How Does Beehiiv Split Its Revenue?

Tyler Denk is working from a year of about $30 million in top-line revenue at Beehiiv, split about 70 percent SaaS and 30 percent ads.

The projection he is using puts the SaaS side, the email product and the newsletter product together, at $23 million. The ad network is the other $7 or $8 million, ideally more, and Beehiiv is pacing above the projections set from the start of the year. SaaS margins sit in a typical SaaS range, somewhere between 60 and 70 percent. On ads, Beehiiv keeps a 10 to 20 percent cut of the revenue, and the spread moves with supply and demand. An advertiser such as Nike, where demand is high, means a larger spread, and weaker demand means a smaller one.

The ceiling is fixed. Beehiiv caps the cut at 20 percent and never takes more than 20 percent of any ad placement it sells for publishers.