Newsletter revenue after fees.

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. Nudge the inputs toward your own situation and the output recalculates instantly. 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. Flip one at a time toward extreme values to feel which ones move the needle most for your situation.

How the math works

Gross MRR = subscribers × price. Net MRR = gross × (1 - fee %). Annual = net × 12. Upside = free × conversion % × price × (1 - fee %). The working is transparent — you can verify every step yourself in the formula section below. No black box, no opaque "proprietary model".

Using this as a check-in

Re-run this every three months. A single reading tells you where you stand; four readings tell you whether things are improving. The trend matters more than any individual snapshot.

What this doesn't capture

The score is a composite of the inputs you provide. Life context — job security, family obligations, health, housing — doesn't appear in the math but shapes the real picture. Use the number as a prompt, not a verdict.