I’m exploring whether there’s a real market for buying and selling Substack publications.

Substacks increasingly look like small businesses: they have email lists, recurring revenue, retention metrics, and audience trust. But unlike micro-SaaS or content sites, there’s no obvious place to sell one if you’re done running it.

I’m curious:

Would you ever sell a Substack you built but no longer want to operate?

Would you buy one rather than start from zero?

What would make this feel legitimate vs sketchy?

I’m not pitching a finished product yet, just trying to understand whether this is a real asset class or a dead end.

Appreciate any thoughts, especially from people who’ve bought/sold small internet businesses before.