The Big Picture: Monetising Serial Fiction on Substack

What works (and what doesn’t) and how to make money...

Some of you may have noticed that I haven’t posted this week. The reason for this was that I ended up down a bit of a research rabbit hole after speaking to a friend and then reading a Substack post that sparked a bit of an internal debate.

The debate was this… can serial fiction actually work on Substack? Can you make money from it? And—most importantly—how can you do it successfully?

First, let me assure you, this isn’t the beginning of a Substack about writing on Substack. There are already plenty of great ones out there! However, since this Substack is for fiction writers, it would be remiss of me not to explore serial fiction within the broader context of storytelling, and whether it is a viable avenue of publishing.

Serial fiction is nothing new. It has been around for centuries with the likes of Dickens publishing The Pickwick Papers in installments, Sherlock Holmes keeping Victorian readers hooked with episodic mysteries, and even Stephen King experimented with serialized releases with The Green Mile.

In the digital age, platforms like Wattpad, Kindle Vella (now sadly shut down), and Patreon have revived the format, proving that readers do love episodic storytelling. But what about Substack? Can serialised fiction work here, and more importantly—can we make money from it?

I recently read a Substack (and annoyingly I cannot find it again) by an author who claimed they would make much more money from her novel if she charged subscribers a monthly fee per installment as opposed to self publishing or even getting a traditional publishing book deal.

She quoted stats such as the average author advance being low (I did my own research and it is looking like its anywhere between $5,000 and $25,000 as an average advance) and the fact that authors who self publish only ever making between 5% and 15% of the sales price on most platforms. With that in mind, a serial fiction on Substack at a subscription price of $5 a month would work out to far more (even taking the 10% off for Substack’s fee.

But is she right?

I dove into research from writers who’ve tried it (so you don’t have to) and found some surprising insights.

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The Challenges of Serial Fiction on Substack

Let’s start with the obvious: Substack is built for newsletters, not novels.

Most people subscribe for essays, commentary, and personal writing, not fiction. The platform’s recommendation algorithm and discovery tools favor nonfiction, which can make it much harder for serial fiction to gain organic traction. Unlike Wattpadd or Patreon, there’s no built-in audience actively looking for fiction so writers need to bring their own readers.

In her Substack, Charlotte Dune points out that platforms like Wattpad and Kindle Vella have a “reader-first” culture, while Substack is still a “writer-first” space. This means that fiction on Substack needs a strong personal connection between writer and reader to work.

Retention also seems to be a difficult. Fiction requires a higher level of investment than dipping in and out of personal insights, writing advice, or behind-the-scenes content and many readers drop off between installments.

In my research I came across one Reddit who shared their experience of serializing a novel on Substack. They found that while some readers followed along, many dropped off because there was no clear incentive to stay subscribed.

For this reason, monetisation is also a challenge. Erica Drayton, who wrote a post analysing over 70 serials on Substack, found that the most successful ones blended fiction with personal engagement, offering commentary, interactive elements, and additional content.

So those are the challenges. It is important to remember though that platforms like Substack are ever changing and evolving and just because it is favouring one thing today, does not mean it won’t shift in the future (look at Instagram for example). If there is enough appetite for serial fiction on the platform, then it could make it much more favourable in the future.

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Can You Make Money from Serial Fiction on Substack?

Yes, but not in the way you might expect.

It seems that Substack’s most successful fiction writers don’t make money from the story alone, they make it from the experience surrounding the story.

Many authors give the story away for free but offer exclusive content to paid subscribers. These could be bonus chapters, author Q&As or writing updates. Others have invited paid subscribers to shape parts of the story or even made the story completely interactive, allowing them to decide the path the story takes.

Based on what’s worked for other writers, a hybrid model seems to be the best way to monetize serial fiction on Substack. So how can you create a successful hybrid model that works?

• Offer free chapters to hook readers – Let them sample your storytelling before asking them to pay.

• Put bonus content behind a paywall – Exclusive updates, early access, or side stories.

• Build a relationship with your audience – Readers are more likely to pay for you than just your story.

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Alternatives to Substack?

If after reading all that you decide tht Substack isn’t the best fit, here are some alternatives (UPDATE: after speaking to writers in my Discord community I have added a few others)

Wattpad

• Massive community of fiction readers.

• Best for romance, YA, fantasy, and sci-fi.

• Free to use, with monetization options for top writers (though my research showed me that it can be HARD to make money off of Wattpad)

• As it is so large it can lack visibility for new writers and heavily favors specific romance genres

Inkitt

• Like Wattpad but focused on urban/supernatural/werewolf fiction

Patreon

• Allows you to monetise a dedicated fanbase (mny artists also use this platform)

• Ideal for offering bonus content alongside serialised stories

• Many authors have had success with this platform already and it takes a similar cut to Substack

Radish Fiction

• Focuses on serialized romance and drama

• Readers pay per chapter, offering direct income

• I haven’t tried this myself, but it looks really interesting (speaking as a romance writer)

Tapas

• Owned by Radish’s parent company

• short chapter limits

• A good LGBTQ+ platform

Webtoon

• Huge audience for serialised storytelling

• For webcomics, not ideal for prose fiction.

• Pays creators through ads and reader support

• Creators have limited control.

