Substack review: free until the 10% starts to hurt
Substack is the easiest place to start a paid newsletter and the most expensive place to run a successful one. Our last check, on 11 June 2026, recorded no monthly fee and a 10% cut of paid subscription revenue, with Stripe's 2.9% plus 30 cents per transaction on top.
The short answer
Buy Substack Buy into Substack if you want to publish a paid newsletter this afternoon with nothing to configure and nothing to pay. It was free for writers with no monthly fee on our 11 June 2026 check of substack.com/pricing, taking 10% of paid subscription revenue only when you earn.
Skip it if paid revenue is already meaningful. The 10% never stops, so Ghost Starter at $18 a month on annual billing is cheaper above roughly $180 a month in reader revenue, and the gap widens from there.
Where Substack fits
Substack fits the writer who wants to write and not administer. There is no hosting decision, no theme to configure and no payment integration to wire up, so the distance between having an idea and charging for it is an afternoon. That is the specific job it does better than every tool that asks you to own the stack.
The pricing is one number and it only applies to success. Our 11 June 2026 check recorded no monthly fee and a 10% platform cut of paid subscription income, with Stripe's processing of 2.9% plus 30 cents per transaction on top. A free newsletter costs nothing at all.
That makes the comparison with a subscription platform pure arithmetic rather than preference. 10% of $180 a month in reader revenue is $18, which is what Ghost charges on Starter billed annually, verified 1 October 2026. Below that figure Substack is cheaper; above it Ghost is, and the gap grows every month you grow.
At real scale the difference stops being a rounding error. A newsletter earning $2,000 a month hands Substack roughly $200 a month, or $2,400 a year, against Ghost Starter's $216. That is the single most useful calculation anybody considering a migration can run, and it is why successful Substacks leave.
What the 10% buys is distribution rather than software. Recommendations, the app and the network that surfaces your writing to other writers' readers are things a self-hosted publication does not have, and for some newsletters that growth is worth more than the fee. That is a judgement about your own growth, not a feature comparison.
You do not own the platform, and on Substack you do own the list. Subscriber email addresses are exportable, which matters more than any feature here: it means leaving is possible and the audience comes with you. Treat that as the reason it is safe to start here.
This pricing was last verified on 11 June 2026 and has not been re-checked since. The structure is simple enough that it is unlikely to have changed shape, and the rate itself is worth confirming on substack.com/pricing before you model anything. The newsletter platforms category covers the alternatives.
Substack pricing
Substack has no subscription: it takes a percentage of paid subscription revenue and nothing else. The figures below come from our check of substack.com/pricing on 11 June 2026 and have not been re-verified since.
| Plan | Price | What it adds |
|---|---|---|
| All writers | $0/mo | No monthly fee, no tiers. Free newsletters cost nothing at all |
| Platform fee | 10% of paid revenue | Applies only to paid subscription income, when you monetise |
| Payment processing | 2.9% + 30c | Stripe's fee per transaction, charged on top of the 10% |
There is nothing to choose, so the cost is a function of revenue alone. Four things set it:
- Your paid subscription revenue, since the fee is purely proportional. $500 a month in reader income costs about $50 to Substack plus processing; $5,000 costs about $500.
- Whether you monetise at all. A free newsletter pays nothing, which makes Substack the cheapest way to build an audience before charging for it.
- Stripe's processing of 2.9% plus 30 cents per transaction, which sits on top of the 10% and belongs in any comparison with a platform that also uses Stripe.
- Nothing to do with list size. Unlike every subscriber-banded competitor, growing a free list on Substack does not raise a bill.
Substack's 10% against the subscription platforms
Substack is free until it is the dearest option in the category. Ghost Starter is $18 a month on annual billing with a 0% cut of member revenue, verified 1 October 2026, which passes Substack's 10% at about $180 a month in reader income. Beehiiv is $43 a month on Scale and Kit is $33 on Creator, both verified 1 October 2026, and both leave your revenue alone. The decision is about your current paid income and nothing else.
Substack fee terms worth knowing
The fee only applies to paid income, and the arithmetic is worth doing in money.
- Monthly fee
- None, on our 11 June 2026 check. No plan tiers exist.
- Platform fee
- 10% of paid subscription revenue.
- Payment processing
- 2.9% plus 30 cents per transaction through Stripe, on top.
