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What is Substack?
Substack is an online platform that allows writers and creators to publish paid newsletters directly to their audience. It was founded in 2017 by Chris Best, Hamish McKenzie, and Jairaj Sethi with the aim of making it simple for writers to start a subscription-based publication. The platform provides tools for publishing, payment, analytics, and design, enabling writers to focus on their content while Substack handles the business and technical aspects.
Substack operates on a freemium model, where it's free to use the platform, but they take a 10% commission on subscription revenues. This model has attracted a wide range of writers, from independent journalists to well-known authors. Substack has been credited with reviving the newsletter format and providing a new revenue stream for writers and journalists.
How much does Substack cost?
Substack offers a free version for its users, but it also has a paid version. The cost of the paid version depends on the pricing set by each individual writer. Writers on Substack have the freedom to set their own subscription prices for their newsletters. The price can range from $5 to $50 per month, or $30 to $500 per year.
Substack takes a 10% fee from the subscription revenue generated by the writers. For example, if a writer charges $10 for a monthly subscription, Substack will take $1 and the writer will receive $9. Additionally, there is a 2.9% + 30¢ payment processing fee per transaction that goes to Stripe, the platform's payment processor.
What is the value of using Substack for my business?
Substack can be highly valuable for your business as it provides a platform for you to directly connect with your audience through newsletters. It allows you to create, distribute, and monetize email newsletters, which can be an effective way to share updates, insights, and thought leadership content. This can help you build a loyal community around your brand, foster customer relationships, and establish your business as an authority in your industry.
Moreover, Substack offers a monetization feature, enabling you to charge for subscriptions. This can open up a new revenue stream for your business. It also provides analytics tools to track your newsletter's performance, helping you understand your audience better and refine your content strategy. Overall, Substack can be a powerful tool for content marketing, audience engagement, and revenue generation.
Is Substack worth the investment?
Whether Substack is worth the investment or not depends on various factors. If you are a writer or content creator looking for a platform to monetize your work, Substack can be a great option. It allows you to create a subscription-based newsletter where you can charge your readers a monthly fee. This can be a lucrative investment if you have a large and dedicated audience willing to pay for your content.
However, it's important to note that Substack takes a 10% cut of your earnings, and you also have to consider payment processing fees. Additionally, building a large subscriber base can be challenging and time-consuming. Therefore, while Substack can be a good investment for some, it may not be the best option for everyone. It's crucial to consider your specific circumstances, audience, and content before deciding to invest in this platform.