Substack takes 10% of newsletter subscriptions; beehiiv and Ghost take none
Gabriela Montoya · August 19, 2026
Publishing covers books and magazines as businesses: advances and royalty structures, print runs and returns, distribution terms, backlist and catalog value, and subsidiary rights across audio, translation and screen. Guides explain where margin actually accumulates in a title's life. Written for publishers, agents and authors negotiating their own contracts.
Publishing covers books and magazines as businesses: advances and royalty structures, print runs and returns, distribution terms, backlist and catalog value, and subsidiary rights across audio, translation and screen. Guides explain where margin actually accumulates in a title's life. Written for publishers, agents and authors negotiating their own contracts.

The May 2024 deal — reported at over $250 million over five years — created the template every publisher–AI negotiation since has worked from; here is what is actually in these agreements.
Gabriela Montoya · July 23, 2026
First-renewal rates separate publications that compound from those that leak, and the first month — not the pitch — decides most of it.
Gabriela Montoya · June 30, 2026
Annual plans cut measured churn dramatically and hand you cash in advance; monthly plans keep the feedback honest — most publishers should sell both and weight annual hard.
Michael Hayes · June 7, 2026
A 148-year-old newspaper owned by a wealthy family asked the IRS to let it become a charity — and the case has since become the reference point for every legacy conversion debate.
Michael Hayes · May 16, 2026