I've been trying Substack, not in the hope of better (or, indeed, any) earnings, but just for a change of scene. Medium is plagued with mismanagement, technological failings and poor communication, which often takes the form of petulantly blaming users for problems of the platform's own making.
Tony and co have farted in the lift, and many of us need some fresh air.
It's interesting to see the very different dynamics on Substack, but paying for one writer's content the same amount you have to shell out for every single article on this platform makes no sense.
I can see why besotted superfans will do so for certain 'star' writers, but I don't see how normal Medium writers would expect to bring in more than a hundred bucks per month or so after a year of effort making themselves known.
As you say, the 'writing success' peddlers have a niche, as do the parasocial self-caricatures who rely on people thinking they are their best friend.
But if you just publish thoughtful articles about subjects of interest, I don't see why people would want to pay $5 for that, especially when much of what you post will have to be non-paywalled anyway, to tempt in new paying subs.
To be honest, I think it's unhealthy to pay that for just one person's take on the world. Surely no one is subbing to more than 4 or 5, or else the cost would be inordinate. That's a very limited set of views to be subscribing to.