$1M+ in ARR? These 45 Substack Publications Are Doing It
And they all come from just 7 of Substack’s 29 categories.
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Everyone loves a good success story, but have you ever wondered what the top earners on Substack actually have in common? Is it audience size? Publishing frequency? A high price tag?
To find out, I analyzed the 45 Substack publications that I estimate earn $1 million or more in annual recurring revenue (ARR). What I discovered paints a clearer picture of what it really takes to build a high-revenue newsletter on Substack in 2025—and what I found may surprise you.
This year’s analysis is more precise than the one I published last year, not just because of fresh data. Two key updates strengthened the methodology that I used for this analysis.
First, Substack has confirmed that their bestseller leaderboard is ranked by annual recurring revenue (ARR).
Second, after reviewing over 50 reports of publication paid subscriber data, I’ve landed on a stronger baseline assumption for paid subscriber conversion: 3%.
Using these inputs, I was able to estimate revenue for the top earning publications with far more confidence.
I’ll admit, when the model first produced a list of 45 million-dollar publications, I was a little skeptical. Surely there couldn’t be so many Subtacks earning so much, right?. But the assumptions behind the analysis are strong, so I pressed forward.
And just this week, I got strong confirmation that my analysis was, if anything, too conservative: the number of $1M+ publications is even higher than I initially estimated. Substack has now confirmed that more than 50 publications are earning $1M+ in ARR.
So let’s take a look at what I uncovered!
Key Insights About the Top-Earning Substack Publications
Let’s dive into the key takeaways. A more detailed examination of individual publications follows, along with a breakdown of methods and assumptions at the end.
🔎 Only seven categories drive $1M+ in ARR.
The 45 publications earning an estimated $1M+ on Substack come from just 7 of the platform’s 29 categories. In fact, 44 of the 45 fall within just 6 categories.
Recommendation: If you’re looking to maximize the revenue potential of a new publication, focus on U.S. politics, finance, tech, or business. These categories dominate because they attract large, high-value audiences, and often intersect with money, influence, or professional identity.
If you’re not in one of these categories, don’t compare yourself to the top earners. Focus on building depth, trust, and sustainability in your niche. Not every success story is measured in seven-figure ARR.
🔎 Both Annual Price and Total Subscribers are Moderately Correlated With ARR
Both total subscribers and annual price show a moderate positive correlation with estimated ARR. Subscriber count has a weaker relationship (r = 0.36, p = 0.05), while price has a slightly stronger one (r = 0.46, p < 0.01).
This suggests that top earners aren’t just relying on audience size, they’re also charging more. Revenue growth on Substack appears to be driven by a mix of reach and pricing strategy.
Recommendation: There’s no single formula for revenue success on Substack. Some publications thrive with massive audiences and low prices. Others charge premium rates and grow with fewer (but highly committed) subscribers.
The key is finding a model that fits your niche, audience, and goals. Whether you focus on scale, pricing, or a mix of both, clarity and intentionality matter more than chasing someone else’s blueprint.
🔎 You Don’t Need Tens of Thousands of Paid Subscribers to Earn $1M+
Nearly half of all $1M+ publications fall into the “Thousands” bestseller tier—not “Tens of Thousands” or “Hundreds of Thousands.”
Recommendation: This finding reinforces that there’s not just one path to success on Substack. If you’re building a publication, get clear on your revenue model early: will you prioritize scale, pricing, or a strategic mix of both?
What matters most isn’t matching someone else’s numbers. It’s aligning your strategy with your strengths, your niche, and what your audience is willing to pay for.
🔎 You Don’t Need to Publish Daily to Earn $1M+ on Substack
Most seven-figure newsletters publish just a few times per week. In fact, weekly publishing is more common among top earners than daily or multiple-times-daily output. Consistency matters, but frequency alone isn’t the differentiator.
Recommendation: Choose a publishing cadence you can sustain. Prioritize delivering value over chasing volume. Whether it’s once or several times per week, what matters most is building trust and showing up reliably for your audience.