What Is Substack and Can You Monetize It? The No-Fluff Guide for 2026
Substack is a newsletter platform where writers publish content directly to subscribers through email. No algorithms deciding who sees your work. No middlemen taking most of your money. You write something, hit publish, and it lands in your readers’ inboxes. Simple as that.
But here is the thing most people miss. Substack has grown into something much bigger than just newsletters. It now supports podcasts, videos, live streaming, and even a Twitter style feature called Notes. The platform hit 5 million paid subscriptions in early 2026, and writers on the platform have collectively earned hundreds of millions of dollars.
But you need to care about because the rules of building an audience online have changed. Let me walk you through exactly how this thing works.
How Substack Actually Works
You sign up, create a publication, and start writing. Your subscribers get your posts delivered straight to their inbox. They can also read everything on your Substack website or through the Substack app.
Here is where it gets interesting. You can keep your newsletter completely free. Or you can charge for it. Or you can do both by keeping some posts free and putting others behind a paywall.
When someone pays for your newsletter, Substack takes a 10% cut. Stripe handles the payment processing and takes another 2.9% plus 30 cents per transaction. The rest goes directly to you. No monthly fees. No complicated pricing tiers based on subscriber count. You only pay when you make money.
I see a lot of confusion around this part. People assume Substack works like Mailchimp or ConvertKit where you pay based on how many subscribers you have. Not the case. You could have 50,000 free subscribers and pay nothing to Substack.
The Substack Features Most People Overlook
Everyone knows about the newsletter part. But Substack has quietly built a whole ecosystem of features that make it different from traditional email platforms.
Substack Notes
Substack Notes launched in April 2023 and works like a calmer version of Twitter. Short posts, reposts they call restacks, and conversations with other writers. The vibe is more literary and less chaotic than X. Many writers say this feature alone drives significant subscriber growth.
Substack Chat
Substack Chat gives you a private group space for your community. Think of it like a group text with your subscribers. Good for QnAs, behind the scenes content, or just building a tighter connection with your readers.
Recommendations
Recommendations might be the most powerful growth tool on the platform. When someone subscribes to a newsletter that recommends yours, Substack asks if they want to subscribe to yours too. Writers report getting 30 to 70 percent of their new subscribers from this feature alone.
Podcasts and video
Podcasts and video work natively on the platform now. You can upload audio episodes or publish videos directly. The platform even launched Substack TV in January 2026 for Apple TV and Google TV.
Look, not every writer needs all these features. But knowing they exist helps you understand why Substack has become more than just an email tool.
Who Should Actually Use This Platform
Let me explain about who this works for and who it does not.
Now for who should probably skip it.
The Money Question Everyone Wants Answered
Okay, let us talk about what you can actually earn on Substack. The top ten creators on the platform collectively bring in over 40 million dollars a year. But that is the very top. Most writers earn significantly less.
Here is a more realistic breakdown:
| Paid Subscribers | Monthly Rate | Your Take Home (After Fees) |
| 100 | $5 | About $405 |
| 500 | $7 | About $2,975 |
| 1,000 | $10 | About $8,410 |
| 5,000 | $10 | About $42,050 |
The math works out to roughly 84 to 86 percent of what subscribers pay ending up in your pocket.
But here is what people get wrong. The conversion rate from free to paid subscribers typically falls between 1 and 5 percent. So if you want 500 paid subscribers, you probably need 10,000 to 50,000 free subscribers first.
Building that free audience takes time. The writers crushing it on Substack either brought an existing audience with them or spent months or years building their list through consistent publishing and community engagement.
Substack vs The Competition
I get asked constantly how Substack compares to other platforms. Here is my honest take.
The big difference with Substack comes down to two things. First, you own your email list completely and can export it anytime. Second, the recommendation network and Notes feature create organic discovery that other platforms cannot match.
Getting Started Without Overcomplicating It
Most guides make starting a Substack seem complicated.
Sign up with your email. Pick a name for your publication and a URL. Add a profile photo and write a short description. You can customize colors and fonts, but honestly the default designs look fine.
Write your first post using the built in editor. Nothing fancy about it. Just text, images, and the ability to embed videos or audio. Hit publish and your post goes live on your website and gets emailed to any subscribers you have.
The $50 custom domain option is nice but completely optional. Same with enabling paid subscriptions right away. Many successful writers spend months building a free audience before turning on payments.
The Stuff Nobody Talks About
Let me share a few things the promotional content leaves out.
Substack takes a hands off approach to content moderation. Some people love this. Others have serious concerns about what kinds of publications the platform hosts. Worth knowing before you commit.
Growing from zero is hard work. The network effects and recommendation features help, but they benefit larger publications more than brand new ones.
Fiction writers have a tougher path than nonfiction writers. The platform was built for journalism and essays. Serialized fiction can work, but the audience for it is smaller.
And finally, 10% of your revenue going to Substack adds up. If you are earning $100,000 a year, that is $10,000 to the platform.
So Is Substack Right for You?
Here is my take after watching this platform evolve over the past few years.
If you want to write regularly, own your audience, and potentially earn money directly from readers, Substack makes a lot of sense. The barrier to entry is low. The tools work well. And the discovery features give new writers a fighting chance. But if you need advanced marketing automation, want to sell products, or prefer having complete control over your tech stack, other options might serve you better.
The writers winning on this platform share one thing in common. They show up consistently with content their readers actually want. No amount of features or optimization matters if you do not have something worth subscribing to.
FAQs
Is Substack free to use?
Yes. Both writers and readers can use Substack for free. The platform only takes money when you charge for subscriptions. Then it is 10% plus Stripe processing fees.
Can you make a living on Substack?
Some writers absolutely do. A few hundred paid subscribers at $5 to $10 per month provides supplemental income. A few thousand can replace a full salary.
What is the difference between Substack and a regular blog?
The main differences are email delivery and built in monetization. Blog posts sit on a website waiting for visitors. Substack posts go directly to subscriber inboxes.
Do you own your email list on Substack?
Yes. You can export your subscriber list anytime and take it to another platform. This is one of the biggest advantages over platforms like Medium where you do not own your audience.
What is Substack Notes?
Notes is a short form posting feature similar to Twitter. Writers use it for quick thoughts, sharing other posts, and discovering new publications. It launched in April 2023 and has become a significant source of subscriber growth.
How much does Substack take from paid subscriptions?
Substack takes 10% of subscription revenue. Stripe adds roughly 2.9% plus 30 cents per transaction for credit card processing. Writers keep about 84 to 86 cents of every dollar subscribers pay.
