Ghost Newsletter Revenue Calculator
Calculate Ghost newsletter revenue from subscriber tiers, pricing, and conversion rates. Enter values for instant results with step-by-step formulas.
Reviewed by Daniel Agrici, Founder & Lead Developer
Formula
Net Revenue = Gross Revenue - Ghost Hosting - Stripe Fees (2.9% + $0.30)
Where Gross Revenue is the sum of all tier revenues, calculated as Subscribers x Conversion Rate x Tier Distribution x Blended Price (accounting for monthly/annual plan mix with annual discount). Ghost charges zero platform transaction fees, only a fixed hosting cost plus Stripe payment processing.
Worked Examples
Example 1: Independent Journalist on Ghost
Problem:A journalist has 12,000 total subscribers, 7% paid conversion, three tiers ($9, $19, $49) with 70/25/5% distribution, 55% annual plans at 20% discount, 3% monthly churn, on Creator plan.
Solution:Paid subscribers: 12,000 x 7% = 840\nTier 1: 588 subs, blended revenue: 588 x (45% x $9 + 55% x $7.20) = $5,962/mo\nTier 2: 210 subs, blended revenue: 210 x (45% x $19 + 55% x $15.20) = $3,557/mo\nTier 3: 42 subs, blended revenue: 42 x (45% x $49 + 55% x $39.20) = $1,653/mo\nGross: $11,172/mo\nGhost Creator: -$25 | Stripe: -$576\nNet: $10,571/mo\nSubstack would cost: -$1,117 platform - $576 Stripe = $9,479 net\nGhost saves: $1,092/mo
Result:Net Monthly: $10,571 | Annual: $126,852 | Saves $1,092/mo vs Substack
Example 2: Small Creator Starting on Ghost
Problem:A new creator has 3,000 subscribers, 4% paid conversion, two tiers ($7 and $15) with 80/20% split, 50% annual plans at 15% discount, 5% monthly churn, on Starter plan.
Solution:Paid subscribers: 3,000 x 4% = 120\nTier 1: 96 subs, blended: 96 x (50% x $7 + 50% x $5.95) = $622/mo\nTier 2: 24 subs, blended: 24 x (50% x $15 + 50% x $12.75) = $333/mo\nGross: $955/mo\nGhost Starter: -$9 | Stripe: -$64\nNet: $882/mo\nSubstack: $955 - $95.50 - $64 = $795.50\nGhost saves: $86.50/mo
Result:Net Monthly: $882 | Annual: $10,584 | Saves $86.50/mo vs Substack
Frequently Asked Questions
What is Ghost and how does it work for newsletters?
Ghost is an open-source publishing platform designed specifically for creators who want to build membership-based businesses around their content. Unlike Substack, which is a hosted platform taking a 10% revenue cut, Ghost offers both managed hosting plans and a free self-hosted option, charging zero platform transaction fees beyond standard payment processing. Ghost provides built-in email newsletter functionality, member management, subscription billing through Stripe integration, a customizable website with themes and branding, and robust content management tools. The platform supports multiple membership tiers with different pricing, allowing creators to segment their audience and offer varied levels of access. Ghost powers over 3 million publications worldwide and is particularly popular among independent journalists, technology writers, and niche content creators.
How do Ghost pricing tiers work for memberships?
Ghost allows creators to set up multiple membership tiers with custom pricing and access levels, giving you flexibility to segment your audience by willingness to pay. A typical setup includes a Free tier for general content and list building, a Basic tier at $5 to $15 per month for core premium content, a Premium tier at $15 to $30 per month for exclusive features like community access or bonus content, and a VIP or Supporter tier at $30 to $100 per month for the most engaged fans. Each tier can have different content visibility settings, so you can publish posts visible only to specific membership levels. Most successful Ghost publications see 60% to 75% of paid subscribers on the lowest tier, 20% to 30% on the middle tier, and 3% to 10% on the highest tier. Offering annual plans at a 15% to 25% discount encourages longer commitments and reduces churn.
How much does Ghost cost compared to Substack?
Ghost and Substack have fundamentally different cost structures that favor different types of creators. Substack charges zero upfront cost but takes 10% of all subscription revenue plus Stripe processing fees of approximately 2.9% plus $0.30, totaling about 13% of gross revenue. Ghost managed hosting ranges from $9 to $199 per month depending on your plan, plus only Stripe processing fees of approximately 2.9% plus $0.30 with zero platform transaction fee. For a newsletter earning $5,000 per month in subscription revenue, Substack costs approximately $650 in fees, while Ghost Creator plan costs approximately $25 plus $175 in Stripe fees, totaling $200 and saving $450 per month. The break-even point where Ghost becomes cheaper than Substack is typically around $250 to $500 per month in revenue, depending on the hosting plan. For serious newsletter businesses, Ghost can save thousands of dollars annually.
What are the advantages of self-hosting Ghost?
Self-hosting Ghost provides maximum control, customization, and cost savings for technically capable creators. With self-hosting, you pay only for server hosting, typically $5 to $25 per month through providers like DigitalOcean, Hetzner, or AWS, plus Stripe payment processing fees. There are absolutely zero platform fees on your subscription revenue. Self-hosting gives you full database access, complete theme customization through custom code, ability to install custom integrations and plugins, and full ownership of your data and subscriber list. The main drawbacks are requiring technical knowledge to set up and maintain the server, handle updates, configure email delivery through services like Mailgun, and manage backups and security. For non-technical creators, Ghost managed hosting eliminates these challenges at a reasonable monthly cost.
References
Reviewed by Daniel Agrici, Founder & Lead Developer · Editorial policy