Ideally, a question like this has data that you can access-hard numbers and facts. Are Black content creators earning as much as others on Substack? In this case, I feel like finding the answer to this question will have to be approached a little differently. Recently read a post from a Black Substack creator talking about the gap in earnings between Black and other creators on the platform.
I actually think there are a couple of broader questions that we should be reflecting on as it relates to Black creators on third party platforms. I’m a bit cynical about third party platforms and the what creators of any color should expect from them. Today, I had some time to share my thoughts about leveraging opportunities on platforms such as Substack, list building as a business strategy and not relying on paid subscribers in order to get paid.
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Creators Getting Paid
Helping Black, Brown and Allied Content Creators who’re creating spaces, services and communities that otherwise wouldn’t exist strategize how to earn money with their work. This is done through sharing case studies, conversations and tools developed by other creators who are earning money serving similar communities.
Start using the Creators Getting Paid resource today to build a better brand. Head to creatorsgettingpaid.com/newsletter to start learning from successful content creators how to better monetize your brand. I also go deeper in depth about paywalling your Substack in this week’s newsletter.
Does Substack Actually Convert
I have paying subscribers on Substack. HOWEVER, I feel like the platform way underconverts from free to paying subscribers based on my personal experience.
Why?
Primarily because of who uses the platform.
- Creatives who are building creative projects on the platform. They might not be interested in consuming as a paid subscriber other people’s content. Because they’re busy working on their own stuff.
- Money mindset related issues specific to the creative community. I feel like it can be challenging to get creatives to believe that THEY should be paid and it can be challenging to get them to pay for content as well-even when they believe and love the work that other people are doing. I notice this money mindset issue daily in the form on the platform in people expressing a strong dislike of other people marketing their work. How in the hell do you think people can get paid for their work if they don’t market?
- In asking the question “Does Substack Convert” I recognize that there’s a lack of clarity around the percentage of users who convert from free to paid on Substack and similar newsletters. I’ve researched this question several times and you’ll find the answer on Google AI insights as well (anectdotal)
- Conversions from free to paid is typically around 5-10%
- On Substack, for some reason, it feels like the percentage is lower. Google AI insights is showing 1%-5% and that has been my personal experience.
While I do think Substack way under converts from free to paid via paywall content. I DO think there’s a huge opportunity to earn money with other monetization methods: Affiliate marketing, coaching, consulting work, brand collaborations or sponsorships, paid speaking, etc.
The Anecdotal Evidence
I have one friend who is in the top 100 for the business category. Danielle Desir Corbett of Grants for Creators. I love this project and resource and I am also a paying subscriber. I also found out about the AirMedia New Voices Fellowship from Grants for Creators and was chosen to be one-they also gave us a small stipend of $1,000 and a set of sexy Airpods Max headphones. Those are almost $600 headphones. Anyway, Danielle is #44 on the list for best sellers and I made sure to tell her. Yes, she is a Black woman. I decided to go through the best sellers lists for different topics and I had a very hard time finding Black people on the lists. That doesn’t mean that one of the faceless badges isn’t being run by a Black creative.
What are my takeaways from what I’ve observed and personally experienced?
- Don’t get too attached to any third party platform. I think this attachment clouds our judgement.
- Focus on growing your subscribers from OFF the Substack platform. My best performing year financially with my newsletter was the first 12 months and I believe that’s because I had a number of folks who subscribed from off the platform. What do I mean by this?
- Subscribing from a podcast direct to the newsletter.
- People who’ve met me at in-person events such as conferences, meetups, etc.
- Guest interviews on other people’s platforms
- Online summits
- Be a little cynical about the Substack platform-That cynicism will help you make decisions with clarity vs. emotion.
- What is your monetization strategy and are you selling enough? I’m not talking about hard sales. I’m talking about having clarity around newsletter design, what your “ask” is and why you’re focused on growing income through your newsletter.
- Don’t focus on solely earning income via paid subscribers-You’ll be leaving A LOT of money on the table.
Are Subscribers Willing to Pay Black Creators
I absolutely believe that subscribers are willing to pay for the content that Black creators are sharing on Substack. I also believe that there’s a subconscious bias that impacts how people decide what would be considered enough value to justify the spend on a newsletter. I’ve often talked about the fact that I buy several cups of bougie coffee a week. It’s a mindless decision. Many newsletters cost the same amount as my bougie coffee-I’m not jumping through hoops before I say “yes” to become a paid subscriber. Likewise, I wish people would stop making Black creators jump through hoops to in order to earn your $5-$10 a month for a subscription. Which is what most people seem to be charging for their newsletter.
Let’s Talk About Value
Perception of value really is at the heart of this conversation. Do we believe these creators are providing the amount of value that we feel matches the amount of money that they’re asking from supporters to contribute monthly or annually? Basically, what is the value proposition for behind the paywall content if that’s something that you’re offering?
