% It Advertises
A 2.9% + $0.30 payment fee and a paid-ads layer stack on top of the headline commission, and Whatnot's own $8 billion in 2025 sales backs the math into roughly 12.5%.
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4 storiesMoney
Substack Raised $100M at a $1.1B Valuation on About $45M in Revenue
The $1.1 billion price implies roughly 24 times forward revenue, all of it earned by taking a flat 10% of writer subscriptions — a cut Beehiiv and Ghost are undercutting at the top.
Field Guide
Substack Keeps 10%, but a $5 Sub Loses 20% Before Apple Touches It
A $5/month Substack subscriber nets the writer $4.01 — and an iOS sign-up in year one stacks Apple's 30% on top of that.
Money
OnlyFans paid one owner $497M last year — more than its bottom ~397,000 creators earned combined
OnlyFans markets an 80% creator split, but its audited 2024 filing routed $497M to one owner — about what 397,000 average creator accounts earned all year.