Substack, the newsletter subscription platform established by Chris Best in 2017, has gained increasing popularity among writers, scholars, and individuals with strong opinions.
Notable figures such as the venture capital firm Andreessen Horowitz, Ayomide Tayo, the journalist behind The Naija Way, and Emeka Ajene of Afridigest have all chosen Substack as their platform to share insights on a wide range of topics, from pop culture to interviews with emerging banking leaders like Tosin Olurunda of Moniepoint.
In the Western world, Substack has become a central hub for cultural discussions as older social media platforms like YouTube and Twitter lose their dominance. Creators seek new platforms where they can fully own and control their communities without being beholden to social media giants and their rules.
Substack offers an opportunity for thinkers to earn money on their own terms, provided they can attract a subscribing audience or, even better, charge a fee for their ideas. Substack has built-in technology for collecting subscription fees, with the company taking only 10 percent of the earnings, leaving the majority for writers and creators.
Some Substacks, such as Lenny’s Newsletter, a major business-focused publication, report monthly earnings as high as $123,000 by delivering daily posts to over 500,000 email subscribers.
Substack’s rapid rise as a writer’s platform has put it in direct competition with older platforms like Medium, primarily because it provides more diverse avenues for writers to monetize their content.
On Medium, the subscription fee is a fixed $5 per month or $50 per year, with writers having the option to join the Medium Partner Program and earn $15 to $30 for every 1,000 views.
While Medium’s model is appealing, especially for emerging writers in Nigeria, Substack empowers experienced writers and subject-matter experts to potentially earn more due to its flexible pricing and revenue-sharing options. Substack allows writers to determine their content’s price and select from various payment plans.
For example, Afridigest offers monthly and annual plans, along with a Founding Member package priced at $150 per year and a Group package at $84 per person per year.
Read Also: Nigeria’s Q2 2023 Telecom Investment Hits $77 Billion
Keys to Success on Substack
Achieving success on Substack follows a familiar path seen on other creator-driven social platforms—consistency is key. The most lucrative newsletters on the platform are typically those published daily or multiple times a week. This regularity keeps readers engaged and justifies their investment of time and money.
Moreover, successful Substack newsletters are often authored by seasoned experts or authorities in their respective fields. For instance, “Letters from an American,” authored by Heather Cox Richardson, a history professor at Boston College, generates over $400,000 per month from subscriptions.
In Nigeria, Substack creators have explored alternative revenue models. Given the resistance to subscription-based online content consumption in the country, where millennials and Gen Z are accustomed to free news, some have turned to traditional advertising for monetization. For example, Olumuyiwa Olowogboyega’s tech-focused Substack “NotADeepDive” includes sponsored content in multiple editions and offers financial support from subscribers starting at $8 per month.
Conclusion
Another avenue for success on Substack is to carve out niche categories. Rather than providing commentary on a broad range of topics, focusing on specific niches like technology, public policy, or Afrobeat can provide a clearer path to success within a dedicated readership.
Follow techkudi.com for more
