Top-earning Substacks, ranked by minimum implied revenue

Annual subscription costs multiplied by minimum number of subscribers.

*Shaun King's "The North Star" is the only newsletter on this list which Substack says has only "thousands of" paid subscribers. It has been included because it appears above a newsletter with "tens of thousands" in Substack's leaderboard, implying it makes at least as much revenue as the newsletter below it.
Chart: Press Gazette Source: Substack Get the data Embed