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How Newsletters Are Building Their Own Ad Networks
Description
In this episode of The Newsletter Podcast, Lucas and Luna explore a growing trend: newsletter writers banding together to form their own ad networks. They break down how collectives like Swapstack and the emerging 'independent newsletter coalitions' work, using the example of a group of 15 tech newsletters that pooled inventory to compete with programmatic giants. They discuss the economics—how a writer with 20k subscribers can earn CPMs of $30 to $50 instead of the typical $10—and the trade-offs around control, brand safety, and editorial independence. Luna brings a specific case: a cohort of five newsletters focused on remote work that started a shared sponsorship marketplace in early 2026 and saw 40 percent higher fill rates within three months. They also touch on what this means for the broader newsletter business model, especially as platforms like Substack and Beehiiv experiment with their own ad tools.