To Paywall or Not to Paywall on Substack?

You're Asking the Wrong Question…

May 05, 2025

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Let me guess.

You’re on Substack.

And you’re dancing between extremes, wondering if putting your best work behind a velvet rope will drive people away, or finally pay your rent.

You want paid subscribers. You need paid subscribers. But you also don’t want to scare off the growing trickle of free readers who might convert one day if you just keep giving and giving and — oops, your rent is due again.

I’ve tested both extremes, and yes, I got into the exact same dilemma:

Open all for free: but then watch your conversion rates drop
Paywall everything: but then grow like a turtle

Here’s the truth I found:

You’re solving the wrong problem.

But before I tell you what I found, please let me know:

Ok , let’s get to it…

The Real Misconception That’s Holding You Back

You think they have one path.

But Substack gives you two.

Two highways. Two functions. Two growth engines.

1. Posts.
These are for people who already trust you. Who opted in. Who want more.
So? Monetize them. Make them feel special.

2. Notes.
These are public-facing. Casual. Comment-friendly. Algorithm-infused.
So? Use them like social media. Make them free.

The mistake?

Treating Posts like Notes. Treating Notes like Posts.
Expecting one to do the job of both.

But if you treat them right, they work together for your growth and it snowballs. Once I discovered the right system, I tripled my subscribers growth and that got me to the $10k milestone.

I talked about this in my story I published for ILLUMINATION Writing Academy (the NEW ILLUMINATION Curated project).

Back to the system…

Why Free Doesn’t Mean Broke

Let’s reframe:

Notes are the top of your funnel, your growth engine.
They’re where people discover you.
They see a take. A tip. A thought that makes them go: “Who is this person?”
Posts are your conversion engine.
They’re where people commit.
This is where they say: “Okay, take my card. I’m in.”

If you’re not converting free subs into paid, the issue isn’t the paywall, it’s probably positioning.

Or maybe you gain the wrong subs through Notes?

Here’s my Simple System

Use Notes to:

Share punchy takes and quick wins
Engage in public conversations
Grow your free subscriber base

BUT make sure you connect every piece with your paid content (in topic, not with links!) That’s how you grow convertible subscribers.

Use Posts to:

Deliver your deepest, most valuable insights
Use tangible assets: frameworks, case studies, playbooks
Paywall the most valuable stuff, not the entire piece

That’s the beauty of Substack: you can add the paywall whereever you like (not like Medium)

In short: I use Notes to grow my list and Posts to monetize it.

Remark: it’s true free posts are more likely to go viral especially if you add more value. But I’d use that if I had a free newsletter.

And you always add one-two free posts in your paid newsletter.

I found the above strategy to be optimal for paid newsletters growth because it works and for one more reason:

Notes have the highest conversion rate, currently 8.2%.

So I don’t bother with my posts distribution. I send them to my list and that’s more than enough.

But Wait, Won’t People Just Stay Free?

Some will.

But the ones who see the difference?

Who feel the difference in your paid writing?

They’ll upgrade.

Your job isn’t to force everyone to pay.

It’s to show them the gap between the free sample and the full meal.

Then ask: Wanna sit at the chef’s table?

Final Thought

The paywall debate is a misconception.

It’s not: “Should I lock the door or leave it open?” That’s the wrong question.

It’s: “What experience am I creating at the door —
and what magic am I saving for inside?”

Want paid subscribers?

Start treating Notes like your Netflix trailer and Posts like your Oscar-winning feature.

Stay Unplugged!

Yana

P.S. Find out how to properly position your newsletter for a high conversion rate in the SUBSTACK QUEST.

👉 Join the conversation in the Unplugged community! Start a chat to get help or simply introduce yourself and connect with like-minded members, and create meaningful connections.

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