The Newsletter Wars Are Heating Up 🧨

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Yummy. Love it when two platforms go the mattresses.

So in case you haven’t heard, Beehiiv has a bit of a rivalry with Substack.

Case in point, this X post from Beehiiv CEO Tyler Denk:

He chronicled it with Big Deck Energy here.

Earlier in 2024, Denk went after ConvertKit (now Kit), but as his platform shifts toward #journalism with its media collective, Substack feels like an obvious next target.

A counter offensive, you say?

Substack, undoubtedly aware of the post, started the year with a bold email to prospective users, claiming their platform offers the best of social media, websites, newsletters, and mainstream media— clearly countering claims made by Denk.

From their pitch:

Highbrow stuff— but “social media with property rights” might have just earned a copywriter (or their AI chatbot) a raise.

On pretty much the same day, Ciler Demiralp (@cilerdemiralp), a newsletter thought leader, announced she’s moving hers back to Substack… from Beehiiv.

Her reasons? Substack has:

• More engaged readers

• Better discovery

• Social features

• Higher-quality content ecosystem

She also criticized Beehiiv for attracting low-quality subscribers via paid boosts and offering low CPM ads in its network.

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Meanwhile, FROM THE TOP ROPE COMES Lex Roman, who writes a newsletter on Beehiiv about reader-funded journalists— she took a crowbar to Ciler’s knee, referring to a Substack premium subscriber report (which I thought was quite good) put out by Demiralp:

Training wheels! Here for this. HERE FOR IT.

My Take

Denk’s core claim is that Substack is a social app disguised as an email platform, with benefits increasingly favoring the top 1%.

I largely agree with his take-- it's tough to sell creators on "property rights" when you perpetually take 10% of their revenue and push subscribers into your own app. Sounds more like a rental to me.

You generally want platforms to be as close to the substrate as possible.

Like how Shopify is agnostic to where e-commerce owners sell their products-- website, in-person, social apps, or yes, the Shopify app. They happily power all of it.

I think Beehiiv will eventually become the Shopify of online content.

But discoverability is a bit of an issue right now on Beehiiv.

Paid boosts (or Sparkloop) has a Ponzi element to it, where money changes hands up the ladder while multiple subscriptions are created from only 1 Net New person.*

This creates impressive subscriber growth numbers and some one-time revenue, but also fragments the attention you're seeking to command in someone's inbox.

Many newsletter operators I speak to find that paid recommendations generate lukewarm subscribers. [Full disclosure: I’m using Boosts, and think they work better for some verticals than others.]

FWIW Louis Nicholes vehemently disagrees with me, and explains why he feels paid recommendations are so important:

Whatever side of the fence you fall on, the reality is that the best ways to grow your newsletter on Beehiiv is either with paid ads ($) or through organic posts on social (which the algos increasing hate).

These aren't great options, and I'm seeing a lot of 10k-sub newsletter owners tap out because they can't 1) scale anymore and 2) earn consistent revenue. Just look at newsletters for sale on Duuce.

Beehiiv is addressing 2 through its ad network— which I’m super bullish on.

But what about 1?

Remains to be seen.

I think a native directory would help.

Newsletters are most akin to podcasts in that they live in a feed of sorts. Those need Apple and Spotify to help with discoverability.

Beehiiv newsletters would benefit from the same discoverability mechanism.

Then again, take it too far and you become a quasi-walled garden… just like Substack.

*To be clear, Shopify was criticized early on for something similar-- where many of its early users had more success as an affiliate for Shopify than as an e-commerce brand. The boost game feels similar-ish. Of course many large brands were built or now run on the platform.

Listen to the latest episode of my podcast, Monetize Media (or better yet, subscribe here)— Building a Premium Local Newsletters with Subscriptions, with Geoff Sharpe of Lookout Media:

My background:

15+ years experience in digital media

Founded CrossingBroad.com → sold to XLMedia in 2020 as one of the largest US sports betting affiliates

SVP, North America Sports, XLMedia 2020-2022: oversaw $40M annual SEO affiliate business

Now:

Local Newsletters: Founded WalkingTheBoards.com (18k subscribers)

President, Access Media: 15 hyperlocal news websites and newsletters throughout Philly area and South Jersey + sports site OnPattison.com 

Owner, Tip News: Tip.News Unbiased daily news newsletter (50k subscribers)

Affiliate Consulting: Help publishers monetize through affiliate marketing

Be sure to follow me on X (@KyleScottL) and LinkedIn.