With the creator economy booming and more platforms than ever monetizing independent writing, a common question arises for aspiring writers: Substack vs Medium – which will earn you more money in 2026? If you want to turn your writing into a reliable passive income stream, your choice of platform matters more than ever. In this comprehensive guide, I'll deeply compare Substack and Medium—including real earning examples, growth trends, and insider tips to maximize your revenue in the coming years. Let's cut through the hype and help you choose where to publish your best work for maximum payout!
Key Takeaways: Substack vs Medium for Earning Money in 2026
Substack offers greater earning potential and direct email list ownership for serious writers.
Medium is easier to start on and monetize, but revenue depends on the platform’s algorithm and member reads.
Building your own audience matters more than platform—the best writers combine both strategies.
Combining writing with affiliate marketing, online courses, and newsletters multiplies long-term income.
Getting to Know Your Platforms: How Substack and Medium Work
What Is Substack?
Substack exploded in popularity as an email newsletter platform that lets writers build, own, and directly monetize their audience. You can send free and/or paid emails, and Substack processes subscriber payments (for example, $5/month or $50/year).
Substack takes a 10% cut of paid subscriptions.
You keep full ownership of your email list and content.
No algorithm or gatekeepers: your content lands directly in each subscriber’s inbox.
What Is Medium?
Medium is a blogging and social publishing platform with over 100 million monthly readers. It allows anyone to publish articles and potentially earn money through the Medium Partner Program (MPP) when paying Medium members read your stories.
Writers are paid from a pool funded by Medium’s $5/month membership fees.
Revenue is distributed using a proprietary “member reading time” algorithm.
You don’t own the audience: Medium controls the algorithm and email list.
Earning Potential: How Much Can You Really Make?
Substack Earnings: Examples and Projections
Substack offers transparent and recurring income—especially for those who can build a loyal following. Here are some numbers:
Top writers like Anne Helen Petersen and Eric Newcomer earn over $300,000 per year on Substack (2023 data).
According to Substack’s public leaderboard, 10,000+ writers make some money; several hundred make over $50,000/year as of 2024.
Most paid newsletters charge $5/month — with 1,000 subscribers: that’s $60,000/year gross. Even with Substack’s 10% fee, that’s $54,000/year.
Median Substack income (according to a 2023 Not Boring report): $4,400/year for paid newsletters with at least 250 active subscribers.
The main variable: how well you convert free subscribers to paid. Industry conversion rates are 5–10% on average.
Medium Earnings: What Writers Get Paid
Medium’s Partner Program rewards you based on member reading time. Here’s what writers generally see:
As of 2024, median monthly earnings were $18.61 for Partner Program writers.
Roughly 50% of active writers earned less than $20/month; top 10% earned $100–$5,000/month.
Viral success is possible: Some writers have topped $15,000/month, but that’s rare and usually requires years of platform experience.
Success often depends on landing in Medium’s “curated” distribution—which the platform controls.
Most full-time Medium writers combine Partner Program revenue with freelance work, product sales, and affiliate marketing to reach a sustainable income.
Platform Differences: Control, Audience, and Revenue Models
Audience Ownership: Why It Matters
With Substack, your email list is portable—you can download it, take it wherever you want, and nurture a direct relationship with your audience. This is crucial for long-term, passive income and brand-building.
Medium owns your readers: Contact is limited to notifications via the Medium app and platform. Medium can change its algorithm or monetization rules at any time, leaving writers vulnerable to sudden income changes.
Monetization Models
Substack: Direct subscription payments (you set pricing, control offers), plus the ability to promote online courses, affiliate links, coaching, and more inside your newsletters.
Medium: Algorithm-based earnings on member reading time, plus limited linking to products/services. Heavy affiliate linking in stories can get your articles unpublished with little recourse.
Audience Growth: Which Platform Helps You Scale in 2026?
Substack’s Discovery & Growth Tools
Historically, Substack was limited to those with an outside audience. But in 2024–2026, they’ve released tools like Substack Notes, recommendations, and a new in-app Reader experience.
You can get featured in Substack’s network, leverage cross-promotions, and build with partnerships.
Still, organic discovery is more limited than Medium. You need to work on sharing, partnerships, and possibly paid ads.
Email virality is powerful: A single newsletter can get forwarded to hundreds, bringing in new subscribers quickly.
Medium’s Algorithmic Growth
Medium has enormous built-in traffic. Great stories can attract thousands of reads within hours, earning both followers and revenue. But the downside: you rely on Medium’s algorithm (not your own audience).
Getting “curated” or featured is key to growing fast.
Publishing within established Medium publications (like Better Marketing or The Startup) can accelerate your reach.
But reader loyalty is lower—most followers won’t join your email list or convert to fans outside Medium itself.
Best Monetization Strategies for Each Platform (With Affiliate Examples)
Substack Monetization Stack for 2026
Offer free and paid newsletter tiers (5–10% conversion to paid is realistic over time).
