Substack - Going paid guide (2024)

FAQs

What is the downside of Substack? ›

Cons of Substack

If you decide to monetize your Substack, they take a 10% cut PLUS Stripe takes an additional 3% - so 13% of your earnings will automatically be taken out. This can become more than what you would pay for most monthly newsletter subscription services.

We tend to see 5-10% of free subscribers convert to paying subscriptions, with 10% being a rate to aim for.

The highest earning email newsletter on Substack was "Letters from an American", with implied minimum earnings of five million U.S. dollars in overall subscriber revenue.

Originally, I thought I'd wait until I had 1,000 subscribers, but Kristina God mentioned in her Newsletter that Substack recommends that you go paid right away. That makes sense because that's how Substack generates revenue. It also means that once you're paid, Substack does more to promote you. Ah-ha!

One alternative to Substack is Ghost, an open-source blogging platform. Ghost is similar to Substack in that it allows users to create and publish content, but it includes additional features that Substack is missing that might make it an appealing option for more established independent bloggers or small publications.

Substack has more than 20 million monthly active subscribers. Substack hit 2 million paid subscriptions. More than 17,000 writers get paid on Substack. The top 10 authors on Substack collectively make $25 million per year.

With millions of paid subscriptions, the most successful Substack writers are earning hundreds of thousands per year while growing their audiences faster than ever before.

Substack's terms clearly state that you, as the creator, retain all ownership rights to the content you publish on their platform. Substack also protects the rights of its other users with a 'Don't Infringe' clause. The clause says, “Your Posts should not violate someone else's (including Substack's) rights.”

Post on Twitter (or Facebook, Instagram, LinkedIn, etc) about starting a newsletter and ask your followers to subscribe. Pin a tweet about it to the top of your Twitter feed. Tell them what it's about and why you think they'd like it. As you publish new posts, keep sharing your excerpts and insights.

How often should you post on Substack? ›

Although our data team recommends posting once a week, the format and timing can be unique to your audience. Format: The format type doesn't matter as much as consistency does. Your weekly post doesn't have to be a lengthy essay; it could be a short post, link roundup, or voice note.

Open rate is hovering around 30%, which is fine for newsletters generally, though I'm aware if lower than many Substacks. This is probably in part due to the 50/50 nature of Write More: some people will only want the fiction, some people will only want the writing stuff.

Is Substack free? Substack itself is free to use for writers and creators. They can sign up, create newsletters, and distribute content without initial expenses. If they opt for paid subscriptions on Substack, the platform takes a cut of 10% of the paid subscription revenue.

The cost of subscribing to a premium Substack newsletter averages about $5 a month, though some subscriptions can reach up to $50. Additionally, Substack provides an option for fans to become a Founding Member, offering them a way to contribute additional funds in support of their favorite creators, akin to donating.

Please follow the below steps to cancel your subscription. Click on the below linkhttps://www.substack.com/settingsUnder Subscriptions, click on the subscription you want to cancel. Scroll to the Account Actions section. Click on the link next to "To cancel your paid subscription, click here."Thank you so much.