How much does a paid newsletter make?
A paid newsletter with 1,000 subscribers at $10/month typically grosses $10,000/month or $120,000/year — but after Substack's 10% take and payment fees, the creator nets ~$105,000. Most paid newsletters convert 5–10% of their free list to paid, so a 10,000-free-subscriber list typically produces $50–$100K/year in paid revenue.
Paid newsletter economics
| Paid subs | Monthly gross ($10/mo) | Free list to reach it |
|---|---|---|
| 100 | $1,000 | 1K–2K free |
| 500 | $5,000 | 5K–10K free |
| 1,000 | $10,000 | 10K–20K free |
| 5,000 | $50,000 | 50K–100K free |
Context
The free-to-paid conversion rate is the single most important number. Free-first newsletters usually convert 3–8%; paywall-heavy newsletters convert 10–20% of the initial-subscribe cohort but grow the free list far slower. Sponsorships and referrals stack on top: a 10K-subscriber newsletter can earn $500–$3,000 per sponsored issue.
Methodology
Standard newsletter benchmarks from Substack, beehiiv, and industry reports (2024–2026).
Model your own numbers
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Last updated 2026-07-10.