Substack Review 2026: Pricing, Features, Pros & Cons
Substack is the platform that kicked off the independent newsletter boom. Launched in 2017, it made it trivially easy for writers to start a paid newsletter and build an audience. By 2026, it has expanded into podcasts, video, chat, and a social network called Substack Notes.
The question is whether Substack still makes sense when alternatives like Beehiiv and Ghost offer more control and better economics. This review breaks it down.
The Verdict - 4.2/5
Best for writers who want zero-friction publishing with built-in discovery. Not ideal for business-focused creators due to 10% revenue cut and lack of growth tools. Substack's network effects are real: its recommendation engine, app, and Notes feed deliver readers that no other platform can match organically. But the trade-off is steep. You give up 10% of all paid subscription revenue, you get minimal analytics, no automation, no A/B testing, and limited design control. For writers who want to write and nothing else, Substack is still unmatched. For anyone building a newsletter business, the alternatives are better.
What Is Substack?
Substack is a writing and publishing platform that lets anyone start a free or paid newsletter in minutes. It handles hosting, email delivery, payments, and subscriber management. Every Substack gets a web publication, an email newsletter, and optional podcast hosting.
What sets Substack apart is its network. The Substack app has millions of active readers who browse, discover, and subscribe to publications. Substack Notes functions like a Twitter-style feed where writers can share short posts and engage with readers. The recommendation engine suggests your publication to readers of similar newsletters. No other newsletter platform has anything comparable to this built-in discovery layer.
Key Features
Built-in Discovery Network
This is Substack's strongest asset and the primary reason to choose it. The Substack app, recommendations engine, and Notes feed expose your writing to readers who are already paying for newsletters. Writers consistently report that 20-40% of their new subscribers come through Substack's network. You cannot replicate this on Beehiiv, Ghost, or Kit without paid ads or manual cross-promotions.
Zero Setup Required
Sign up, pick a name, start writing. There is no domain configuration, no template selection, no onboarding wizard. The editor is clean and distraction-free. You can go from account creation to published post in under five minutes. This simplicity is genuine, not a limitation dressed up as a feature.
Paid Subscriptions
Enable paid subscriptions with a toggle. Set your price (monthly and annual options). Substack handles Stripe integration, payment processing, and subscription management. Subscribers can pay via credit card. You get payouts directly to your bank account. The friction for both creator and reader is minimal.
Substack Notes
A short-form social feed that lives inside the Substack ecosystem. Writers post quick thoughts, share links, and interact with readers. It drives engagement and keeps your publication visible between full newsletter issues. Think of it as a built-in social media layer where your audience already lives.
Podcast and Video Hosting
Substack supports podcast RSS feeds and video uploads directly within posts. The podcast feature includes basic analytics and distribution. It is not a replacement for dedicated podcast hosting (no advanced analytics, limited distribution tools), but it works for writers who occasionally publish audio or video alongside their writing.
Chat
A built-in community chat feature for paid or free subscribers. Similar to Discord or Slack but integrated into the Substack app. Useful for building community, though it lacks the depth of dedicated community platforms.
Substack Pricing
| Plan | Price | Subscribers | Key Features |
|---|---|---|---|
| Free (no paid subs) | Free | Unlimited | Full publishing, discovery, Notes, podcast, chat |
| Paid subscriptions enabled | 10% of revenue | Unlimited | All free features + payment processing + subscriber management |
Substack's pricing is simple but expensive at scale. If you earn $1,000/month, Substack takes $100. If you earn $10,000/month, Substack takes $1,000. Plus Stripe's ~3% processing fee on top. At $50,000/month in revenue, you are paying $5,000 to Substack alone. Compare that to Beehiiv at $39/month flat or Ghost at $25-$99/month with 0% platform fee.
If you never enable paid subscriptions, Substack is entirely free with unlimited subscribers. For free newsletter writers who want built-in discovery, the economics are hard to beat.
Pros
- Built-in discovery network with millions of active readers
- Zero setup - publish in minutes
- Free for free newsletters with unlimited subscribers
- Clean, distraction-free writing experience
- Notes feed drives engagement between issues
- Strong brand recognition among readers
- Integrated podcast and video hosting
- Built-in community chat
Cons
- 10% revenue cut on all paid subscriptions
- No automation or email sequences
- No A/B testing for subject lines
- Minimal analytics (no subscriber source tracking)
- Very limited design customization
- No custom domain on free plan
- No referral program or growth tools
- No ad network or sponsorship marketplace
- Cannot export your subscriber payment relationships
Who Should Use Substack?
- Writers and journalists whose primary goal is reaching readers, not building a marketing operation
- Anyone starting from zero who needs built-in discovery to find their first 1,000 subscribers
- Free newsletter creators who want unlimited subscribers at zero cost
- Writers who hate technical setup and want the lowest possible friction to publish
- Niche writers in topics like politics, culture, science, or commentary where Substack's reader base is concentrated
Who Should NOT Use Substack?
- High-revenue newsletter operators losing thousands monthly to the 10% cut should switch to Beehiiv (0% fee) or Ghost (0% fee)
- Growth-focused creators who need referral programs, A/B testing, and segmentation should use Beehiiv
- Creators selling digital products should use Kit, which has native commerce
- Anyone who wants full data ownership should use Ghost, which is open-source and self-hostable
- Brands and businesses that need CRM integrations, advanced analytics, or team collaboration
Substack vs the Competition
Substack vs Beehiiv: Substack has discovery. Beehiiv has growth tools, better analytics, an ad network, and no revenue cut. If you already have an audience, Beehiiv is the better business decision. If you are starting from zero and want organic reader discovery, Substack has an advantage. Full alternatives comparison here.
Substack vs Ghost: Ghost gives you full ownership, 0% platform fee, and deep customization. Substack gives you zero-friction publishing and built-in discovery. Ghost requires more setup but costs less at scale. Read our Ghost review.
Substack vs Kit: Kit has automations, digital product sales, and a 10K free tier. Substack has discovery and simplicity. Kit is for creators who sell products alongside their newsletter. Substack is for writers whose newsletter is the product. Read our Kit review.
Substack vs Buttondown: Buttondown is Markdown-first, developer-friendly, and charges flat pricing with no revenue cut. Substack is easier for non-technical writers and has built-in discovery. Read our Buttondown review.
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