Which takes less of a cut, Substack or Ghost?

Ghost takes no percentage of your subscription revenue because it charges a flat fee, while Substack takes a percentage of paid subscriptions. At higher revenue Ghost keeps more of your money; at very low revenue Substack's percentage can cost less than any flat fee.

Do flat-priced platforms still charge payment processing fees?

Yes. Payment processors like Stripe charge a standard fee on subscription payments regardless of platform. That processing fee is separate from the platform's own fee and applies on both revenue-share and flat-priced platforms.

When does a flat fee become cheaper than a revenue share?

At the crossover point where your platform's flat fee equals the percentage you would pay on your paid revenue. Below that revenue level, revenue share is usually cheaper; above it, flat pricing keeps more of your income.

How does beehiiv charge for a paid newsletter?

beehiiv uses flat, tiered plan pricing rather than taking a percentage of your subscription sales. You still pay a payment processor to collect subscription payments, which is separate from the plan fee.

Is self-hosting Ghost actually cheaper?

It can be, since you avoid managed-hosting fees, but you take on server costs, updates, and maintenance yourself. Count your own time. For many creators, managed hosting is cheaper once labor is included.

What hidden costs should I compare beyond the headline price?

Compare payment processing, add-ons like websites and referral tools, and the cost and churn risk of migrating subscribers between platforms. Bundled features and your own maintenance time often change which option is truly cheaper.

Newsletter Platform Fees: Revenue Cuts vs Flat Pricing

For a paid newsletter, Ghost gives you more control and takes a smaller share of your subscription revenue than Substack, because Ghost charges a flat monthly fee that scales with your subscriber count rather than a percentage of what you earn. Substack is easier to start with and charges nothing upfront, but it takes a cut of every paid subscription on top of payment processing fees. The right choice depends on how much revenue you expect. At low revenue, Substack's percentage may cost less than a flat fee. Once your paid revenue grows, a flat-priced platform like Ghost or beehiiv usually costs less as a share of income. This guide shows how to run that math.

The two pricing models: revenue share vs flat subscription

Newsletter platforms charge in one of two ways. Revenue-share platforms take a percentage of your subscription income and often let you start for free, so your cost rises directly with your earnings. Flat-subscription platforms charge a fixed monthly or annual fee, usually tiered by subscriber count, and do not take a percentage of what you sell. The trade-off is straightforward. Revenue share carries low risk when you earn little and higher cost when you earn a lot. Flat pricing carries a fixed cost regardless of revenue, which feels expensive early and cheap once you scale. Neither is universally better. Your expected revenue and subscriber growth decide which one keeps more money in your pocket.

How revenue-share platforms like Substack charge

Substack is the best-known revenue-share platform. It costs nothing to publish and grow, and it only earns money when you do, by taking a percentage of your paid subscription revenue. On top of that, Stripe processes the payments and charges its own standard card-processing fee, which applies on essentially every platform that handles paid subscriptions. Substack's appeal is real: no upfront cost, a simple setup, a built-in recommendation network, and no penalty for a large free list. The catch is that its cut is a percentage of revenue, so it grows without limit as your paid subscriber base grows. A writer earning a modest amount pays a modest cut. A writer earning a large amount pays a large one.

How flat-priced platforms like Ghost and beehiiv charge

Ghost and beehiiv both use flat, tiered pricing rather than a percentage of your subscription revenue. Ghost is open-source software you can self-host for the cost of your own infrastructure, or run on Ghost's managed hosting for a monthly fee that scales with your subscriber count. beehiiv is an all-in-one hosted platform for creating, growing, and monetizing newsletters, websites, podcasts, and digital products without code, priced on plan tiers rather than by taking a cut of your sales. With flat pricing, your platform cost is predictable and does not climb as your paid revenue rises. You still pay a payment processor such as Stripe to collect subscription payments. That processing fee is separate from the platform fee and applies wherever money changes hands.

Calculating your real cost at different subscriber counts

To compare honestly, model your cost at several revenue levels. On a revenue-share platform, take your expected monthly paid revenue and apply the platform's percentage, then add the payment processor's fee. On a flat-priced platform, look up the monthly fee for your subscriber tier and add the same processing fee. Compare the totals as a share of revenue. Early on, when paid revenue is small, a percentage of a small number is often cheaper than any flat fee. As paid revenue grows, the percentage keeps climbing while the flat fee moves up only when you cross a subscriber tier. Find the crossover point where the flat fee becomes the smaller number. That break-even tells you which model fits your trajectory.

Hidden costs: payment processing, add-ons, and migrations

Platform fees are not the whole bill. Payment processing applies almost everywhere, so it rarely tips the comparison but should be counted on both sides. Add-ons matter more: features like a website, referral tools, advanced analytics, or ad management may be included on one plan and cost extra on another, so compare bundles rather than headline prices. Migration is a real cost too. Moving subscribers, paid subscriptions, and archives between platforms takes time and sometimes breaks payment relationships, which can churn subscribers. Self-hosting Ghost trades software fees for maintenance, updates, and hosting you manage yourself. Factor in your own time. A cheaper plan that demands hours of upkeep may not be cheaper in practice.

How to choose the fee model that fits your revenue

Start with an honest revenue forecast. If you are unproven, have a small or free list, or want zero upfront risk, a revenue-share platform like Substack keeps your cost near zero until you actually earn, which is a genuine advantage. If you already have meaningful paid revenue or expect to reach it, a flat-priced platform like Ghost or beehiiv usually keeps more of your money as you scale, since the platform's cut does not grow with your income. Also weigh control and tooling. Ghost suits people who want ownership and are comfortable self-hosting. beehiiv suits people who want a hosted, no-code all-in-one for newsletters, websites, podcasts, and products. Run the break-even math before you commit.

Bottom line

For a paid newsletter, choose Substack if you are early, unproven, or want no upfront cost, since its percentage cut stays small while your revenue is small. Choose a flat-priced platform like Ghost or beehiiv once your paid revenue grows, because their fees do not climb with your income and you keep more per subscriber. Ghost adds ownership if you self-host; beehiiv adds a hosted, no-code all-in-one. Run the break-even math on your own numbers before deciding.

Frequently asked questions

Which takes less of a cut, Substack or Ghost?: Ghost takes no percentage of your subscription revenue because it charges a flat fee, while Substack takes a percentage of paid subscriptions. At higher revenue Ghost keeps more of your money; at very low revenue Substack's percentage can cost less than any flat fee.
Do flat-priced platforms still charge payment processing fees?: Yes. Payment processors like Stripe charge a standard fee on subscription payments regardless of platform. That processing fee is separate from the platform's own fee and applies on both revenue-share and flat-priced platforms.
When does a flat fee become cheaper than a revenue share?: At the crossover point where your platform's flat fee equals the percentage you would pay on your paid revenue. Below that revenue level, revenue share is usually cheaper; above it, flat pricing keeps more of your income.
How does beehiiv charge for a paid newsletter?: beehiiv uses flat, tiered plan pricing rather than taking a percentage of your subscription sales. You still pay a payment processor to collect subscription payments, which is separate from the plan fee.
Is self-hosting Ghost actually cheaper?: It can be, since you avoid managed-hosting fees, but you take on server costs, updates, and maintenance yourself. Count your own time. For many creators, managed hosting is cheaper once labor is included.
What hidden costs should I compare beyond the headline price?: Compare payment processing, add-ons like websites and referral tools, and the cost and churn risk of migrating subscribers between platforms. Bundled features and your own maintenance time often change which option is truly cheaper.