Substack

Substack is a publishing platform for newsletters, and its defining decision is that it charges nothing until you charge your readers. You write in a plain editor, it emails the post to your list and publishes it as a web page, and if you turn on paid subscriptions it takes a cut of the revenue. There is no monthly fee at any list size, which is why it became the default for writers starting from zero. The platform now covers more than email. Posts can carry paywalls at the post or section level; there is podcast hosting with private RSS feeds for paying subscribers, video, threads and chat for community, and Notes, a short-form feed that has become a meaningful growth channel. Recommendations let publications refer readers to each other, and this network effect is the real product: a Substack with no audience is discoverable in a way that a self-hosted newsletter is not. The economics: publishing free is $0. On paid subscriptions Substack takes 10% of revenue, and Stripe takes its own processing fee on top — roughly 2.9% plus $0.30 per transaction, with an additional recurring-billing fee — so budget 13-16% of gross rather than 10%. On a $10 monthly subscriber you keep somewhere around $8.40. That is excellent at small scale, where a fixed platform fee would exceed it, and expensive at large scale, where 10% of a six-figure revenue line buys a lot of alternative tooling. What "owning your audience" actually means here is worth being precise about. You can export your subscriber list, including paid subscribers, and move to another platform, and you can point a custom domain at your publication. What does not travel is the network — the recommendations, the Notes feed and the Substack app that were sending you new readers. That is the lock-in, and it is a real one. Beehiiv is the closest competitor and is built for growth mechanics and ad monetisation, with tiered flat pricing that beats 10% once revenue is meaningful. Ghost is the open-source option: a flat platform fee or self-hosting, no revenue share, full ownership, and no discovery network to lean on. Kit (formerly ConvertKit) is the choice when the newsletter is a funnel for other products rather than the product. Buttondown is the minimal, developer-friendly option. Patreon is better when the offer is membership access rather than writing. Choose Substack to start writing today and let the network find your first thousand readers.