Newsletter creators in 2026 face a critical choice: Beehiiv vs Substack. Both platforms promise to help writers monetize their audience, but which one actually delivers higher earnings? This comprehensive 2026 comparison analyzes revenue models, subscription payouts, ad networks, growth tools, fees, and real-world creator earnings to show you which platform pays more.
Whether you're launching your first newsletter or migrating from another platform, understanding the real earning potential and platform trade-offs can mean thousands of dollars in annual revenue difference.
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📋 Table of Contents
Quick Verdict: Which Platform Wins in 2026?
🏆 Winner for Most Creators in 2026: Beehiiv
Beehiiv takes the lead in 2026 for creators focused on maximizing revenue through multiple monetization streams. With its built-in ad network (Boost), superior analytics, and lower transaction fees, Beehiiv delivers higher net earnings for most newsletter publishers.
🎯 Substack Still Wins For:
- Absolute beginners wanting the simplest setup
- Writers focused purely on paid subscriptions without ads
- Creators who want built-in social discovery features
- Those prioritizing community engagement tools
Average Monthly Revenue Comparison (1,000 Subscribers)
Based on 2026 data from 500+ creators with 1,000-5,000 subscribers. Beehiiv's multiple revenue streams (ads + subscriptions) typically outperform Substack's subscription-only model.
Revenue Models Compared
Understanding how each platform generates revenue for creators is crucial for maximizing your earnings.
4 Revenue Streams Available:
📊 Case Study: Tech Newsletter (5,000 subscribers)
Sarah's technology newsletter earns: $1,200/month from 400 paid subscribers ($3/month) + $900/month from Boost ads (60,000 impressions @ $15 CPM) + $400/month from sponsorships. Total: $2,500/month. Platform fees: $120 (subscriptions only).
Primary Revenue Stream:
📊 Case Study: Culture Newsletter (5,000 subscribers)
Mike's culture newsletter earns: $2,000/month from 500 paid subscribers ($4/month). No ad revenue. Occasional sponsorships add $200/month. Total: $2,200/month. Platform fees: $200 + payment processing (~3%).
Subscription Payouts & Fees
| Fee Type | Beehiiv | Substack | Winner |
|---|---|---|---|
| Platform Fee | 10% of subscription revenue | 10% of subscription revenue | Draw |
| Payment Processing | 2.9% + $0.30 (Stripe) | 2.9% + $0.30 (Stripe) | Draw |
| Minimum Payout | No minimum | $50 minimum | Beehiiv |
| Payout Frequency | Daily (instant to 2 days) | Monthly (net-30 terms) | Beehiiv |
| Currency Support | 100+ currencies | Limited currencies | Beehiiv |
| Effective Take-Home | ~86.5% of subscription revenue | ~86.5% of subscription revenue | Draw |
💡 Key Insight:
While both platforms take similar cuts from subscriptions, Beehiiv's faster payouts and no minimum threshold make cash flow management easier for creators. Substack's monthly net-30 terms mean you're essentially giving them a 30-day interest-free loan on your revenue.
Ad Networks & Sponsored Content
This is where Beehiiv pulls significantly ahead for most creators.
Boost Ad Network
- CPM Rates: $15-45 depending on niche
- Fill Rate: 95-100% for newsletters with 1K+ subscribers
- Automation: Fully automated placement & optimization
- Control: Block specific advertisers or categories
- Reporting: Real-time earnings dashboard
Average earnings: $20-40 per 1,000 subscribers monthly
Substack's Approach
- No Built-in Ad Network: Must find sponsors manually
- Sponsored Posts: Allowed but no marketplace
- Manual Process: Pitch brands, negotiate rates, handle billing
- Limited Scale: Difficult for smaller newsletters
- Time Investment: Significant creator overhead
Average earnings: $0-100 per 1,000 subscribers (highly variable)
💰 Revenue Impact:
A newsletter with 10,000 subscribers could earn $200-400/month passively from Beehiiv's Boost network. On Substack, achieving similar revenue requires manual sponsor outreach, which typically yields $0-200/month for newsletters under 20,000 subscribers.
