I'd be really curious to hear your thoughts on our proposed business model since it's based on compensating writers when Readup users read their articles to completion. In short, users pay $10/mo to use Readup, we keep $5 and divide the other $5 among the writers whose articles the user has read to completion during that month.
You keep your own stack and there's nothing you have to do other than verify a Readup account with us so we know who you are and collect any money earned. Readup users can read your articles using our browser extensions or mobile apps (I just did! [2]). You can view the full pitch [3] on YouTube.
[2] https://readup.com/comments/kevin-indig/why-i-left-substack-...
1. Doesn't work on Safari. Definitely not a great first impression.
2. Sure, let's switch to Chrome (one of the three supported platforms: Chrome, Firefox and iOS). Now all I get is a blocking modal "To read on Readup, add the Chrome extension. Add to Chrome — It's Free". Sorry, not about to install an extension for something that hasn't explained why it needs an extension, let alone demonstrate any value to me, whether it's free or not.
Stalemate.
So let me ask: how do you tell a skim from a read? How do you distinguish a complete read from scrolling down to comment section (maybe even slowly)? Reading speeds vary greatly, and there's no mind-reading web API yet.
This is such a nitpick, but do the economics work at 40% (or even 49%)?
It seems intuitively wrong to me that your value captured is greater than the content creators.
If the economics don't work, feel free to instruct me to take a long walk on a short pier
I'm not sure if the incentive for creators is there, e.i. why would a creator share revenue for fully read articles?
I think you found a value-add for the demand-side of the market but not the supply-side. That's something I'd iterate on :).
My first impression is that a 50-50 split doesn't seem very fair to the writers. You created the platform but most of the value comes from the writers.
Couple questions
1) You mention a paywall, but your video says that users who sign-up before paywall stay in forever. You honoring that (the video was posted 5 days ago)? I see that the median comment count on your site is about 3 so I should hope so
2) How exactly are you paying these authors? We can post articles from anyone and then trust you're able to get in contact with them and hand them their money?
Thanks!
The cost of sending email is a lot on some platforms (Mailchimp is $30/month for 2500 subscribers and $50/month for 5000 subs), but a lot cheaper with Mailgun or Amazon SES. Sendy [0] and Mailcoach [1] are both self-hosted newsletter sending apps that use Mailgun/SES if you want to DIY.
There is a handy blog post [2] from the creator of cron.weekly on his newsletter workflow.
Don't put "weekly" in the newsletter name because then you're really setting that weekly expectation. At some point, you might not want to be publishing weekly unless you've got some serious automation happening.
There are some interesting ideas on newsletter businesses on gaps.com [3]. A year ago I thought that a newsletter should link to my own content. But now? Many, many newsletters are link aggregators.
For a paid, non SES, option I personally like SendGrid[3] more than Mailgun.
[0] https://github.com/freeCodeCamp/mail-for-good
Thanks for sharing that and the others too.
I don't think the rise of podcasts is massively due to RSS. I think it's because of the low cost / high creativity balance of the format, where the format uses RSS.
If I'm trying to BUILD an audience, I'm going to write content for free. If I already have a website I post content on, you bet I'm going to keep posting my free content there. Why am I competing with Substack on SEO for my own free content? That's just stupid.
Eventually, if I actually get an audience that's willing to pay, I would use Substack to offer that walled garden. Just like Youtube creators offer their free content on Youtube, and paid content through other means like Patreon.
Even Medium supports canonical URLs. I'm not sure why Substack isn't satisfied with being the distributor of my content, but also wants to be the home for it.
When I sent Substack Support an email about the issues of content ownership and canonical URLs in late May this year, I got this response:
>On Substack writers own all of their content, but we don't support synchronizing with external website or have external websites as the canonical url. Substack is meant to be the home for individual writers. Sorry about that
I love many things about Substack. Chiefly, the user experience of setting up the newsletters, and the iframe embed (though it can be improved) are great.
But I hope Substack reconsiders what their idea of being a "home for individual writers" means. Substack shouldn't have to be the source of my content, but rather be the plumbing for it. It seems not supporting custom canonical URLs was a conscious decision to force me to make Substack the source of my content, which is disappointing.
I'll have to look into ConvertKit in the meantime.
And actually the effect can be negative as, Substack is known to make payment based newsletters, people could avoid those links
I think the only way you can really have a true "free speech" platform is to make it entirely self-serve. As soon as there is algorithmic content discovery, bad actors will attempt to game it to get their ideas in front of people.
I had a couple of decently popular articles. The most popular had about 170k reads before I deleted my Medium account.
Often they do the promotion for you (newsletters, twitter, etc.).
That’s not to mention the medium algo that can pick up on your article and recommend it to others.
I’ve had one post reach 100k+ reads, unlikely that would happen on my own site.
Maybe a better example I can think of is a referral site. Maybe a site like Kayak can charge Marriott 10% each time they refer someone who books a room. If that room wouldn't be booked otherwise it's probably a good deal for Marriott. Substack does help with discoverability, and that's probably where their main value is (similar to FB, Instagram, etc), but the problem is that unlike the Marriott example, the fee is not a one time payment.
If I launch a paid newsletter with one reader, I'm getting a lot of value from the platform. Once I gain a second reader the platform isn't doing twice as much for me. It's gone up a smaller, incremental amount.
It’s and automated, easy to understand freemium model.
Use of tracking pixels is not a pro. It is a dark pattern that needs to go away.
Could use the substation theme: https://substation.rdnthemes.com
Disclosure: I work for Automattic, the parent company of WordPress.com and WooCommerce.