Where to Make More Money — Medium or Substack?
As a writer, one of the biggest challenges is monetizing your craft. Fortunately, many online platforms now offer ways for writers to earn money from their content. Two of the most popular platforms are Medium and Substack. But which platform is better for making money? In this article, we’ll take a detailed look at the pros and cons of each platform and help you decide which is the best fit for your writing.
Medium: Pros and Cons
Medium is a popular blogging platform that allows writers to publish their content to a large audience. The platform also offers a partner program that pays writers based on the engagement their articles receive from Medium subscribers. Here are the pros and cons of using Medium to make money:
Pros:
- Wide audience: Medium has a large user base which means that your content has the potential to reach a broad audience.
- Easy to use: The platform is easy to use, and the editor is intuitive, making it easy to create and publish content.
- Built-in monetization: The partner program offers a way for writers to earn money based on the engagement their articles receive from Medium subscribers.
- Analytics: Medium provides detailed analytics that allows writers to track the performance of their articles and adjust their strategy accordingly.
Cons:
- Earnings can be unpredictable: The payments on Medium can be unpredictable, and the algorithm can frequently change, making it difficult to rely on as a consistent source of income.
- Limited control: While Medium offers an excellent platform for publishing your content, you have little control over the look and feel of your articles.
- Limited customization: Limited customization options mean your articles may stand out less than they would on a platform where you have more control.
Substack: Pros and Cons
Substack is an email newsletter platform that allows writers to create and distribute newsletters directly to their subscribers. Writers can charge subscribers a monthly or annual fee, with Substack taking a 10% cut of the earnings. Here are the pros and cons of using Substack to make money:
Pros:
- Direct relationship with readers: With Substack, you have a direct relationship with your readers, allowing you to build a loyal audience.
- More control: Substack offers more control over your content and your audience. You can customize your newsletter’s look and feel and have complete control over your subscriber list.
- Predictable earnings: The earnings on Substack can be more predictable as you know exactly how many subscribers you have and how much you earn from them each month.
- Easy to use: Like Medium, Substack is easy to use, and the editor is intuitive, making it easy to create and publish content.
Cons:
- Smaller audience: Substack has a smaller user base than Medium, so your content may not reach as broad an audience.
- Limited reach: With Substack, you must work harder to build your subscriber base and promote your newsletter.
- Limited customization: While Substack offers more customization options than Medium, there are still limitations to what you can do with your newsletter.
Examples and Statistics
Both Medium and Substack offer opportunities for writers to earn money from their content. Here are some examples and statistics to give you an idea of what’s possible:
- Medium: One writer reported earning over $11,000 in a single month through the partner program.
- Substack: One writer stated earnings of over $35,000 in a single month from their newsletter.
- The top 1% of Medium writers earn an average of $7,000 monthly from the partner program.
- The top 1% of Substack writers earn an average of $160,000 annually from their newsletter.
Conclusion
In conclusion, both Medium and Substack offer opportunities for writers to earn money from their content, but each platform has pros and cons.
If you’re looking to reach a broad audience with minimal effort and take advantage of built-in monetization, then Medium may be your better choice. However, if you’re willing to work to build a loyal subscriber base and have more control over your content and earnings, Substack may be the better option.
Ultimately the platform you choose will depend on your goals as a writer and your priorities regarding audience reach, control, and earnings predictability.
Regardless of your chosen platform, it’s important to remember that earning money as a writer takes time, effort, and dedication. Therefore, you will need to consistently produce high-quality content that resonates with your audience and continually engage with your readers to build a loyal following.
By understanding the pros and cons of each platform and putting in the work to create great content, you can maximize your earning potential and take your writing career to the next level.
