Which Substack Categories Make the Most Money? Here's the Data
How much you can earn on Substack depends a lot on what you write about.
Can you do me a favor? If you find this post useful, can you share it? This type of analysis is a lot of work, but if I can reach enough people, then it’s worth it.
Some Substack categories rake in millions. Others barely crack six figures.
If you’ve ever wondered which topics are actually profitable on Substack, this breakdown has the answers. I analyzed the top publications in each category (using publicly available data on publication rankings, subscriber counts, pricing, and the average paid conversion rate) to see where the money’s really flowing.
Today’s analysis builds on my earlier analysis of the newsletters earning more than $1 million a year. Now, we’re looking across the board: from finance and business to fiction and comics, here’s how the top newsletters in each niche stack up.
If you’re thinking about launching or monetizing your own newsletter, this is the category-level context you’ve been missing.
🔎 Revenue potential varies dramatically across Substack categories.
In some niches, multiple publications earn millions; in others, even the top newsletter makes less than $100K. Choose your category wisely. Some categories are simply more lucrative than others.
Recommendation: If paid subscription revenue matters to you, choose your niche wisely. Some categories offer far greater earning potential than others. And if your preferred niche falls into a less lucrative category, go in with eyes open; your upside through subscriptions alone may be limited.
🔎 The most lucrative Substack categories are those where information has a direct financial or societal impact.
Finance, business, and politics dominate, with top publications earning millions, likely driven by audiences who see clear value, urgency, or career ROI in the content.
Recommendation: If you’re writing in one of these high-paying niches:
Lead with value, not vibes. Focus on utility, analysis, and insight.
Justify the price. Use concrete outcomes (e.g., save money, get promoted, understand breaking news) to drive conversions.
Study the competition. Research what top newsletters in your niche do well, then find your edge by positioning differently (e.g., tone, format, focus area, frequency). In saturated markets, standing out is as important as showing up.
🔎 Creative and lifestyle-focused categories earn significantly less, even at the top end.
While there is a passionate readership in areas like philosophy, fiction, and comics, these audiences tend to have a lower willingness to pay, highlighting the challenge of monetizing creative content.
Recommendation: If you’re in one of these categories:
Focus on community, not just content. Offer paid discussion groups, workshops, or behind-the-scenes access.
Lean into patronage. Some readers will pay to support the work they love so make that emotional case clearly.
Explore alternative monetization. Think beyond subscriptions: sell products, leverage affiliate marketing, or work with sponsors. Substack can be the funnel—not the whole business model.