Ghost vs Substack (2026): Which Newsletter Platform Lets You Keep More Revenue?

Ghost’s Publisher plan is $29/month billed yearly. Substack charges nothing monthly — until your readers start paying.

That single contrast drives everything in this comparison. One model asks you to pay before you earn; the other takes a cut after you do. Which one costs less depends almost entirely on how much paid subscription revenue you’re generating, and the math shifts decisively at a certain scale.

Which platform is actually free to start?

Substack wins this outright. Publishing on Substack is free regardless of how many subscribers you have. You pay nothing monthly, and there’s no subscriber cap on the free publishing tier. Ghost publishes no free tier in its current pricing.

For a writer with zero paid subscribers, or someone testing a newsletter idea, Substack is the obvious starting point. There’s no platform fee until money moves. If you’re weighing other free-to-start options, our comparison of Beehiiv and Substack covers that ground directly.

How does Ghost pricing work?

Ghost runs on flat annual plans. The Starter plan is $18/month billed yearly (free-only newsletters; paid subscriptions require Publisher or higher), the Publisher plan is $29/month billed yearly, and the Business plan steps up to $199/month billed yearly. Ghost’s pricing page shows these rates for an audience of up to 1,000 members; the price rises with audience size via a slider, and the Custom plan covers unlimited members at unpublished pricing.

Ghost takes 0% of your subscription revenue. Payment processor fees (Stripe) apply, the same as they do on Substack.

Ghost includes a free custom domain, advanced analytics, and 8,000+ integrations across its plans. SSO is reserved for the Custom tier.

What does Substack actually cost when you charge readers?

The no-monthly-fee structure has three layers underneath it. Substack takes 10% of each subscription payment. Stripe card processing adds 2.9% + $0.30 per payment for US cards. Recurring payments through Stripe Billing add another 0.7%.

For SEPA Direct Debit payments, the Stripe rate is 0.8% + $0.30, capped at $6.00, with a $10.00 fee for failed or disputed payments. A custom domain is optional at a one-time $50. In-app purchases via Substack’s iOS app may cost more to cover Apple fees, and writers can choose whether to adjust their prices or absorb the difference.

The full fee breakdown is visible in the Stripe dashboard under Transactions — worth checking monthly if you have a mix of payment methods.

At What Scale Does Ghost Become Cheaper?

This is the practical question. Ghost Publisher costs $29/month billed yearly, which equals Substack’s 10% cut on $290/month of subscription revenue. Above roughly $290/month in paid revenue (for an audience up to 1,000 members), Ghost is cheaper. At $1,000/month in revenue, Substack takes $100; Ghost costs $29. That gap widens every month you grow.

I’d lean toward Ghost for any creator already generating meaningful subscription income, because the flat fee stops scaling with your success. Substack’s model is generous at zero revenue and increasingly expensive as revenue grows. Stripe processing fees apply on both platforms, so they don’t change which one is cheaper.

Which Platform Suits Different Creators?

Early-stage writers and experimenters will find Substack’s zero-upfront model hard to beat. No subscriber limit on free publishing, no monthly commitment, and you only pay when readers pay you. Take the hype with a little salt — that 10% is real money at scale — but it’s invisible when you’re starting out, which is exactly when you need the runway. For writers still deciding between email tools more broadly, our MailerLite vs Brevo breakdown is a useful read.

Established creators with strong paid conversion face a different calculus. If subscription revenue is already running well above $290/month, the flat Publisher fee preserves more of what you earn. Ghost’s Business plan at $199/month billed yearly makes sense at a revenue level where 10% would cost substantially more.

Creators with large free audiences should note that Ghost’s pricing is shown for up to 1,000 members and rises with audience size. If your total member count is climbing well past that, check Ghost’s slider pricing directly — or request a Custom quote — before assuming any plan’s cost.

International creators should note Substack’s range of accepted payment methods: Visa, Mastercard, American Express, Discover, JCB, Diners Club, UnionPay, Apple Pay, Google Pay, Link, SEPA Direct Debit, iDEAL, and Bancontact. Ghost does not publish equivalent payment method detail on its pricing page.

The Honest Limitations of This Comparison

Ghost’s Custom plan pricing is unpublished, so any comparison at high member counts is incomplete. We don’t know what Ghost charges at the Custom tier, which matters for creators who’ve already built a large list. If you’re in that position, get a direct quote before assuming Ghost is cheaper.

Substack’s fee structure is also more layered than the headline “10%” suggests. The Stripe processing fees sit on top, and the iOS in-app purchase surcharge adds another variable. Running the actual numbers for your subscriber mix, card type, geography, and billing frequency will give you a truer cost than any flat comparison can. Our roundup of free-tier tools for freelancers covers other platforms worth considering if you’re keeping costs tight.

The Verdict

Start on Substack while your paid revenue is under about $290 a month. Once it passes that line, move to Ghost Publisher and keep the difference.

Methodology. Pricing and feature data was taken from the official pages of Ghost and Substack, collected on 2026-10-08. We did not test the products’ APIs for this article. Figures come directly from those sources; where a value was unavailable it is marked ”—”. Prices change often — confirm on the provider’s site before buying.

This article may contain affiliate links. They do not affect the prices you pay or our assessment.