- Free newsletters
- No charge at all. The fee applies only to paid income.
- At $500/mo in reader revenue
- About $50 to Substack, plus processing.
- At $2,000/mo in reader revenue
- About $200 a month, or $2,400 across a year.
- Break-even against Ghost Starter
- About $180 a month in reader revenue.
- Check date
- 11 June 2026. Confirm the current rate before modelling.
Substack never sends an unexpected invoice because it never sends one at all, and the cost is cumulative instead. A year at $2,000 a month in reader revenue hands over roughly $2,400, which buys about eleven years of Ghost Starter at its 1 October 2026 rate. Our creator tool cost calculators will run that comparison at your own revenue.
What Substack gives up
The 10% never shrinks, which means growth is what makes Substack expensive. Every subscription competitor gets cheaper per subscriber as you scale and Substack does the opposite, so the better your newsletter does the stronger the case for leaving.
You control little about how the publication looks. Substack pages are recognisably Substack pages, and a writer whose brand matters will find the ceiling low next to Ghost, which is built around presentation, verified 1 October 2026.
Automation is minimal. There is no tagging, branching or behavioural sequence of the kind Kit is built for at $33 a month, verified 1 October 2026, so a writer who wants to sell a course off the list is on the wrong platform.
The network cuts both ways. Recommendations can grow your list and they also surface other writers to your readers, which some writers consider a fair trade for the distribution and others consider renting an audience they thought was theirs.
Discovery depends on Substack's choices rather than yours. What the app promotes and how the recommendation system weights publications is outside your control, and a change to it can move your growth rate without any change on your part.
Our pricing evidence is from 11 June 2026. The structure is simple and the rate is the kind of thing that occasionally moves, so treat the 10% as a figure to confirm rather than a constant, particularly if you are deciding whether to migrate.
Editorial and moderation policy is Substack's to set and has been contested publicly. What may be published, and what sits alongside your work on the platform, is governed by terms that can change, and that is a consideration for a writer whose reputation is the product.
How Substack compares
The four platforms below are the ones a writer weighs against Substack, and the axis is a revenue share against a fixed subscription. Prices are each vendor's published rates with the date we checked them, and Substack's is the oldest. The wider field sits in the newsletter platforms category.
| Tool | Best for | Price | Where it breaks |
|---|---|---|---|
| Substack | Starting a paid newsletter with no cost and no setup | $0/mo, 10% of paid revenue (June 2026) | The 10% never stops, so success is what makes it costly |
| Ghost | Owning the publication and keeping all member revenue | $18/mo Starter, annual billing | No free managed plan, and you configure it yourself |
| Beehiiv | Newsletters treating growth and ad revenue as the product | Free, $43/mo Scale | Free plan withholds monetisation |
| Kit (formerly ConvertKit) | Lists that drive a product launch | Free, $33/mo Creator | Publishing side is plainer than Substack's |
| MailerLite | Plain publishing at the lowest paid price | Free, $12/mo Comfort | No paid-subscription paywall built in |
What to test before committing to Substack
There is nothing to trial because there is nothing to pay. What you are testing is whether the 10% will stay acceptable at the revenue you expect, and whether the lack of control will bother you.
- Confirm the current platform fee on substack.com/pricing. Our figure is from 11 June 2026 and the whole decision rests on it.
- Publish two issues and turn on paid subscriptions with a test transaction. Check what lands after both the platform fee and Stripe's cut.
- Project your paid revenue twelve months out and take 10% of it. Set that against Ghost Starter at $216 a year, verified 1 October 2026.
- Find the break-even for yourself. At roughly $180 a month in reader revenue the two cost the same, and above it Substack is the more expensive choice.
- Export your subscriber list once, early, and confirm you have the addresses. That export is what makes starting here a low-risk decision.
- Decide whether recommendations are growth you want. They bring readers and they also point your readers elsewhere.
- If you expect to sell anything beyond a subscription, price Kit at $33 a month alongside, verified 1 October 2026. The cost calculators will total the options.
Substack questions buyers ask
How much does Substack cost?
Substack is completely free to use. There are no monthly fees, no subscriber limits, and no feature restrictions. You only pay when you enable paid subscriptions. Substack takes a 10% cut of your paid subscription revenue. Stripe adds payment processing fees of approximately 2.9% + $0.30 per transaction plus a 0.7% recurring billing fee. Your actual take-home on paid subscriptions is roughly 86-87 cents per dollar earned.
