The last time I saw a jumble of numbers like this was five minutes ago when I stopped doing my 9 - 5 to break for Pokemon time! Anywho...to suppose that Substack is in the business of “meaningful revenue” or “total financial security” for us the users is like assuming it's their job to bring me money and if they don't? Well...can I sue for false advertising? Not likely.
I've heard a lot of arguments for Substack to be more transparent and do more to help the writer. I honestly can't see anything more than can do for me than what I should be doing for myself. It's not their job to attract readers to my newsletter. At the end of the day the investors care more about how many users they have using the platform than how many readers each user has acquired. Which is why the majority of their site is centered around 2 things:
1. Sign-up to create a newsletter.
2. Turn on the paid subscription feature.
I loved hearing the news of how many paid subscribers they have but honestly, even if they were to give me the finite details down to opening up everyone's accounting to show me just how much Billy Joe over there was making on his newsletter and how I will NEVER make that much even if I had my newsletter for 10 years, that would no make me stop or second guess my decision.
I'm sure for many, it might. It will help them not waste any more of their valuable time. But for the majority, I'm willing to bet they don't care to know the transparent details and mostly it's because those of us who have newsletters do it 99.9% of the time because we enjoy it and not because we are banking on it giving us financial security. But I can only speak for myself on that point...
We must do the essential work. We can't sue if Substack doesn't help.
But Substack is trying to sell a dream to writers. They're trying to profit from this dream. They may believe in it. But there's a disconnect between the dream and reality.
It occurs to me, as I write this, that Substack's main audience are the 144 and the next 430, and those like them. They bring in the revenue. Substack wants to sell the dream to them too. Top publishers can feel good to be a part of a new movement for prosperity for thousands or millions of writers. They should be informed of the disconnect. (Maybe they have the power to encourage Substack to make the dream more real.)
Even some writers with free publications who don't want paid subscriptions – or with paid publications who don't care whether they make much money – might feel good about being part of this movement. Likewise, they deserve to know the real situation.
I'm not sure whether I've fully responded to your thoughtful comment. I'd be happy to say more. (I have to run now to do some errands...)
Believe it or not, there were *even more numbers* in some drafts of this post. 😱
Without numbers, people might say there isn't enough evidence of problems. With numbers. people might say, "Ack! Too many numbers!" and run in the other direction. 😉
By the way, do you play Pokémon Go or another Pokémon game? I'm a Level 33 trainer on Pokémon Go, which is just sad compared to my friend the Level 40 trainer.
Loved this. Lots (hundreds, thousands, millions) to ponder. What I’m on the verge of deciding is Substack could provide a path, but it’s not going to bump off the New Yorker anytime soon. It is fun to work on, it keeps you on schedule and focused, but a lot of the time it feels like you’ve killed yourself and Twitter congratulates you because 25 people saw your post. They really need to knuckle down on knowing more about their content and how to promote it. Dental insurance is great but someone or some wing getting content exposure seems like a natural for them.
What I dislike is people coming on and defending Substack: as in "it's not their business to do more... oh phooey duey. It should be partly their job. Why? Because they are skimming money from all of us hopefuls month after month. They're sitting on a pillow of riches. Only the already known writers are making any money.
Scott, this is the 'oldest' dream in the field of publishing.
It used to be called 'vanity press' (now it's called Amazon and to some extent Substack).
Regardless of the name or platform, it all comes from the equation: Most writers are mediocre but they have the dream of being published/famous. Do the math. Study the dream machinery. Everything ancient is new again.
I’ve never had mine in the hope of a big following and certainly not to attempt some kind of bs monetization. I publish fiction on here. That, you have to give away. BUT! This article was very interesting to see the likely figures of the bigger accounts.
The last time I saw a jumble of numbers like this was five minutes ago when I stopped doing my 9 - 5 to break for Pokemon time! Anywho...to suppose that Substack is in the business of “meaningful revenue” or “total financial security” for us the users is like assuming it's their job to bring me money and if they don't? Well...can I sue for false advertising? Not likely.
I've heard a lot of arguments for Substack to be more transparent and do more to help the writer. I honestly can't see anything more than can do for me than what I should be doing for myself. It's not their job to attract readers to my newsletter. At the end of the day the investors care more about how many users they have using the platform than how many readers each user has acquired. Which is why the majority of their site is centered around 2 things:
1. Sign-up to create a newsletter.
2. Turn on the paid subscription feature.
I loved hearing the news of how many paid subscribers they have but honestly, even if they were to give me the finite details down to opening up everyone's accounting to show me just how much Billy Joe over there was making on his newsletter and how I will NEVER make that much even if I had my newsletter for 10 years, that would no make me stop or second guess my decision.
I'm sure for many, it might. It will help them not waste any more of their valuable time. But for the majority, I'm willing to bet they don't care to know the transparent details and mostly it's because those of us who have newsletters do it 99.9% of the time because we enjoy it and not because we are banking on it giving us financial security. But I can only speak for myself on that point...
We must do the essential work. We can't sue if Substack doesn't help.
But Substack is trying to sell a dream to writers. They're trying to profit from this dream. They may believe in it. But there's a disconnect between the dream and reality.
It occurs to me, as I write this, that Substack's main audience are the 144 and the next 430, and those like them. They bring in the revenue. Substack wants to sell the dream to them too. Top publishers can feel good to be a part of a new movement for prosperity for thousands or millions of writers. They should be informed of the disconnect. (Maybe they have the power to encourage Substack to make the dream more real.)
Even some writers with free publications who don't want paid subscriptions – or with paid publications who don't care whether they make much money – might feel good about being part of this movement. Likewise, they deserve to know the real situation.
I'm not sure whether I've fully responded to your thoughtful comment. I'd be happy to say more. (I have to run now to do some errands...)
Believe it or not, there were *even more numbers* in some drafts of this post. 😱
Without numbers, people might say there isn't enough evidence of problems. With numbers. people might say, "Ack! Too many numbers!" and run in the other direction. 😉
By the way, do you play Pokémon Go or another Pokémon game? I'm a Level 33 trainer on Pokémon Go, which is just sad compared to my friend the Level 40 trainer.
I’m playing the new Pokémon that released on Friday. I picked it up Saturday, 9hrs in, 2 badges down. I’m playing the Shining Pearl version.
Loved this. Lots (hundreds, thousands, millions) to ponder. What I’m on the verge of deciding is Substack could provide a path, but it’s not going to bump off the New Yorker anytime soon. It is fun to work on, it keeps you on schedule and focused, but a lot of the time it feels like you’ve killed yourself and Twitter congratulates you because 25 people saw your post. They really need to knuckle down on knowing more about their content and how to promote it. Dental insurance is great but someone or some wing getting content exposure seems like a natural for them.
More numbers that was fun!
What I dislike is people coming on and defending Substack: as in "it's not their business to do more... oh phooey duey. It should be partly their job. Why? Because they are skimming money from all of us hopefuls month after month. They're sitting on a pillow of riches. Only the already known writers are making any money.
Scott, this is the 'oldest' dream in the field of publishing.
It used to be called 'vanity press' (now it's called Amazon and to some extent Substack).
Regardless of the name or platform, it all comes from the equation: Most writers are mediocre but they have the dream of being published/famous. Do the math. Study the dream machinery. Everything ancient is new again.
I’ve never had mine in the hope of a big following and certainly not to attempt some kind of bs monetization. I publish fiction on here. That, you have to give away. BUT! This article was very interesting to see the likely figures of the bigger accounts.