Beehiiv vs Substack vs ConvertKit: The 2026 Newsletter Platform Showdown

TL;DR

The newsletter platform wars are heating up in 2026, and there’s no clear winner—it depends on what you’re optimizing for. Beehiiv leads in growth features with its referral system delivering 30% subscriber boosts and an ad network paying $2-5 CPM. Substack dominates discovery through its recommendations network, with creators reporting 2,000+ paid subs from the platform alone. ConvertKit remains the automation king for complex sequences and digital product sales, while Ghost offers zero revenue share for those willing to self-host. If you’re past 2,000 paid subscribers, Beehiiv’s flat pricing beats Substack’s 10% cut by thousands annually.

What the Sources Say

The community consensus is remarkably clear: there’s no one-size-fits-all solution, and your choice depends on your growth stage and monetization strategy.

Growth vs. Discovery: The Core Tradeoff

One newsletter operator who migrated 50,000 subscribers from Substack to Beehiiv reported 30% subscriber growth using Beehiiv’s referral system. However, they acknowledged Substack’s network remains “more valuable for discoverability.” This tension appears repeatedly across discussions—Beehiiv gives you better tools to grow your existing audience, while Substack’s recommendations network helps you find new readers organically.

An indie writer put it bluntly: “Substack takes 10% but free discovery. Got 2,000 paid subs from recommendations alone. Would cost $10K in ads.” That’s the Substack value proposition in a nutshell—you’re not paying a fee, you’re buying access to a discovery engine.

The Pricing Reality Check

One creator did the math on Substack’s 10% revenue share versus Beehiiv’s flat fees, and the numbers tell a story. The breakeven point sits around 2,000 paid subscribers. Below that, Substack’s percentage-based model can be cheaper (since you pay nothing if you’re not making money). Above 5,000 paid subs, Beehiiv’s flat rate becomes “deutlich günstiger” (significantly cheaper), potentially saving thousands annually.

This aligns with the broader pattern: Substack optimizes for getting started (zero upfront cost), while Beehiiv optimizes for scaling (predictable costs as you grow).

The Automation Gap

ConvertKit users are emphatic about one thing: automation capabilities still matter. A digital product creator stated, “ConvertKit automation still unmatched. Complex sequences, tag flows, digital product delivery. Beehiiv can’t touch this yet.”

This reveals a critical weakness in both Beehiiv and Substack—they’re newsletter-first platforms that bolted on features, while ConvertKit built email marketing infrastructure from the ground up. If your business model involves complex funnels, course launches, or sophisticated segmentation, ConvertKit’s tag-based system and visual automation builder remain unmatched.

The Self-Hosting Alternative

A Hacker News thread highlighted Ghost’s appeal for technically-minded creators: 0% revenue share and full infrastructure control. However, the tradeoff is steep—no discovery network and technical overhead. As one commenter noted, Ghost is “the case for owning your newsletter infrastructure,” but you’re on your own for growth.

Where They Agree

Despite different preferences, the community consensus includes several universal truths:

• Mailchimp is overpriced for newsletters (premium tier at $350/month targets businesses, not creators)
• Free tiers matter for testing (all platforms except legacy Mailchimp offer generous free tiers)
• Platform lock-in is real (migrating 50K subscribers is technically possible but operationally painful)
• Growth features justify premium pricing (Beehiiv’s ad network reportedly generates $2-5 CPM, helping offset platform costs)

The Notable Contradiction

There’s one fascinating disagreement: whether Beehiiv’s referral system beats Substack’s recommendations for total growth. The 50K migration case study reported +30% growth with Beehiiv’s referral program, while Substack advocates point to passive discovery delivering thousands of subscribers without active promotion.

The resolution seems to be timing and effort—Beehiiv rewards creators who actively build referral programs, while Substack rewards creators who produce content the algorithm surfaces. Different mechanisms, both effective.

