read + write

By Anna from Twitter

There's serious money in B2B newsletters



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read + write
Hello newsletter experts,
I am wondering if anybody is going to read this issue or be glued to the news about the election all day. But this newsletter has gone out every Tuesday for 64 weeks straight and so it’s going to go out today, too, election or not.
You should be able to do both, right? Keep an eye on FiveThirtyEight and read this newsletter? Kind of like Morning Brew can do both, B2C and B2B newsletters? Here’s why that’s a pretty good idea.

B2B newsletters
The acquisition of Morning Brew by Insider Inc. that we first discussed two weeks ago is now official, according to Axios:
Deal terms: The deal values Morning Brew at around $75 million, sources tell Axios.
The deal size raised some eyebrows as $75 seemed like a lot for a few newsletters. But I think Morning Brew is well worth it as the deal is not only about about the size of their audience but also its purchasing power.
In that sense the best comparison of the Morning Brew deal might be the acquisition of SmartBrief, a business publisher with 275 newsletters in 14 industries. It was acquired by Future plc, a British magazine publisher, for $45 - $65 million back in 2019. According to FOLIO, the deals was both about the B2B audience and technology that Smartbrief had built:
In addition to strengthening its B2B capabilities, growing its footprint in the U.S. and shifting more of its revenues toward digital media—all central aspects of the company’s growth strategy under CEO Zillah Byng-Thorne—Future said it was attracted to SmartBrief’s proprietary technology, including its CMS, taxonomy search tool, ad server and newsletter tracking system, which it plans to apply to other areas of the company.
So clearly there is good money in business newsletters. And even though they don’t make the news that often, there are many successful ones.
One of the better known ones is POLITICO Pro. Politico was founded in 2007 and a trendsetter in many ways. The founders left their jobs to start their own publication, and found success with newsletters, Politico Playbook in this case. POLITICO Pro was added in 2010 and provided a paid complement to the ad based consumer product.
INMA did an interesting presentation about POLITICO Pro in 2018, demonstrating the enormous value of such an offering for professionals.
It seems to boil down to the fact that professionals need to stay informed to do their job, and hence are willing to pay juicy fees – the kind that don’t get advertised on the publisher’s site but require you to contact the sales team:
a POLITICO Pro subscription starts in the high-four figure range, but depends on a range of factors
Morning Brew seems to be borrowing a page from Politico’s playbook. They started with a sponsored consumer newsletter aimed at a business audience and then branched out into B2B newsletters. We can probably expect more of those as Morning Brew just recruited Jacob Donnelly, author of the “A Media Operator” newsletter.
Austin Rief ☕️
I am excited to announce that @JayCoDon will be joining @MorningBrew as the General Manager of our B2B media business.

Jacob is going to help take @Retail_Brew, @MarketingBrew and @etechbrew to the next lever. 🚀🚀🚀
There are many more examples of successful B2B newsletters, another big one being Industry Dive, who publishes newsletters for professionals in some 20 industries like banking, health care or retail.
I know that there also are a number of readers of The Week in Newsletters working on B2B newsletters. Two that I have been very impressed with are Tagesspiegel Background in Germany and Early Morning Media from the UK.
Both send a number of daily briefing newsletters. Tagesspiegel’s format is daily newsletters for decision makers on topics that bring big changes to society, like artificial intelligence, e-health, climate or smart cities. Early Morning Media sends daily industry briefing newsletters, the equivalent of the NY Times daily briefing for professionals in tax, legal, education and many other sectors.
Again the pricing is interesting. Tagesspiegel charges €179 for a monthly subscription – a significant step up from the typical $5-10 for a paid newsletter for a consumer audience. Like POLITICO Pro, Early Morning Media does not advertize prices, a clear sign that a subscription will set readers back more than a double chai latte with oat milk.
It seems that the higher price segment is currently mostly targeted by publishers, whereas indie authors are focusing on the popular $5-15 per month subscription.
But there certainly are examples of indie authors going after higher fees. Mike Fourcher has been publishing The Daily Line, insider reports on City Hall and the Cook County Board read by political insiders, developers and Fortune 100 executives for $39 per month. The same amount charged by Wealth Mastery here on Revue for exclusive information, tips, and insights to help you grow your wealth and stay ahead of the curve.
I’ll refer to Austin Rief of Morning Brew once more to spell out the opportunity. An indie author can probably charge a good bit more for a paid newsletter if readers can get the monthly fee reimbursed by their employer as a learning & development expense.
Austin Rief ☕️
Too many people view the paid newsletter (substack) opportunity as a B2C play.

The real successful ones will position their content as an L&D expense.

Selling 100s of subscriptions to 1 business > selling 1 subscription to 100 consumers.
Would love to hear from you if you have ideas in this direction, or have seen any cool projects. You can as always simply reply to this email, or reach me at
The week in newsletters
No matter whether it’s B2C or B2B, a newsletter needs to be high quality to be successful, so here are the must read newsletter articles of the week.
Profile of Nick Quah
Introducing the Latinx Files
Newsletter OS (Notion Dashboard)
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Anna from Twitter
Anna from Twitter @revue

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