Why Your Substack Can't Afford Your Dinner (And Probably Never Will)

Let’s get one thing straight: If you’re on Substack just for fun, self-improvement, or philanthropy, this post is not for you. Also, if you’re selling courses on “how to grow your Substack” or “how to make money writing,” then congratulations, you’ve already figured out the one way to make money on Substack: Teach other people how to make money on Substack.

But if you’re here because your brilliant, witty, deeply-researched newsletter is still struggling to get paid subscribers, stick around. I’m about to break down exactly why your Substack revenue barely covers your morning coffee, let alone a full dinner.

1. Substack Is the Netflix of Writing, But You’re Selling Individual DVDs

Ever wonder why so many people happily fork over $5/month for Medium Membership but won’t pay $5 for your Substack? It’s simple economics.

For $5 on Medium, readers get access to everything—thousands of articles, endless scrolling, a buffet of content. But on Substack? $5 gets them exactly one writer. Just you.

Now, put yourself in the reader’s shoes. If they subscribe to 10 writers, that’s $50/month just for newsletters. Add in Netflix, Spotify, and that one weird gym membership they never use but swear they'll go back to, and suddenly—your newsletter is on the chopping block.

The reality is: Readers are not spending $50-$100/month on newsletters. They’d rather have access to a platform with a variety of voices than commit to just one writer.

Unless you're a celebrity, an industry insider, or an absolute must-read, most people are not going to spend their hard-earned cash on a single Substack subscription.

2. Your Audience Is (Mostly) Other Writers

Look around Substack. Who are your subscribers? Who are the people liking, commenting, and sharing your posts?

That’s right—other writers.

The problem? Writers are some of the worst people to sell paid content to because:

1. They’re already drowning in newsletters.

2. Their income is (probably) shrinking, thanks to AI, layoffs, and the general decline of the written word’s value.

3. Most of them aren’t here to spend money—they’re here to grow their own audience.

If your audience is 90% writers and 10% actual readers, then guess what? Your paid subscription model is competing against their own writing dreams.

If you must sell to writers, you need to offer insane value—something so unique, niche, and useful that they can’t resist. Otherwise, they’ll just stick to free content (including yours).

3. Reader Loyalty Is a Myth—People Get Bored Fast

Writers like to believe that if they just keep showing up, writing great content, and engaging with their audience, their readers will stick around forever and eventually subscribe.

Wrong.

Readers are like goldfish with commitment issues.

One month, they’re obsessed with your newsletter. Next month, they’ve moved on to someone else. People crave novelty. It’s human nature.

The only exception? If your newsletter is directly helping them make money (see: investment tips, freelancing hacks, “how to grow your Substack” courses). That’s why those newsletters tend to do well—because people will always pay for things that promise more money.

If your content is more about thoughtful essays, personal reflections, or general knowledge, you have to constantly fight for attention—and even then, people might still unsubscribe the second their interests shift.

4. Your Biggest Enemy? The Substack Email Avalanche

One of the biggest challenges on Substack isn’t getting subscribers—it’s keeping their inbox from looking like a spam folder.

I thought subscribing to five or six writers was harmless—just a little morning inspiration, right? Well, fast forward 24 hours, and my inbox looks like it’s been carpet-bombed by a typewriter. 17 unread emails, all screaming for attention.

Think about it.

A new reader excitedly subscribes to a few newsletters. The next morning? Hundreds of unread emails.

Guess what happens next?

They either:

1. Ignore everything (except for their boss’s emails, because capitalism).

2. Mass unsubscribe (including from yours).

3. Stop opening emails altogether.

It’s not personal—it’s email fatigue. Substack is designed to flood inboxes, and most people aren’t cut out for that level of digital chaos. If they don’t absolutely love your newsletter, they’ll stop reading—and an unread newsletter is just one step away from an unsubscribed one.

5. Substack Is a Cult—And That’s a Problem

Let’s be real: Substack is not a mass-market platform.

It’s a writer’s platform made for writers, by writers, and mostly read by writers.

It’s like a secret club where everyone is either:

• Writing a newsletter

• Thinking about writing a newsletter

• Subscribing to other newsletters to figure out how to write a newsletter

This creates a bubble where everyone assumes that:

• Substack is the future of independent media

• Everyone is making money

• Paid newsletters are a sustainable business model

  

The reality? Most newsletters aren’t making real money.

Sure, a few top writers are killing it, but they either:

1. Already had an audience before Substack.

2. Are industry experts with a niche following.

3. Write about money-making topics.

For the rest of us? It’s a grind.

6. Substack’s Discovery System Is... Nonexistent

Think about how people find new content on YouTube.

• They search for a topic.

• The algorithm recommends similar content.

• A video goes viral, and suddenly everyone’s watching it.

Now think about how people find new newsletters on Substack.

...They don’t.

• Substack’s search bar is useless. It doesn’t index individual posts.

• Google doesn’t surface Substack posts like it does Medium articles.

• There’s no algorithmic discovery—if you’re not already famous, you’re invisible.

This means if you don’t have an existing audience, you are relying entirely on:

• Other Substack writers shouting you out.

• Social media (which has its own algorithm problems).

• Luck.

Substack is great if you already have a fanbase. If you don’t? You’re shouting into the void.

Final Thought: Substack Is a Tool, Not a Golden Ticket

Substack is great for independent writing. It’s terrible as a get-rich-quick scheme.

So if your Substack isn’t paying for dinner yet, don’t take it personally. It’s not you—it’s the system.

But hey, if you figure out a way to make it work, feel free to write a paid newsletter about it. That’s the one thing people will actually pay for.

Let’s Talk – Because Talking Is Free (Unlike Your Newsletter)

• Are you currently charging for your Substack? If so, how’s it going?

• What’s been your biggest struggle in getting paid subscribers?

• Have you ever almost subscribed to a paid newsletter but didn’t? What stopped you?

• Do you think Substack will ever change its discovery system?

• Be honest—how many unread Substack emails are sitting in your inbox right now?

Drop your thoughts in the comments—I promise I’ll read them (unlike that newsletter you subscribed to six months ago and forgot about).

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