PublisherRevenue Guide

The business behind
independent publishing.

New here? Choose a reading path ↗

For independent publishers / The revenue desk

Good publishing.
A workable
business.

Understand how the money works. Build a model that supports your publication, your readers, and the work you want to keep doing.

Clear costs. Honest trade-offs. No easy-money promises.

01Follow the money, including the costs.
02Separate the claim from the evidence.
03Keep the reader in the equation.

Documented publisher cases

Real publications. Different models.

Browse case files ↗

The working library / 81 pieces

Start with the decision.

All reading paths ↗

A route through the research, a real publisher case, and a tool to put the question on paper.

The operating desk / New guides

Keep the business working.

Choose your path ↗

The research library

Better questions.
More useful numbers.

Revenue models, ad operations, direct sales, privacy, and distribution. The expanded research library keeps the method and source trail visible.

Open the library ↗
  1. 01

    Choose the model you can actually operate

    Field guide / 4 min read

  2. 02

    Compare ad partners by denominator, eligibility, and cash timing

    Research guide / 7 min read

  3. 03

    Follow the source trail.

    The documents behind this edition

From the platform archives

The products behind the workflow.

Explore the archive ↗

The archive / Follow the source dates

How we got here.

Browse the archive ↗

Revisit the announcements and research behind today’s publishing questions. These are newly prepared analyses of dated sources.

  1. 2023Source / 11 April 2023

    Substack Notes made discovery work visible.

    Audience and distribution

  2. 2023Source / 14 September 2023

    beehiiv put ad-inventory workflow into the product.

    Ad operations

  3. 2023Source / 2 November 2023

    When AdSense changed the unit, the dashboard needed new questions.

    Ad operations

  4. 2025Source / 22 April 2025

    Chrome kept cookie choice in its settings.

    Privacy & advertising

  5. 2025Source / 22 July 2025

    A search summary is not a traffic forecast.

    Search & distribution

  6. 2025Source / 4 August 2025

    Ghost 6.0 made federation a distribution question.

    Platform operations

  7. 2026Source / 7 August 2026

    Journey made Grow optional. The application still needed a fit check.

    Network terms

A question for the working desk

What if a sponsor
cuts their budget?

Try a small stress test. Then open the full model and make every assumption yours.

Open the revenue mix tool ↗
Monthly revenue after reduction$4,200
Contribution after $3,500 in costs$700

Invented monthly example / USD: $2,000 sponsors + $3,200 other revenue. Costs stay fixed.

The toolkit / Put the research to work

Bring your own assumptions.

All 15 tools ↗

A clearer view of the business

The Revenue Letter.

One useful model. One question worth asking.
A considered note for independent publishers.