Which independent newsletters crossed six-figure subscriber or revenue milestones in 2025?

1. Slow Boring and high‑paid subscriber clubs: a paying-list that clearly crossed six figures

Matthew Yglesias’s Slow Boring was publicly cited as having over 18,000 paying subscribers, a figure that Press Gazette and Business Insider reporting translated into at least £1.2m ($1.4m) in revenue — a straightforward example of a newsletter that crossed six figures via paid subscriptions ^[1]. Press Gazette’s exclusive ranking also notes more than 50 Substack newsletters earning £500,000+ and several others at £800,000+, underscoring that a significant cohort of independent newsletters were comfortably in six‑figure (and higher) revenue territory in 2025 ^[1].

2. Beehiiv’s success cases: multiple six‑figure revenues and sponsorship deals

beehiiv’s own state-of-industry posts and case studies spotlighted multiple operators reaching six figures: Deal Sheet reached $500,000 in annual recurring revenue and secured six‑figure sponsorships within months; Tech Safari and other beehiiv titles reported growing to “over $100,000 in revenue” or to six figures with modest subscriber bases; and various founders described diversifying into sponsorships, private deals and ad networks to hit these milestones ^{[3] [4]}. Inbox Collective also profiled three beehiiv operators—Zain Kahn (Superhuman), Quinn Emmett (Important, Not Important), and Pete Huang (The Neuron)—who reached six‑figure revenue, illustrating that the platform’s toolkit and ad products were driving substantive income ^[6].

3. Examples outside the platform bubble: newsletters using events, licensing and acquisitions

Case studies and industry reporting show other business models that produced six-figure outcomes: The LA Raver converted viral social traffic into a six‑figure business through events and partnerships; Extra Points built low six‑figure annual revenue via subscriptions plus institutional licensing; and Morning Brew’s earlier trajectory remains a benchmark, cited for having reached tens of thousands of subscribers and multimillion-dollar revenue before its acquisition ^{[5] [7]}. Press Gazette also highlighted Ankler’s claimed seven‑figure months and Mill Media’s forecast £1m turnover across local newsletters, signaling that multi‑product strategies pushed operators past six figures ^[1].

4. The many that “hit six figures” but with important caveats about verification

Several reports frame six‑figure milestones as common in 2025, but most rely on self-disclosure, platform case studies or extrapolation rather than transparent, auditable revenue reports; Substack, for example, does not publish individual revenue numbers, so rankings must infer income from subscription counts and prices or depend on publisher statements ^{[1] [2]}. Gaps aggregated $2.9M in monthly recurring revenue across a set of newsletters, signaling robust aggregate earnings, but the underlying per-title splits and methodological assumptions are not uniformly public ^[2]. That means while many named newsletters demonstrably crossed six figures, a wider list of “six‑figure” performers remains partly contingent on selective reporting and platform marketing ^{[2] [1]}.

5. What the pattern shows about the 2025 creator economy

Taken together, these sources show 2025 as a year when diversified monetization—paid subscriptions, sponsorships, events, licensing and high‑ticket offers—regularly pushed independent newsletters into six‑figure revenue and, in many cases, into seven figures; platform playbooks (beehiiv) and creator case studies (Inbox Collective, Write With AI) make it clear that crossing $100k is a reachable benchmark with small, loyal lists, strategic pricing, and multiple revenue channels ^{[8] [6] [9]}. At the same time, the lack of comprehensive public accounting from major platforms means any list of “which newsletters” is a best‑effort synthesis of public statements, platform case studies and press rankings rather than a fully audited registry ^{[1] [2]}.