Substack Revenue Calculator
Newsletter revenue after fees.
Calculate Substack net revenue from paid subscribers, subscription price, and Substack fees, plus upside from free-to-paid conversions.
What this tool does
This calculator estimates your monthly and annual net revenue from a Substack newsletter. It combines income from existing paid subscribers with projected revenue from free subscribers converting to paid, then deducts the platform fee. The result shows what remains after Substack's cut is applied. Your paid subscriber count and average monthly price are the primary drivers of total revenue, while the free-to-paid conversion rate determines additional upside. A typical scenario might involve a creator with 500 paid subscribers at a monthly price, plus a larger free audience with an expected small percentage converting monthly. The calculation assumes a consistent conversion rate and fee structure. This is a simplified model for illustration only and does not account for churn, pricing changes, or other business variables.
Quick answer: with the default values, the result is $2,250.00 (Monthly Net Revenue). Adjust the values below for your own figures.
Enter Values
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Formula Used
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Calculations or display — let us know.
Disclaimer
Results are estimates for educational purposes only. They do not constitute financial advice. Consult a qualified professional before making financial decisions.
Substack takes 10% of subscription revenue, with Stripe taking another 2.9% + 30p on each transaction. Most writers effectively net about 85% of gross after both fees. Revenue scales simply: paid subscribers × monthly price. The real game is converting free subscribers to paid - at 5% free-to-paid conversion, every 1,000 free subscribers quietly represent 250/month of potential paid MRR.
500 paid subscribers at 5/month = 2,500 gross MRR. After 10% Substack fee = 2,250 net. Annualised 27,000. Add 5,000 free subscribers at 5% conversion potential = 1,125/month additional potential. Total run-rate if conversion hits target: 3,375/month net, 40,500/year.
Substack economics work best for niche topics with high paying willingness - investing, parenting, tech analysis, professional development. General-interest newsletters struggle because the value proposition competes with free alternatives. Niches where readers need the content for their jobs convert best at 8-15% free-to-paid; consumer-interest newsletters typically convert 1-3%.
Run it with sensible defaults
Using paid subscribers of 500, avg monthly price of 5, free subscribers of 5,000, free-to-paid conversion of 5%, the calculation works out to 2,250.00. The defaults are meant as a starting point, not a recommendation.
The levers in this calculation
The inputs — Paid Subscribers, Avg Monthly Price, Free Subscribers, Free-to-Paid Conversion %, and Substack Fee % — do not pull with equal force. Not every input has equal weight. Adjusting one input at a time toward extreme values shows which ones move the result most.
How the math works
Gross MRR = subscribers × price. Net MRR = gross × (1 - fee %). Annual = net × 12. Upside = free × conversion % × price × (1 - fee %).
Using this as a check-in
Running this every three months shows a trend rather than a single snapshot. One reading shows where things stand; several over time show whether they are improving. The trend matters more than any individual reading.
What this doesn't capture
The result reflects only the inputs you provide and the assumptions built into the formula. It is a simplified model rather than a complete picture, and factors specific to your situation may matter just as much.
500 paid × £5/mo × (1 - 10%) = $2,250.00.
Inputs
| Annual Net Revenue | $27,000.00 |
|---|---|
| Gross MRR | $2,500.00 |
| Substack Fees | $250.00 |
| Upside from Free Conv. | $1,125.00 |
This example uses typical values for illustration. Adjust the inputs above to match a specific situation and see how the result changes.
Sources & Methodology
Methodology
Gross MRR = subscribers × price. Net MRR = gross × (1 - fee %). Annual = net × 12. Upside = free × conversion % × price × (1 - fee %).
References
Frequently Asked Questions
Does Stripe fee stack on Substack fee?
Annual vs monthly subscriptions?
How big does a list need to be?
Substack vs Patreon?
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