A Note to Free Subscribers: February 2025
This is an updated and edited version of a post originally published on November 1, 2024.
When I started The Journeyman newsletter in 2020, I remember being nervous about clicking the “publish” button that first time. I didn’t expect anyone outside my circle of friends to subscribe, and even then, only as a courtesy. It took months before I worked up the nerve to write about subjects such as racism and inequality.
More than a few people took issue with my opinions in those early days. Some unsubscribed, and others sent hateful emails. Fortunately, one of my first lessons as a trader was to accept rejection, so I kept writing. Eventually, those who stuck around outnumbered those who did not.
Since transitioning to Substack’s Notes app, the newsletter has enjoyed an upswing in subscribers. The reception to my writing, my eclectic sense of humor, and even my “moments of zen” have been more positive than I ever expected. As of this writing, The Journeyman is approaching 8,000 total subscribers, with nearly 200 paid.
Many Substack publishers choose to paywall their best content to drive paid subscriptions. This is a counterintuitive strategy unless one is a big-name writer or celebrity. How can someone know if my writing strikes a chord if they aren’t allowed to read everything?
There are other arguments against paywalls, some of which I’ve discussed in previous posts. Because false information is usually free of charge, the spread of misinformation is one of my biggest concerns. That said, not even this platform is not exempt. And sometimes readers are willing to pay to be misled.
Consider this: conspiracy theorist Alex Berenson, author and former New York Times reporter, was banned from Twitter over false claims about COVID-19 vaccines, and yet he has over 240,000 subscribers on Substack. In 2021, Wired Magazine estimated Berenson’s newsletter generates about $740,000 annually on Substack.
The Journeyman’s archive of over one hundred essays is free to read. There is never a paywall. Whenever possible I provide gift links to trusted sources of information, both in long-form posts and comments on the app. In the past few months, my ability to livestream has been enabled, and I plan to take full advantage.
Here’s the part where I ask for your help. Aside from the time it takes to create quality content, it takes resources. In my last piece, I talk about how, as with everything else, in the newsletter business there are the haves and the have-nots:
Unlike some of the top newsletters on this platform, The Journeyman isn’t supported by outside investors or a team of staff. Substack is unlikely to award me a $25,000 deal like they just did with a popular TikTok influencer.
There is no six-figure deal to help me gather steam, as is the case with some of the journalists who’ve made their homes on this platform. Substack has no $20 million accelerator fund to help creators like me grow our businesses.
Newsletter sustainability requires a free-to-paid subscriber ratio of from five to ten percent. Despite The Journeyman’s increased popularity, the newsletter currently has fewer than two hundred paid subscribers, well below five percent of total subscribers.
A lot of newsletter publishers in this situation might raise the price of a subscription, throw up paywalls, or some combination of the two. I’m not interested in doing either of those things.
So here is my proposition: if you enjoy this newsletter, please support it by becoming a paid subscriber. Through Black History Month, I’ve reduced the cost of a subscription by 20%. Subscribe this month, and that’s the rate you’ll pay for as long as you’re a paid subscriber.
We have a long road ahead, but whatever you decide, just know I appreciate you for supporting my media project. ~MSW
