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For such a simple technology, email can be a tricky business. Newsletter companies like Substack and Beehiiv now boast hundreds of thousands of independent publishers, a small portion of whom are making real money—generating eight-figure revenue for their host platforms in the process. Growth is impressive—Beehiiv recently said its paid subscriptions surpassed $19 million in 2025, up nearly 140 percent year over year—but slowing, especially on Substack, amid market saturation and inbox fatigue.
