Substack Vs. Medium: Which Platform Pays Writers More?

So, you're a writer looking to make some serious cash online, huh? You've probably heard the buzz about Substack and Medium, two platforms that promise to help you monetize your writing. But which one is actually better for your bank account? Let's dive deep into the world of Substack versus Medium monetization and figure out which platform reigns supreme for writers like you.

Understanding the Basics

Before we get into the nitty-gritty of how much you can earn, let's quickly break down what these platforms are all about.

• Substack: Think of Substack as your own personal newsletter empire. You publish directly to your subscribers, and you have complete control over your content and branding. The catch? You're responsible for building your audience and convincing them to pay for your work. It's like running your own online magazine, which can be both empowering and daunting.
• Medium: Medium, on the other hand, is more like a blogging platform with a built-in audience. You publish your articles on Medium's website, and they handle the distribution. You can earn money through the Medium Partner Program based on how much engagement your stories get. It's great for getting your work seen, but you're playing by Medium's rules.

Monetization Models: How the Money Flows

Okay, let's get to the juicy part: how you actually make money on these platforms.

Substack: Subscription-Based Revenue

With Substack, the monetization model is pretty straightforward: subscriptions. You offer your readers a free newsletter, and then you entice them to become paying subscribers for exclusive content. This could include in-depth articles, bonus insights, or access to a private community. You set your own subscription price, and Substack takes a 10% cut of your revenue. Stripe, the payment processor, also takes a small fee.

Here's where it gets interesting: your income potential is directly tied to how well you can build and maintain your subscriber base. If you have a loyal following who are willing to pay for your content, you can make a very comfortable living on Substack. Think of it as building a direct relationship with your readers – the more value you provide, the more they're willing to support you.

Building a successful Substack requires a ton of effort in marketing and promotion. You need to actively promote your newsletter on social media, engage with your audience, and consistently deliver high-quality content that keeps them coming back for more. It's not a passive income stream – it's a business that requires your constant attention.

Medium: The Partner Program and Engagement

Medium's monetization model revolves around its Partner Program. When you publish a story on Medium, you can choose to enroll it in the Partner Program, which means you'll get paid based on member engagement. Medium calculates engagement based on factors like reading time, claps, and follows.

The more Medium members spend time reading your stories, the more money you earn. Medium doesn't disclose the exact formula, but it's safe to say that high-quality, engaging content is key to success. You need to write articles that people actually want to read and that keep them hooked from beginning to end.

The beauty of Medium is that you can tap into its existing audience. You don't have to start from scratch building a following – you can leverage Medium's reach to get your work seen by thousands of readers. However, you're also at the mercy of Medium's algorithm and editorial decisions. Your earnings can fluctuate depending on how well your stories perform and how much Medium promotes them.

Earning Potential: Show Me the Money!

Alright, let's talk about the numbers. How much can you realistically earn on Substack versus Medium?

Substack: Building a Sustainable Income

Substack's earning potential is highly variable and depends on a number of factors, including your niche, the quality of your content, and your marketing efforts. Some Substack writers are making six figures a year, while others are barely covering their expenses. It all comes down to how well you can build and monetize your subscriber base.

To give you a rough idea, let's say you have 1,000 paying subscribers at a price of $5 per month. That would generate $5,000 in monthly revenue. After Substack's 10% cut and Stripe's fees, you'd be left with around $4,250. Not bad, right? But remember, you need to attract and retain those subscribers, which takes time and effort.

The key to success on Substack is consistency and quality. You need to consistently publish high-quality content that your subscribers find valuable. You also need to actively engage with your audience and build a strong community around your newsletter. If you can do that, you can build a sustainable income stream that grows over time.

Medium: Riding the Engagement Wave

Medium's earning potential is also variable, but it's generally lower than Substack's. While some writers are making thousands of dollars a month on Medium, the vast majority are earning far less. It's not uncommon for writers to earn just a few dollars per story, especially when they're starting out.

Your earnings on Medium depend on factors like the length of your stories, the number of claps and comments they receive, and the reading time of Medium members. Longer, more engaging stories tend to perform better, but there's no guarantee of success. You're also competing against thousands of other writers on the platform, which makes it harder to stand out.

The advantage of Medium is that you can start earning money right away. You don't need to build a subscriber base or worry about marketing. You can simply publish your stories and let Medium's algorithm do the work. However, you're also at the mercy of Medium's rules and policies, which can change at any time.

Pros and Cons: Weighing Your Options

So, which platform is right for you? Let's weigh the pros and cons of Substack versus Medium.

Substack

Pros:

• Higher earning potential: If you can build a loyal subscriber base, you can earn a substantial income on Substack.
• Complete control: You have complete control over your content, branding, and pricing.
• Direct relationship with your audience: You can build a strong community around your newsletter.

Cons:

• Requires more effort: You're responsible for building your audience and marketing your newsletter.
• Slower to monetize: It takes time to build a subscriber base and start earning money.
• More risk: Your income is directly tied to your ability to attract and retain subscribers.

Medium

Pros:

• Easier to get started: You can start earning money right away without building a subscriber base.
• Built-in audience: You can tap into Medium's existing audience to get your work seen.
• Less marketing required: Medium handles the distribution of your stories.

Cons:

• Lower earning potential: Your earnings are generally lower than on Substack.
• Less control: You're subject to Medium's rules and policies.
• Algorithm dependent: Your earnings can fluctuate depending on how well your stories perform in Medium's algorithm.

Which Platform Should You Choose?

Ultimately, the best platform for you depends on your goals, your writing style, and your willingness to put in the effort. If you're looking to build a sustainable, high-income business and you're willing to invest the time and effort into building a subscriber base, Substack may be the better choice. If you're looking for an easy way to start earning money and you're comfortable with less control, Medium may be a better fit.

Consider your strengths and weaknesses as a writer and entrepreneur. Are you good at marketing and building relationships? Do you have a niche that you can dominate? Are you comfortable with the uncertainty of building a business from scratch? Your answers to these questions will help you decide which platform is right for you.

Final Thoughts: The Future of Writing Online

The world of online writing is constantly evolving, and platforms like Substack and Medium are changing the way writers make money. Whether you choose Substack, Medium, or both, the key to success is to focus on creating high-quality content that resonates with your audience. Provide value, build relationships, and be consistent in your efforts. If you do that, you'll be well on your way to building a successful writing career online.

So, what are you waiting for? Get out there and start writing! Your audience is waiting to hear from you.