The highest earning email newsletter on Substack was "Letters from an American", with implied minimum earnings of five million U.S. dollars in overall subscriber revenue. The best represented genre among the top-performing Substacks was politics.
Highest earning newsletters on Substack as of February 2023
(in thousand U.S. dollars)
Newsletter title - Author
Annual subscription cost in thousand U.S. dollars multiplied by minimum number of subscribers
figures calculated by paid subscriber figures multiplied by annual subscription costs; figures do not include the 10 percent cut taken from writers by Substack or any additional deals
Supplementary notes
The source notes that Shaun King's "The North Star" was the only newsletter on the list which Substack reported to have only "thousands of" paid subscribers rather than "tens of thousands/hundreds of thousands of". The newsletter was included because it appeared above a newsletter with "tens of thousands" in Substack's leaderboard.
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Press Gazette. (February 10, 2023). Highest earning newsletters on Substack as of February 2023 (in thousand U.S. dollars) [Graph]. In Statista. Retrieved November 21, 2024, from https://www.statista.com/statistics/1387356/highest-earning-newsletters-substack/
Press Gazette. "Highest earning newsletters on Substack as of February 2023 (in thousand U.S. dollars)." Chart. February 10, 2023. Statista. Accessed November 21, 2024. https://www.statista.com/statistics/1387356/highest-earning-newsletters-substack/
Press Gazette. (2023). Highest earning newsletters on Substack as of February 2023 (in thousand U.S. dollars). Statista. Statista Inc.. Accessed: November 21, 2024. https://www.statista.com/statistics/1387356/highest-earning-newsletters-substack/
Press Gazette. "Highest Earning Newsletters on Substack as of February 2023 (in Thousand U.S. Dollars)." Statista, Statista Inc., 10 Feb 2023, https://www.statista.com/statistics/1387356/highest-earning-newsletters-substack/
Press Gazette, Highest earning newsletters on Substack as of February 2023 (in thousand U.S. dollars) Statista, https://www.statista.com/statistics/1387356/highest-earning-newsletters-substack/ (last visited November 21, 2024)
Highest earning newsletters on Substack as of February 2023 (in thousand U.S. dollars) [Graph], Press Gazette, February 10, 2023. [Online]. Available: https://www.statista.com/statistics/1387356/highest-earning-newsletters-substack/
