From Publishers Weekly:
When I first moved to California, it was a dream come true: an office right on the beach in Santa Monica in January. At break time, I ran out onto the sand to the water’s edge and stared in awe at the surf, the sun, and the people playing at the edge of the world. My colleagues chuckled and made comments along the lines of, “You must be new.”
I soon learned that the company I had joined, like so many others, was a bit of a way station for many of its employees. “What do you do?” I’d ask, to replies of, “Oh, I’m an actor,” or, “I write for TV,” or, “I do stand-up comedy.” Not a week went by without someone asking me for some time off to rush to an audition. It seemed LAX was overrun with arrivals dreaming the same dream. Nowhere did I see this more than in the restaurant scene, from Geoffrey’s in Malibu to Ivy at the Shore in Santa Monica or Eveleigh’s on the Sunset Strip: everyone working the tables was an actor or writer or artist of some form.
Fast-forward to present-day Silicon Valley, land of a different dream. As venture capitalist Mark Suster recently put it, “The culture is driven by the 20-something irreverent founder with huge technical chops who in a David-versus-Goliath mythology takes on the titans of industry and wins.” The airports here disgorge a stream of would-be entrepreneurs who dream of creating the next unicorn, or billion-dollar startup. And, just like in Hollywood, reality hits soon and hits hard, with many making ends meet through side gigs in the euphemistically named gig economy, be it via DoorDash, Instacart, Lyft, Uber, or other such services.
What is a self-respecting aspirational author to do in such a world—one turned upside down by the Covid-19 pandemic? It takes time—an enormous amount of time—to write. It’s not trivial to be an ersatz taxi or delivery driver and write competently at the same time.
Yet most authors know it doesn’t pay much to write. Not all things beautiful, whether writing a book or painting or raising a child, are rewarded financially. The rewards are in the doing and in what the author or the painter or the parent brings to the world around them. Enter a new option: the paid subscription newsletter, the best-known version being Substack.
Originally designed to address the crisis in journalism, wherein the ad-supported business model evaporated like the morning dew and the incremental value of professionally written content drifted down to near nothing, paid newsletters give journalists a chance to be compensated directly for their hard work. Many of these writers were recently let go from their media houses. Others, with strong personal brands, believe they can be paid better as independents in control of their own work. A grand experiment is underway, with traditional media outlets like the New Yorker and the New York Times decrying the unravelling of the fifth estate. Look closer at what is actually happening and you’ll see something else—something that looks very familiar to the waiters in L.A. and the Uber drivers in Silicon Valley. For many writers on Substack and similar platforms, writing a paid subscription newsletter is the new side gig.
Take my example. Having published one book on strategy, I was looking for a way to write the next one. I had so much material and needed time, lots of time: time that was flexible enough to allow me to juggle the responsibilities of raising little children and of contributing to paying the bills, all under pandemic lockdown. Every little bit helps, and being paid while writing makes my dream of publishing the next book that much more of a reality. Or the example of JJ Ding, author of the ChinAI newsletter, who juggles graduate studies with corralling a community of dedicated English-Mandarin translators to make the world of AI research underway in China better understood outside the country, reducing the fear and mistrust between China and the U.S.
Or there’s the example of Animatou Sow, author of the Crème de la Crème newsletter, who juggles writing books, posting Instagram stories, and hosting podcasts, which all feature her incisive cultural commentary, such as, “Books are the answer to rampant 21st-century charlatanism.”
Link to the rest at Publishers Weekly
PG was generally familiar with Substack prior to reading the OP, but is interested to hear from those more knowledgeable about whether writing a paid subscription newsletter on Substack actually generates much money for most people (excluding extreme outliers).