It feels like something big is happening in the newsletter world.
In just the past few weeks, we’ve seen creators like Justin Welsh, Dan Koe, and Jay Clouse all launch new publications on Subtack. It feels like everyone’s talking about it.
At the same time, it feels like every YouTuber I discover has a Substack.
Dylan and I decided to dig into this whole migration thing on our latest podcast episode – what’s driving it, whether it’s actually worth it, and what you should know before making the jump yourself.
What’s Really Behind This Migration
Let’s be honest about what’s happening here. Substack didn’t just get better overnight and convince all these creators to move. They’re paying some people to do so.
Substack announced a creator accelerator program back in January – which feels like they’re courting TikTokers to come over to the platform.
This isn’t new for them. When Substack first started, they got early journalists on board by paying them to seed the platform with quality writing.
But this time, they seem to be going after short form video creators, which says a lot about where they think their future lies.
The thing is, Substack is VC-backed. Their first responsibility is to their investors, so they need to grow faster. If that means paying creators to come over, that’s what they’ll do.
Is Substack Still a Newsletter Platform?
This is where things get muddy. Substack started as a simple blog and newsletter platform.
Now it’s expanding and trying to cover more bases for its customers – social media (Substack Notes), podcasting, video, newsletters, and more.
You can use it just as a blog without sending emails. You can run a newsletter. You can publish a podcast natively. You can post short-form content like Twitter. The waters are definitely getting murky about what Substack actually is.
It’s becoming this all-in-one creator platform, which is both exciting and makes me nervous. When a platform tries to do everything, I start wondering about putting all my eggs in one basket.
The Real Benefits
There are some genuine advantages to Substack, so let’s talk about some of those:
1. It’s incredibly easy to get started.
Create an account, pick your colors and fonts, and you’re basically ready to go. It’s like the Shopify for newsletter writers – everything is turnkey. For someone who gets paralyzed by too many decisions, this is huge.
2. The recommendations system is great.
Publications can recommend each other, and every time someone subscribes, they get suggested other newsletters. Lenny Rachitsky has grown more than half of his audience through recommendations. It’s an easy way to grow, though maybe not with the highest quality subscribers.
3. Paid subscriptions are built in.
You just connect Stripe and you’re done. No messing around with different payment platforms or setting up complex systems. People know when they go to a Substack that they might get pitched a paid subscription, so they’re not annoyed by it.
4. The writing feels more intentional.
Your face is tied to your publication. It’s personal. Some of the best writing I’ve seen lately has been on Substack.
5. It’s becoming more and more of a recognized brand.
When you say you have a Substack, people know exactly what that means and what to expect.
For fun, I asked my wife if she knew what Substack was and her coworker apparently told her about it a few weeks ago. Wild.
To me, that feels like we’ve hit a new level of awareness.
The Downsides You Should Know About
But it’s not all rainbows and butterflies over there.
1. Platform dependency risks.
This is the big one for me. There’s the famous story about Codie Sanchez, who had built a big audience on Substack, started a membership outside the platform (which apparently violated their terms), and got her account completely shut down. No warning, no access to her email list, nothing.
Now, to be fair, this could happen with any email service provider – Kit, Mailchimp, or Beehiiv could all theoretically lock you out if they think you’re violating their terms.
But with Substack being an all-in-one platform where you might have your newsletter, podcast, social media presence, AND paid subscriptions, you’re potentially losing everything at once rather than just your email tool.
2. The app changes how people interact with you.
Here’s something sneaky I discovered. I downloaded the Substack app and suddenly stopped getting individual emails from newsletters I was subscribed to. Instead, I got one weekly digest email. I was technically still a subscriber, but I wasn’t getting the actual newsletters in my inbox anymore.
There’s apparently a setting for this, but it wasn’t obvious.
Dylan downloaded the app live on our podcast and did get a request to prioritize app vs email, which must be what I clicked when I first downloaded. But that’s a weird request. One setting on an app and I stop getting 30+ email subscriptions? Yes, I’m subscribed to too many but that’s not the point here.
3. Limited email marketing features.
You can’t do advanced segmentation, automation, or complex sequences like you can with Kit or Beehiiv.
If you wanted to do something like a simple welcome sequence, you’d be hard-pressed to find a way to do that.
4. The analytics aren’t great.
When Dylan was on Substack a few years ago, he couldn’t properly track sponsorship performance because the metrics were fuzzy. You also can’t segment people or do much on that end.
5. You’re giving up control.
This might be the biggest trade-off. Substack makes a lot of decisions for you, from setup to design, which is great for simplicity but bad if you want control over your business.
6. They take 10% of your sales.
To be clear, Substack is a free platform until you start charging for paid subscriptions. Then they take 10% on top of credit card processing fees (for Stripe, it’s around 3%).
While this is quite a bit, it’s also not a huge amount when you consider other options and can be offset by the discovery side of things. Still, this is something to consider.
When you’re starting out, this might not seem like a lot. But as you grow it can become a huge chunk of change.
The Open Rate Problem
I keep hearing from people that their open rates on Substack are really low – like 20-30%. This might be because of the app issue I mentioned, or maybe people just subscribe to too many Substacks and get overwhelmed.
There’s also no easy way to clean your list like you can with other platforms. You can sort by their “star” rating system (which shows engagement), but you can’t run re-engagement campaigns or easily remove inactive subscribers.
My Approach
I’m taking a hybrid approach. I publish some of my content on Substack to get discovered, but I don’t send emails from there. When someone subscribes on Substack, I port them over to Kit.
They get tagged as a Substack subscriber so I can treat them accordingly.
This way I get the benefit of Substack’s discovery and recommendations without giving up control of my email list. It’s how I feel comfortable using the platform.
I wouldn’t be surprised if a lot of folks use Substack as a short-form written social media tool over a traditional email newsletter tool like this.
Two Types of Creators
I think this comes down to a simple question: Do you want control or convenience?
If you want convenience and don’t mind giving up some control, Substack could be great. You can build an entire business there – newsletter, social media, podcast, paid subscriptions – all in one place.
If you want control over your audience, detailed analytics, advanced email features, and the security of owning your list, then traditional email service providers like Kit or Beehiiv might be better.
Why This Migration Is Really Happening
Part of this rush to Substack isn’t just about the platform itself. Creators are struggling with algorithmic growth on LinkedIn and Twitter. Those platforms feel overly saturated.
Substack is like fresh, fertile ground. There’s still green grass to graze on, so to speak. But just like what happened with LinkedIn and Twitter, it might get oversaturated with creators pretty quickly.
If you’re thinking about Substack, you might have 12-18 months of good opportunity before it gets as crowded as everywhere else.
Should You Make the Move?
If you’re just starting out and want something simple, Substack could be perfect. The ease of setup and built-in discovery are real advantages.
If you’re already established elsewhere and have systems that work, think carefully about what you’d be giving up. The convenience might not be worth losing control over some aspects of your business.
If you want to try Substack, consider a hybrid approach. Use it for discovery and growth, but maintain your email list elsewhere as the main newsletter platform.
The big creator migration to Substack is real, and some of it is being paid for. But that doesn’t mean the platform doesn’t have genuine value.
Just go in with your eyes open about what you’re trading off. Convenience for control. Simplicity for flexibility. Discovery for ownership.
And whatever you decide, back up your email list regularly. That advice applies no matter what platform you’re using 🙂
