I have mentioned over the years that you have to own your data and that many online platforms are set up for crowd-milking. One of the latest platforms for writers to make-it-rich is Substack, where the top writers may earn six figures. Substack lets writers set up paid subscriptions and takes 10 percent. However, the platform also paid high profile writers in advance to get them to use the platform, and in turn could say how much money writers were making. Annalee Newitz described this scam, ironically, on Substack [as an aside, I think that Newitz is a great writer].
Simon Owens recently discussed the gritty reality of Substack’s middle class. He has turned down full-time writing and editorial jobs and is completely focused on producing content, both free and paid. His observations include:
“you really have to minimize time spent on anything other than content creation”
“You need some sort of financial cushion.” — “I think it’s safe to say that you’ll want to have a minimum of one year’s salary in the bank before even considering making the plunge.”
“While I was constantly experimenting with small tweaks during this time, there was simply no way to collect quantitative data on whether they were actually effective.”
“I do think it’s very much possible for the average person to join this middle class, but it’s important that everyone understands the punishing economics at play.”