- Are we being entertained by a fictional story that they are writing?
- Have they brought the reader into a uniquely curated experience that they otherwise wouldn’t have?
- Sharing unique stories the audience never knew
- Curating opportunities for your community. This is what Grants for Creators is doing.
- Designing a portfolio of beautiful art that you otherwise wouldn’t experience if this artist didn’t share it.
- Is the newsletter founder sharing a unique take, perspective or resources with their audience?
The idea of value is relative, it’s just frustrating that I notice how many hoops a lot of us are made to jump through. I would challenge you to take a chance on a favorite creator-especially if they’ve been working on a brand for awhile. If you’re out of $5, $10, $20 for one month of supporting them-it’s an incredibly small financial risk to take. Especially if their brand is focused on helping you reach your goals faster. Here are some examples of things that people purchase for $5-$10:
- Bougie coffee
- Movie on Tuesday nights
- Happy hour treat
- A Thrift store treat
What is your personal litmus test that creators went through in order for you to say yes to paying them? Do you think it’s fair?
Creators-Here’s How to Communicate the Value Of Paid Content
This is a constantly evolving process as a creator works on designing and building their brand. Communicating value of my work has been one of the most challenging aspects of monetizing my Creators Getting Paid newsletter. How do you get better at it?
- Curate community member testimonials-Pay attention to what they point out is a a benefit to using your resources, being in community with you or paying for a product that. you’ve built.
- Audio
- Visual
- Video-these are the best
- Speak with the people you serve-Pay attention to how they communicate the perceived the value of the product/good or service you’ve provided to them.
- Were they entertained?
- Did they reach their ideal outcome based on a product you sold them?
- Did they experience a new and cool creative experience because of you?
Have you sat down and worked out what you believe the value is for what you’re selling? If you haven’t, do that sometime this week.
Here’s the Thing
I’m Cynical
In a world where Black content creators consistently stay underpaid on EVERY platform-it wouldn’t surprise me if that was the case with newsletter platforms too. However, I would say that there’s still a huge opportunity to leverage platforms such as Substack, Ghost or Beehiiv to grow our lists. The money is in the list and the more we grow them and learn how to optimize strategy to ethically monetize them-the more we will shift our dependence on the platforms we’re using.
I decided to go through several of the best seller lists for different niches to see if I saw anyone that looked like me or a family member on the list. I did! But, not as many people as I would like.
Best Sellers
Here are few best sellers from across the Diaspora that I found on Substack. I was especially intrigued by the number of folks showing up on the Culture feed.
- Malcolm Nance-U.S. Politics #58
- Joy-Ann Reid-U.S. Politics #70
- Aminatou Sow-Culture #6
- Ayana Gabrielle Lage-Culture #18
- Frederick Joseph-Culture #27
- Marian Teniade-Culture #73
- Jeffry Mead-Culture #74
- Chloe Valdary-Culture #78
- The Qube App-Culture #85
- Jocelyn-The RoundUp by Blk Events LA #95
- Simon Auscher-Food & Drink #82
- Christian Robinson-Art and Illustration #96
Why I Continue to Use Substack
Despite the problems that I brought up in this episode. I do think that there’s still a huge opportunity to leverage the platform because it’s in the early stages of growth. I’ve truly loved the creativity, long-form content and all of the written works on the platform. There is still time to design something unique and become known for “the thing” and amplify your brand and voice on and beyond the platform.
The Biggest Mistake We’re Making
Is forgetting that Substack should be a part of your brand eco-system. Versus being solely your brand eco-system. I’ve purposely kept my podcast feed off the platform, have a website and focus on marketing with creatives both on and off the platform. As much as I love the opportunities creators on Substack can be a part of, cultivate and nurture-I believe that my work on the platform should compliment the work that I’m doing elsewhere. Don’t get side-tracked. Do you have a YouTube channel? A podcast? A Zine that you’ve printed out? Are you hosting in-person events in your town and elsewhere in the world? Are you applying for fellowships, showing your art work on Zoom art shows? Are you leaning into your creativity on the Substack platform and beyond?
I’m just shy of 3,000 subscribers on Substack. The majority are free subscribers. Some are paid subscribers. Not as many as I would like. If I were solely depending on the paid subscription model-I would have moved off the platform already. Monetizing the free and paid tiers of Creators Getting Paid has been the smartest move I could have made. I also think that this would an issue for any newsletter platform. Do people believe in the quality of Black work enough to pay for it? That’s an ongoing conversation and while I’ve shared my opinions I do want to make one thing very clear-I plan to fight to serve my community while earning more than enough income to sustain my work. If you’re listening to this episode and you’re a free subscriber-I hope this episode encourages you to become a paying subscriber of Creators Getting Paid or any other project that you’ve been supporting. We thank you in advance.
