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Newsletter revenue calculator
See what a paid newsletter could earn per month, and what your platform keeps, from your list size and conversion.
Paid newsletter maths: conversion, price and platform fees
A paid newsletter has three levers: how many free readers you have, what share of them pay, and the price. Conversion usually matters most. Doubling paid conversion doubles revenue, while raising the price can lower conversion at the same time, so change one lever at a time and watch the result.
The table runs a few setups through the calculator. The middle rows keep the default list of 10,000 free subscribers to show how much conversion and fees change the result.
Platform fees come in two shapes. At the time of writing, Substack takes 10% of paid subscription revenue, with card processing charged on top, while platforms such as beehiiv and Ghost(Pro) charge a monthly plan and take 0% of subscription revenue (card processing still applies). Check each platform’s current pricing before you decide. On a revenue-share platform, compare the “platform keeps” line with the monthly price of a flat plan.
Price is easier to test than it looks. Consumer newsletters are often priced somewhere around $5 to $10 a month, while professional newsletters that save readers time or money can charge several times that, because the reader or their employer treats it as a work expense. If yours is in the second group, try a higher price with a lower conversion: on 10,000 free subscribers, 2% paying $20 brings in more than 4% paying $8.
Annual plans change the cash flow. Many writers offer a yearly price at roughly two months free, for example $80 a year instead of $8 a month. Annual readers pay less per month but cancel less often, and the money arrives up front. To model a mix of monthly and annual readers, enter the average monthly amount you actually receive per paying reader.
The calculator shows one month, not growth. Paid readers cancel every month, so a newsletter that stops adding free subscribers slowly shrinks. If you track monthly cancellations, compare them with new paid sign-ups to see whether your paying list is growing.
| Free subscribers | Paid conversion | Price | Platform share | Net per month |
|---|---|---|---|---|
| 5,000 | 5% | $10 | 10% | $2,250 |
| 10,000 | 2% | $8 | 10% | $1,440 |
| 10,000 | 4% | $8 | 10% | $2,880 |
| 10,000 | 4% | $8 | 0% (flat plan) | $3,200 before the plan fee |
| 50,000 | 1% | $6 | 10% | $2,700 |
How it works
Paying readers = free subscribers × paid conversion. Monthly revenue = paying readers × price, minus your platform’s share.
Set the revenue share to 0 for platforms that charge a flat fee instead, and compare the fee against the share you would otherwise give up.
Payment processing (card fees) is not included and usually takes a few percent more.
Questions
What paid conversion is realistic?
It depends heavily on how much value is behind the paywall. Low single digits is common; a dedicated niche with a clear paid benefit can do better.
When does a flat-fee platform beat a revenue share?
When the share you would give up each month is larger than the flat fee. Put your numbers in with the share, then compare the “platform keeps” line with the flat plan price.
How much does Substack take from paid subscriptions?
At the time of writing, Substack keeps 10% of paid subscription revenue, and Stripe’s card processing fees come off on top. Free newsletters on Substack pay nothing. Check Substack’s current terms, as fees can change.
How many subscribers do you need to make $1,000 a month?
At $8 a month with a 10% platform share, each paying reader nets $7.20, so you need about 139 paying readers. At a 4% paid conversion that means roughly 3,500 free subscribers. Try your own price and conversion in the calculator.
Can a free newsletter make money?
Yes, usually through sponsorships, affiliate links or your own products. Sponsors price newsletter slots per 1,000 subscribers or opens, so a focused free list can earn without a paywall. The sponsorship rate calculator works for newsletter slots too.
Should I charge monthly or yearly?
Offer both. A monthly price lowers the barrier to trying, and a discounted yearly plan brings cash up front and tends to keep readers longer. Enter the blended monthly amount you receive to model the mix.
Does the calculator include taxes or cancellations?
No. It shows one month of revenue at the conversion you enter, after the platform share. Card fees, sales tax or VAT and cancellations all come off that figure, so treat it as an upper bound for the month.