Can Journalists Really Make a Living on Substack?

Why It Matters

The shift highlights a growing, albeit limited, alternative revenue path for journalists amid newsroom layoffs, reshaping the media ecosystem and prompting industry stakeholders to reconsider how journalism can be funded and delivered.

Summary

Journalists are increasingly turning to Substack and other newsletter platforms to replace newsroom jobs, but only a minority achieve sustainable six‑figure incomes. While a few, like Marisa Kabas and Isaac Saul, generate $300,000‑$4 million in revenue by combining subscriptions, sponsorships and ancillary products, a Project C survey found that 56% of creator journalists cannot support themselves solely on independent work. Independent publishing requires treating the venture as a business—covering taxes, insurance, software and marketing—plus multiple revenue streams beyond subscriptions. The model offers a viable niche for those with a distinct product and entrepreneurial mindset, but it is not a universal solution to the broader journalism crisis.