What is the Downside of Substack?

Everyone’s talking about making money on Substack, but there are downsides

Karen Cherry

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Image: jcomp on Freepik

Substack is a newsletter publishing platform that provides a way for creators to earn money from their writing. It’s grown in popularity since it launched in 2017 and now has millions of readers and writers.

Writers are making serious money on the platform, with people like Lenny Rachitsky of Lenny’s Newsletter hitting half a million subscribers last year. He charges his paying subscribers $150 per year, so he’s likely generating more than $1 million per year from subscription fees (based on a very conservative paid-to-free subscriber rate of 1.5%).

Individual creators are making more than $1 million per year from weekly newsletters.

My paid newsletter now generates more than $15K per year. That’s not a huge amount, but it provides me with an income stream that is scaleable and work that is flexible. I love it!

In April 2023, Substack’s management team said “There are more than 35 million active…

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Karen Cherry

Substack writer. Secret tree hugger. Aussie business owner with >$17K revenue on Substack. Refusing to dumb it down.