Does Substack have a free plan?
Substack does not have a 'free plan' in the traditional sense. The entire platform is free. Every writer gets the same features: publishing, Notes, podcast hosting, video, custom domains, and the recommendation network. There is no paid upgrade tier. The only cost is the 10% revenue share if you choose to charge your subscribers. You can run a newsletter with unlimited free subscribers forever at zero cost.
Who is Substack best for?
Substack works best for independent writers, journalists, essayists, and creators who want to start a newsletter with zero upfront investment and minimal technical friction. It is ideal if you value the writing experience, want built-in discovery tools (Notes and the recommendation network), and plan to monetize through direct reader subscriptions. It is a weaker fit for creators who need marketing automations, detailed analytics, or heavy design customization.
Substack vs Beehiiv: which is better?
Substack is better for writers who want zero upfront cost, a built-in social network in Notes, and the simplest possible publishing experience. Beehiiv is better for newsletter operators who want growth tools: referral programmes, an ad network, A/B testing, segmentation, and detailed analytics. The pricing question depends on your revenue. Substack is free until you monetise and then takes 10%, while Beehiiv is free up to 2,500 subscribers and charges $43 a month on Scale, verified 1 October 2026, for the monetisation features. Ten per cent of $430 a month is $43, so above roughly $430 in monthly revenue Beehiiv's flat fee costs less. Our Substack check was 11 June 2026, about four months earlier, so confirm both figures before switching.
Can I use my own custom domain on Substack?
Yes. Substack supports custom domains for a one-time $50 setup fee. You point your domain's DNS records to Substack using CNAME records they provide. Setup takes about 30 minutes, and full DNS propagation can take up to 36 hours. Your publication will be accessible at your custom domain instead of yourname.substack.com. This is a straightforward process but the $50 fee is unusual: most competitors include custom domains for free on paid plans.
Does Substack support podcasts and video?
Yes. Substack includes native podcast hosting with automatic RSS feed generation, Spotify distribution, and an embeddable player. Video publishing allows direct uploads with AI-generated transcripts, mobile recording, and screen sharing through the Recording Studio feature. Both are free for all writers: no separate hosting fees required. The quality is solid for most creators, though dedicated podcast hosts like Buzzsprout or Transistor offer more advanced distribution and analytics.
What is Substack Notes?
Substack Notes is a social feed built into the Substack platform: think Twitter but exclusively for Substack writers and readers. You can post short-form updates, share links, images, and polls. The algorithm promotes content to readers beyond your existing subscribers, making it a genuine discovery tool. Notes is free for all writers and has become one of Substack's strongest audience growth features. Writers report gaining hundreds of new subscribers through consistent Notes activity.
Can I export my subscriber list from Substack?
Yes, and this is one of Substack's genuine strengths. You can export your full email list as a CSV file at any time from the Subscribers page. The export includes email addresses, subscription dates, and engagement data. There are no restrictions or fees on exports. If you decide to move to Beehiiv, Ghost, Kit, or any other platform, your subscriber list goes with you. Text and image content can also be exported, though audio and video files are not included in exports.
Is Substack worth it for a paid newsletter?
It depends on your revenue level. Substack costs nothing until people subscribe, and the 10% cut is a fair price for a fully managed platform while revenue is small. The crossover is arithmetic. Ten per cent of $290 a month is $29, which is what Ghost charged on Publisher billed annually on our 1 October 2026 check, and 10% of $430 a month is $43, which is what Beehiiv charged on Scale on the same date. Above roughly $300 to $450 a month in subscription revenue, a flat fee costs less than the 10%. Our Substack check was 11 June 2026, a few months earlier, so confirm all three before you move. Price is not the whole decision: weigh Substack's discovery network against the growth tools the flat-fee platforms offer.
Can I cancel Substack or switch platforms easily?
You can leave Substack at any time. There is no contract, no cancellation fee, and no lock-in period. Export your subscriber list and written content, then import into your new platform. The complication is paid subscribers: Substack manages the billing relationship with your paying readers through Stripe. Migrating paid subscribers requires setting up Stripe on your new platform and communicating the change to your audience. Some subscribers will drop off during the transition. Plan the migration carefully and communicate early.