Yonder

• Owned by Webtoon’s parent company

• Generally disliked after a recent change in ts and cs

RoyalRoad

• Best for progression fantasy, LitRPG, and power fantasy

• Readers prefer long-running stories with 20+ chapters.

• Limited success for other genres.

• Recommended for its niche.

MoonQuil

• More curated version of RoyalRoad

ScribbleHub

• Similar to RoyalRoad

• allows X-rated content

• Good for niche audiences.

Laterpress

• A unique publishing platform that integrates directly with an author’s website.

• Zero platform fees on direct sales.

• Full author control over content, branding, and reader relationships.

• Optional community features for growth through referrals (15% fee applies)

WebNovel

• I have been told that this is one to avoid at all costs due to predatory contracts.

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How to Build an Experience on Substack

If you’re set on Substack, you need to do more than just publish a story, you need to create an experience. Here’s how:

• Treat Your Story Like a TV Series: serial fiction works best when readers are eager for the next “episode.” Use:

  • Short, gripping installments (1,000–2,000 words)

  • Cliffhangers and hooks to keep readers engaged

  • Consistent posting schedules (weekly works well)

💡 Example from my research: One writer shared that engagement skyrocketed when they ended every chapter on a mini cliffhanger—encouraging readers to subscribe so they wouldn’t miss the next part.

• Go Beyond the Story: readers aren’t just paying for fiction, they’re paying for you. Offer:

  • Author insights such as why did you write this story? What inspired it?

  • Behind-the-scenes content such as worldbuilding notes, deleted scenes, character sketches.

  • Interactive elements such as sk readers to vote on story decisions or contribute ideas.

💡 Example from my research: Some successful fiction newsletters include polls where readers help shape the next chapter.

• Make Paid Subscriptions Worthwhile: if you want people to pay, they need to feel like they’re getting extra value. Offer:

  • Early access to new chapters

  • Exclusive content such as Q&As or bonus stories

  • A community (via the chat function) where they meet other readers and writers who enjoy the same things

💡 Example from my research: One Substack fiction writer found success by offering a free version of their story but locking alternate endings and bonus scenes behind a paywall.

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So, Should You Publish Serial Fiction on Substack?

That depends on what you want to get out of it. If you love the serialised format and want to engage deeply with readers, yes, it can work.

But if your main goal is to reach a large audience quickly or make money purely from the story itself, you might have better luck on platforms designed for fiction readers.

Ultimately, successful serialized fiction on Substack isn’t just about storytelling, it’s about community-building.

Is serial fiction something you have done or are thinking of doing on Substack? I would love to know your thoughts on the above! Tell me in the comments ⤵️

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Summaries of Research Sources

1. Common Reader: Can Fiction Be Successful on Substack?

   • Discusses the challenges of making fiction work on Substack, particularly serialized fiction.

   • Notes that Substack's algorithm and culture favor nonfiction and essays, making it harder for fiction to gain traction.

   • Suggests that fiction writers need to market aggressively, build a personal brand, and engage deeply with readers.

   • Mentions a few success stories but acknowledges that they are rare.

2. Reddit: Serialized Fiction on Substack (Thread 1)

   • A mix of opinions from writers experimenting with serialized fiction.

   • Some authors find it hard to gain traction due to Substack’s focus on newsletters and non-fiction content.

   • Others argue that success depends on consistency, a strong premise, and active engagement with readers.

   • Monetization is difficult unless you already have a following.

3. Reddit: Publishing a Novel as a Serial on Substack (Thread 2)

   • Focuses on one author's experience publishing a serialized novel.

   • They found that while some readers enjoyed the format, it was tough to retain subscribers long-term.

   • The biggest issue was getting people to pay for fiction, as most readers expect free content.

   • Suggests offering extra perks (behind-the-scenes content, bonus chapters, community engagement) to encourage paid subscriptions.

4. Simon K Jones: Structuring Serial Fiction on Substack

   • Offers a structured approach to serial fiction, emphasizing pacing and cliffhangers.

   • Recommends keeping installments short and engaging to fit the newsletter format.

   • Stresses the importance of making each post feel self-contained while contributing to a larger story arc.

   • Suggests building a “core audience” before monetizing.

5. Charlotte Dune: The Serial Fiction Novel with a Billion Readers

   • Looks at serialized fiction trends, particularly the success of serialized stories on platforms like Wattpad, Kindle Vella, and Webtoon.

   • Notes that Substack lacks the built-in readership of these platforms, making discoverability harder.

   • Suggests cross-promoting on social media, collaborating with other writers, and running promotions to grow an audience.

6. Hardcore Software: Writing & Serializing a Book on Substack

   • Examines how nonfiction serials perform better than fiction due to reader expectations.

   • Suggests that the key to success is not just writing a great story but also treating it as a community-building effort.

   • Highlights the importance of engaging with readers, offering interactive elements, and keeping the audience hooked.

7. Erica Drayton: What I Learned from 70 Serials on Substack

   • Draws insights from multiple Substack serials.

   • Found that fiction works best when combined with personal engagement, author commentary, and bonus content.

   • Notes that a paywall can be a barrier unless the audience is invested in both the writer and the story.

   • Advocates for a hybrid model—offering free chapters with paid extras to entice readers.