I have content on both Medium and Substack. As a writer, I do not regard either platform with the seriousness required to develop a significant following or assume I should expect compensation for my contributions. I have been a blogger since 2002 and do not see abandoning this body of work and focusing on either Substack and Medium. However, experience with both platforms has given me insights into differences in the experiences of readers and these are my focus in this post.
The cost to readers depends on what a reader wants. If you are looking for unlimited free content, you can find lots of free posts on Substack. Medium limits free access to three articles per month. A subscription to Medium costs $50 per year, but then provides unlimited access to the content generated by all authors. Authors wanting to earn money from their work on Substack typically offer some content for free, but also put content behind a subscription paywall. The balance between free and paid is up to the author. Subscriptions to the work of individual authors vary in annual cost, but $50 is probably a reasonable estimate for purposes of platform comparisons.
I think the choice comes down to how much value you place in the work of an individual author. I think about a $50 subscription in comparison to how many Kindle books I could buy for this investment. I purchase probably one Kindle book a month and I also have an audiobook annual subscription that also requires the purchase of one book a month. I find the lengthy consideration of an issue provided by a single author integrated as a book preferable to following say the work of a blogger who likely mixes multiple topics over an extended period of time. I can purchase three Kindle books for each Substack author I might follow. For the same expenditure, I can read as many of the Medium posts from any writer I want to follow.
I have no idea what the monetary advantages to an author would be on Medium versus Substack. I am certain individuals who seek revenue from their posts have examined this issue carefully. My guess would be that “popular” writers would prefer Substack and those wanting to make some money but who lack a large following would prefer Medium.
A more interesting question is what do readers prefer. There is plenty to read on Substack without a subscription to a Substack author, but for the cost of one Substack subscription I can read the work of all Medium contributors. Part of the issue here is what is the quality or value of what is available on Medium and how does a reader reach a decision about the value of complete access when a prospective reader is allowed to review a very limited number of offerings each month.
I have a couple of subscriptions on Substack and I have a Medium subscription. I like the idea of micropayments which is what Medium appears to support. Writers receive more revenue when more readers access and read their work. In comparison to an ad-based model, I like the micropayment approach.
I always run into a problem of the consideration of multiple characteristics when I am making a decision regarding online services. Often, each option has some specific things I like and some I do not. This is a good example of such a conundrum. Maybe I should turn the issue around a make statement to authors. I like some of your content, but not well enough to add you to those I subscribe to on Substack. For me, you would get some of my “reading money” if you put your content on Medium.
I should add one caveat. I think I understand the pricing options offered by these two platforms. As a writer, I don’t have enough experience to know for certain. I welcome corrections if I have something wrong.