Substack cofounder says it's making 'fast progress' on tools for larger publishers, following The Ankler's defection

Substack's Hamish McKenzie is working on tools to keep big publishers happy.

Shedrick Pelt for The Washington Post via Getty Images

Substack wants to keep big media companies from outgrowing its platform.The Ankler, one of Substack's top publications, recently defected, citing the need for more control and flexibility. The Hollywood-focused media company left for Passport, a new platform created by WordPress.com owner Automattic and Stratechery founder Ben Thompson.Other Substack rivals like Beehiiv and Ghost have cropped up, pitching flat fees rather than the commission-based model Substack uses.Speaking to Business Insider on Thursday at Substack's New York media confab, "The Once and Future Media Forum," cofounder Hamish McKenzie said The Ankler wanted to do display advertising, which Substack doesn't offer. He added that the solopreneur-rooted company is developing tools for higher-volume publishers. He pointed to a pilot Substack announced in 2022 with Bari Weiss-led The Free Press to give it a customized brand presence on Substack. Other features Substack developed for The Free Press include a metered paywall and analytics tools.McKenzie said Substack has learned "a hell of a lot" about how to better serve such publications.