We analyzed 859 newsletters: these are the things publishers keep missing

We looked newsletter products from 32 enterprise publishers across 10 European countries. Explore the full dataset and our findings.

Newsletters are having a moment, and have been for a while now. For independent creators and small editorial teams, the format has become the single most valuable thing they own: the most direct line to a reader, the cleanest path to revenue, the most trivial piece of an otherwise precarious media stack. We are several years into a real renaissance: high-quality, high-value newsletters doing serious public-interest journalism, building real businesses, and proving, solo operator after solo operator, that one good writer with one good idea and a clear tone of voice can run a sustainable product out of an inbox. Okay, maybe out of a Substack / Beehiiv / Ghost, but you get what we mean.

Since that side of the story is well told by now, and we also covered it last year in our 2025 Newsletter Playbook, this year we wanted to look at the other side, and see what large, enterprise publishers do.

These entities have a lot to gain from newsletters and despite having the brand authority, archives…