Promote your own products, such as a course with Teachable or a digital download store using Shopify.
Include affiliate links to high-paying programs—think Bluehost for creators starting websites, or investing tools like Acorns or Robinhood when writing about finance.
Run sponsor placements and display ads within your newsletter (once you’ve built an audience of 2,000+).
Medium Monetization Stack for 2026
Primary: Medium Partner Program payment (based on member reading time—stories must be “locked” to members).
Secondary: Strategically sprinkle relevant affiliate links, but strictly follow Medium’s rules: one affiliate per story is safest, and only highly relevant context.
Direct readers to sign up for your free Substack or ConvertKit newsletter to build a portable audience (this is what top Medium writers are doing in 2026).
Cost of Entry and Ongoing Fees
Substack Fees and Expenses
Free to start and use for unlimited posts and email sends.
Substack takes a 10% fee from paid subscriptions; Stripe processes payments at ~2.9% + 30¢ per transaction.
No hosting or email platform fees unless you opt for advanced setups. Compared to running a custom blog (on Bluehost), this is very affordable for beginners.
Medium Fees and Expenses
Free to join and publish. You can earn from Day 1 via the Partner Program (must be 18+, meet quality guidelines).
No hosting, transaction, or required subscription fees.
Optional: $5/month Medium membership to remove reading limits and support writers. But writers do not have to pay to participate in the Partner Program.
Pros & Cons Breakdown: Substack vs Medium at a Glance
Substack: Key Pros
Direct, recurring revenue from your audience
Portable, long-term email list ownership
Full control over content, monetization strategies, and branding
Newsletters have higher open rates than blog posts (Substack averages ~50% open rates versus 20% for blogs)
Substack: Main Cons
Building your audience takes work—no “automatic” traffic
Limited native discovery compared to Medium
10% fee on paid subscriptions (though this incentivizes quality tools and support)
Medium: Key Pros
Built-in audience of 100 million+ monthly readers
Quick feedback: Articles can “go viral” in hours
Low barrier to entry—publish instantly, earn immediately
Medium: Main Cons
You don’t own your audience
Revenue is algorithm-dependent and can fluctuate year-to-year
Strict rules on external links, affiliates, and product promotion
Case Study: Combining Substack and Medium for Maximum Income
Here’s a proven personal-finance example for 2026:
Write 1–2 stories a week on Medium around popular evergreen topics: passive income, investing (for example, reviews featuring Robinhood or Acorns), side hustles, and personal finance tips.
At the end of each post, include a call to action to subscribe to your free Substack newsletter for deeper insights, PDFs, or exclusive tips.
Grow your Substack list with every published Medium story—by 2026, writers routinely build “pipelines” of 1,000+ new email subscribers each year this way.
On Substack, convert free readers to paid supporters at $5/month, run exclusive webinars, promote valuable affiliate programs (like Bluehost if you write about tech/blogging), and sell digital products. Many of the most successful creators layer in courses with Teachable or design templates using Canva Pro.
Which Platform Is Best for You? Decision Guide by Writer Type
Let’s break it down simply:
If you want fast traffic and feedback: Start on Medium, but use it as a springboard to build your Substack newsletter or ConvertKit list.
If you’re building a long-term publishing business or aiming for $1,000–$10,000/month: Start on Substack, own your audience, and layer in advanced monetization (courses, affiliates, digital downloads).
If you just want to write as a passion project or side hustle: Medium offers an easy, frictionless on-ramp—but earnings will be limited for most writers.
If you have an established social media or YouTube following: Drive them directly to Substack for maximal control and recurring revenue.
Top Tools for Scaling Your Writing Income Beyond the Platform
No matter which platform you choose, multiplying your income is about productizing your knowledge and leveraging affiliate programs that pay you passively. Here are my recommended add-ons for writers in 2026:
Teachable: Sell online courses to your newsletter audience.
Bluehost: Start your own site or blog for full independence (earn $65+ per referral with their affiliate program).
Canva Pro: Design lead magnets, eBooks, or paid templates to grow and monetize your email list.
Pair these with investing and cashflow apps on the side, such as Acorns or Robinhood, to supercharge your total financial independence journey.
Final Thoughts: Substack or Medium – Your Path to Writer Income in 2026
Ultimately, your earning trajectory as a writer is about audience ownership, direct relationships, and multiple revenue streams. Substack leads for writers serious about passive income, upsells, and brand-building. Medium offers discoverability and fast feedback, but is best used as an audience generator for your own newsletter or email list (using ConvertKit or Substack itself).
My best advice: Start publishing on both platforms. Use Medium’s traffic to funnel readers to your own paid Substack or newsletter. Layer in affiliate programs and product sales for diversified, recession-proof income—and you’ll unlock true writer independence by 2026!
If you’re ready to take your writing income to the next level, start your Substack today and experiment with a few Medium posts—see which platform matches your voice, audience, and goals the best. Don’t put all your eggs in a single platform basket. Combine, test, and scale up! 🚀
