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We’ve seen many great writers leave Medium in the past year.
Tom Kuegler, for example, moved to Substack.
Nick Wignall even deleted his entire archive.
They left because they claim that Medium isn’t as profitable as it used to be.
Wrong.
Seasons change. People change. And so does Medium.
The strategy to make Medium profitable in 2024 is different from what worked in 2020, 2021, and 2023.
And I think I just discovered the right way to do it in 2024.
You’re probably wondering, ‘Why should I trust you, Lea?’
Well, as much as I’d like you to just trust me, I’d rather show you why.
In just six months, I’ve consistently made $1,000 a month on Medium, without getting boosted. I’ve also gained over 5K followers and more than 100 email subscribers.
But there’s more.
I still need to deliver on the headline.
You only need one other platform next to Medium. Let me show you again why you should trust my word.
On that other platform, I gained over 150 subscribers + two paid subscribers within one month using this simple strategy.
And if you’ve been following me for a while, you know that email subscribers are worth far more than followers. If you don’t, read this article to understand why.
The Second Platform You Need
Yes, you’ve guessed it right. The second platform you need is a newsletter platform. But not just any newsletter platform.
This one has a built-in social media feature like Twitter/X, but better. And because the feature is relatively new, you can go viral very easily, which helps you gain more subscribers.
The platform I’m talking about is Substack. Substack Notes is what Twitter/X was in 2020. Posting daily Notes is the easiest way to reach a wide audience in 2024.
Take Kristi Keller, for example. She gained 480 subscribers in one month by posting genuine, relatable Notes and by engaging with others.
And Marie Vandoorne who gained 640 subscribers in one week, which translates to more than 2,000 subscribers a month, using a similar strategy.
So, why combine these two platforms anyway?
On Substack you’re not going to make a lot of money right away. You need to build your audience first which takes time.
And that’s why you need Medium.
If you’re making $1,000 a month on Medium, this can help you stay disciplined and write consistently. It’s much harder to write every day and build an audience when you’re not earning anything yet.
So look at it this way: you’re actually getting paid on one platform for building your newsletter on another platform.
And you can actually repost your existing Medium articles on Substack, so there’s not a lot of extra work when you decide to move to Substack. Except for any exclusive content you might want to offer your paid subscribers and posting Notes.
But above all, I really like how both on Medium and on Substack there’s little room for clickbaity articles and self promotion. On Medium they’re a bit more lenient, but Substack users will immediately castrize you if you do either of these.
Here’s my approach:
I publish my article on Medium. Then I copy and paste the same story on Substack. I offer this as free content on Substack.
In every article I post on Medium, I include a clear call to action (CTA) inviting readers to subscribe to my Substack newsletter.
And finally, I link relevant Medium articles in my Substack newsletters. This drives readers back to my Medium content and helps me grow my Medium audience as well.
If you want to dive deeper into how to use both Medium and Substack, read this article.
Monetizing Substack
On Substack, the conversion rate from free to paid subscribers typically ranges from 5% to 10%, with 10% being a common target for successful newsletters.
And to show what’s possible on Substack: Lenny Rachitsky earned $65,000 in his first year of writing on Substack. And Substack Writers at Work makes $160,000 a year.
And, if you have a product or service to sell, you can make it even more profitable.
Medium + YouTube?
Credit where credit is due: Zulie Rane inspired the headline of this article. Will I be the next Zulie Rane? Probably not. Zulie’s a genius.
But, I disagree with her article from last year in which she claims that creators only need Medium and YouTube.
Side note: She did mention that you should choose a platform that suits your skills and preferences, and that YouTube might not be for you if you hate the camera.
The combination of Medium and YouTube might have been a great strategy back then, but it’s not anymore. At least, not if you’re building from scratch.
It’s very hard to build a successful YouTube channel in 2024 due to overwhelming competition. It also takes a lot of skills to create videos that stand out. And if you’re an anxious introvert like me, you probably hate the camera.
I share Zulie’s view though that limiting yourself to two platforms is wise because mastering each requires a lot of time.
Medium + Twitter/X?
I tried Twitter/X and Substack Notes simultaneously for about two weeks. But because I didn’t get any traction on Twitter, and immediately got traction and a great community on Substack Notes, I chose the latter.
I also wrote an article comparing Twitter/X and Substack Notes. You can read it here.
The key takeaway is that Twitter/X might be a good platform, but it will likely take you way more time to build an audience than Substack Notes. Twitter/X is also noisy and salesy, whereas the audience on Substack Notes prefers authenticity and genuineness.
Why You Might Want To Act Now
The popularity of online platforms changes over time. Substack is becoming like Medium and Twitter were in 2020 and 2021 when it was easy to grow an audience and make money.
Now, Substack is the new Medium + Twitter. In 2024, it’s easy to go viral and build your audience on Substack.
And eventually, once you’re earning sufficient income on Substack, you might not even rely on Medium anymore.
Final Thoughts
I want to give you a heads-up about something important. If you follow this strategy, some people might not like it and could even feel threatened by you.
Even influential people might call you names, or wrongly blame you in public because they have a big following. They might even copy your work just because they can.
Their goal is to make you doubt yourself and give up. Sometimes they might not even realize they’re doing it.
But don’t let them bring you down. Instead, use their negativity as motivation to become even stronger.
And remember, there’s an audience for everything online. I’ve just shown you how to reach them, so act now before it’s too late to join the trend.
If you enjoy reading stories like these and want to support me as a writer, consider subscribing to my Substack newsletter.
I tried YouTube for awhile as an experiment. I made a series of videos that were as well-produced as I could manage, and directly related to the kind of writing I do. Some videos went a little viral, which, cool, and I grew followers, but no community. It led to people wanting more videos—they could take or leave the writing behind them.
I decided it wasn't for me. It's too far removed from what I work on and it didn't interest anyone further in the writing.
I wouldn't recommend others not try—it does work for some—but it is important to know exactly what success and failure is getting you on every platform you're on, and if those things align with your writing goals.
Thank you for sharing this insight Lea! I honestly hadn’t heard about Medium until I found Substack so this gives me something to think about.