Pricing & Alternatives

The Real Cost Calculation

Let’s break down actual costs at different scales:

At 1,000 paid subscribers ($5/month each = $5,000/month revenue):

• Substack: $500/month (10% cut)
• Beehiiv Max: $99/month
• ConvertKit Creator Pro: $59/month
• Ghost Creator: $25/month

At 5,000 paid subscribers ($5/month each = $25,000/month revenue):

• Substack: $2,500/month (10% cut)
• Beehiiv Enterprise: ~$200-300/month (estimated)
• ConvertKit: Custom pricing
• Ghost Business: $199/month

The math is brutal for Substack at scale, but remember—those paid subscribers might not exist without Substack’s discovery network in the first place.

Other Notable Options

• Buttondown ($9/month for 1K subs): Markdown-native, minimalist, API-first
• SparkLoop (referral plugin, not a full platform): Works with any ESP
• EmailOctopus (budget option, £8/month for 5K subs): Basic features, low cost

The Bottom Line: Who Should Care?

Choose Beehiiv if:

• You’re growth-hacking your newsletter with referral programs
• You want to monetize through ads (their ad network is a differentiator)
• You’re past 2,000 paid subscribers and Substack’s 10% hurts
• You need detailed analytics without paying for third-party tools
• You’re comfortable with a slightly less established network effect

Choose Substack if:

• You’re starting from zero and need discovery
• You hate marketing and want passive subscriber growth
• You want the simplest possible setup (truly zero configuration)
• You’re building a paid newsletter and the 10% is worth the network
• You value community features (Notes, recommendations, discussions)

Choose ConvertKit if:

• You’re selling digital products or courses
• You need complex automation sequences (welcome series, abandoned cart, etc.)
• You’re already driving traffic and don’t need discovery
• You want tag-based segmentation for personalized content
• Newsletter is part of a broader creator business (not standalone)

Choose Ghost if:

• You’re technically capable and want full control
• You hate revenue sharing (0% vs. Substack’s 10%)
• You’re building your own brand independent of platform networks
• You want to own your infrastructure and data completely
• You’re thinking long-term (portability, independence)

The Hybrid Strategy

Several successful creators use a multi-platform approach: publish on Substack for discovery, drive engaged readers to a ConvertKit funnel for product sales, or start on Beehiiv’s free tier and migrate to Ghost after reaching 10K subs. There’s no rule saying you’re locked in forever, though migration at scale is painful (as that 50K subscriber case study demonstrated).

The 2026 Meta

February 2026 finds the newsletter space more fragmented than ever. Beehiiv is the fastest-growing platform (2025-2026 period), attracting creators focused on monetization optimization. Substack remains the cultural center of the paid newsletter movement, with network effects that compound over time. ConvertKit quietly dominates the “newsletter as funnel” use case, while Ghost represents the indie hacker ethos of ownership and control.

The real winner? Creators who pick the right tool for their specific strategy rather than chasing what worked for someone else. A Substack success story selling $100K/year in subscriptions won’t necessarily translate to Beehiiv, and a Beehiiv growth hacker might suffocate on Substack’s simpler feature set.

One pattern is clear across all discussions: the platform matters less than your content and promotion strategy. That 50K subscriber operator succeeded on both Substack and Beehiiv because they understood growth mechanics, not because one platform was objectively superior.

Sources

• Reddit: Migrated 50K subscribers from Substack to Beehiiv - honest comparison after 6 months
• Reddit: ConvertKit vs Beehiiv for a newsletter with 25K subs - which one?
• Reddit: The real cost of Substack 10% cut vs Beehiiv flat rate - I did the math
• Hacker News: Ghost vs Substack: The case for owning your newsletter infrastructure
• Beehiiv
• Substack
• ConvertKit
• Mailchimp
• Ghost

This analysis reflects community discussions and platform pricing as of February 2026. Newsletter platform pricing and features change frequently—verify current details before making migration decisions.