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Unsubscribes are not taking into account when counting free signups. So if four people enter their email and two of them unsubscribe, the post activity will count four free signups.

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Also, obligatory shill. The data team at Substack needs your help! If anyone you know wants to help us improve our stats, please let them know that we are hiring - https://jobs.lever.co/substackinc/5abe1230-305d-4f53-8908-5494a6226272

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Thanks for chiming in Sergey! I find that finding a balance between accurate representation of reality from a data perspective and digestible definitions are often at odds with each other. An eternal struggle, especially when it comes to marketing data.

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