Building a $200K Newsletter With Just 2,000 True Fans With beehiiv

Situation

After being laid off in 2020, journalist Matt Brown launched Extra Points, a newsletter covering the business side of college sports—a hyper-specific niche underserved by traditional media. Starting from scratch, he focused on delivering high-value, original reporting to an audience that deeply cared about the topic.

Challenge

Brown needed to:

• Monetize a small but loyal subscriber base
• Avoid dependence on ads and social algorithms
• Offer more value than free or mass-market alternatives
• Find scalable revenue models beyond just paid subscriptions
• Replace Substack, which took a 10% cut and lacked advanced tools
  

Solution

Brown migrated to beehiiv, enabling him to:

• Keep more revenue with zero platform fees
• Easily manage tiered pricing and email automation
• Launch creative products like the Extra Points Library and ADS4000, a niche video game
• Explore institutional licensing deals with universities
• Focus on premium journalism that readers would pay for
  

Results

• Scaled to 27,000 subscribers, with 2,000 paying
• Generates $200,000+ annually from a mix of subscriptions, licensing, and products
• Secured $3,000/year licensing deals with universities and athletic departments
• Developed a high-trust, niche audience around expert reporting