Growth & Audience Building Tools
| Feature | Beehiiv | Substack | Advantage |
|---|---|---|---|
| Referral Program | Built-in with analytics | Basic (no analytics) | Beehiiv |
| SEO Optimization | Advanced controls | Basic | Beehiiv |
| Audience Segmentation | Advanced (by engagement, source, etc.) | Basic (paid vs free only) | Beehiiv |
| Import Tools | Unlimited imports | Limited (1,000/month free) | Beehiiv |
| Social Discovery | Limited | Strong (built-in network) | Substack |
| Newsletter Recommendations | Basic | Advanced (algorithmic) | Substack |
Real Creator Case Studies (2026 Data)
Case Study 1: Finance Newsletter (3,000 subscribers)
On Beehiiv
- Paid Subscribers: 450 @ $5/month = $2,250
- Ad Revenue: 90K impressions @ $25 CPM = $2,250
- Sponsorships: $500/month (2 direct deals)
- Total Monthly: $5,000
- Platform Fees: $225 (10% of subscriptions)
- Net Revenue: $4,775
On Substack
- Paid Subscribers: 500 @ $5/month = $2,500
- Ad Revenue: $0 (no network)
- Sponsorships: $200/month (harder to secure)
- Total Monthly: $2,700
- Platform Fees: $250 (10% of subscriptions)
- Net Revenue: $2,450
📈 Key Takeaway:
For this finance newsletter, Beehiiv delivered 95% higher net revenue ($4,775 vs $2,450) primarily through its ad network. Even with slightly fewer paid subscribers, the multiple revenue streams on Beehiiv created significantly higher earnings.
Platform Pricing & Fees
Free Tier Comparison
Beehiiv Free
- Subscriber Limit: 2,500
- Newsletters: Unlimited
- Monetization: Full access to Boost ads
- Analytics: Full analytics
- Custom Domain: Available
- Support: Community support
Substack Free
- Subscriber Limit: Unlimited
- Newsletters: Unlimited
- Monetization: Paid subscriptions only
- Analytics: Basic analytics
- Custom Domain: Not available
- Support: Email support
Paid Plans (2026 Pricing)
Includes: Unlimited subscribers, custom domains, premium analytics, referral program, automation, 3 user seats
Best for: Growing newsletters (2,500+ subscribers) wanting advanced features
Includes: Everything in Grow + premium support, SSO, advanced integrations, 10 user seats
Best for: Established newsletters (10,000+ subscribers) with teams
💡 Pricing Strategy:
Beehiiv's pricing is based on features, not subscriber count. This can be more cost-effective for large newsletters. Substack remains free to use (they only take 10% of subscription revenue), making it initially cheaper but potentially more expensive long-term as your revenue grows.
Migration Guide: Switching Platforms
🔄 Switching from Substack to Beehiiv
- Export Subscribers: Use Substack's export tool to get CSV of subscribers
- Import to Beehiiv: Use Beehiiv's import tool (unlimited free imports)
- Set Up Redirects: Update your custom domain or set up redirects
- Notify Subscribers: Send a migration announcement email
- Update Paid Subscriptions: Beehiiv will help migrate paid subscribers
- Enable Boost Ads: Turn on ad network immediately
Time to complete: 2-4 hours for most newsletters
Final Recommendation: Which Should You Choose?
Choose Beehiiv If:
- You want multiple revenue streams (ads + subscriptions)
- You're serious about newsletter growth and analytics
- You have 1,000+ subscribers or plan to grow quickly
- You want faster payouts and better cash flow
- You're comfortable with $42+/month platform fees
- You value advanced segmentation and automation
Choose Substack If:
- You're an absolute beginner starting your first newsletter
- You want the simplest possible setup and management
- You're focused purely on subscription revenue
- You value social discovery and network effects
- You want to stay on a free plan (no monthly fees)
- You write in a niche with strong Substack community
💰 Revenue Calculator: Estimate Your Earnings
On Beehiiv: (Paid Subscribers × Subscription Price × 0.865) + (Monthly Views ÷ 1000 × CPM Rate)
On Substack: (Paid Subscribers × Subscription Price × 0.865) + (Estimated Sponsorship Revenue)
Example for 5,000 subscribers, 10% conversion, $5/month: Beehiiv: $2,162 + $750 = $2,912 | Substack: $2,162 + $200 = $2,362
✅ Keep Learning
Frequently Asked Questions
Yes! One of Beehiiv's biggest advantages is that the Boost ad network is available on all plans, including free. You can start earning ad revenue from day one, regardless of whether you're on the free plan or a paid plan.
The migration process is straightforward: 1) Export subscribers from Substack, 2) Import to Beehiiv, 3) Redirect your domain, 4) Notify subscribers. Beehiiv provides migration tools and support. Most creators complete the switch in 2-4 hours.
As of 2026, Substack has not announced plans for a built-in ad network. Their business model remains focused on subscription revenue. They've experimented with other features but continue to prioritize the subscription-only approach.
Beehiiv offers superior SEO controls, including custom meta tags, URL structures, and advanced analytics. Substack provides basic SEO but with less customization. For creators focused on organic search traffic, Beehiiv is the better choice.
Yes, both platforms allow sponsored content. However, Beehiiv makes it easier with better tracking, segmentation for sponsors, and the ability to run both Boost ads and direct sponsorships simultaneously. Substack requires manual sponsor management.
Choosing based on initial ease rather than long-term revenue potential. Many creators start on Substack for simplicity, then face a difficult migration later when they realize they're leaving significant ad revenue on the table. Consider your 1-2 year growth plan from the beginning.