How I Built A $75M Newsletter Plus Tips

From 37 Subscribers to a Media Empire

In 2015, two college students sent a five-minute daily email to 37 subscribers. By 2025, that newsletter--Morning Brew--had grown into a $75 million media company reaching millions of readers daily. This isn't just a success story; it's a blueprint for building something remarkable from nothing.

Alex Lieberman, co-founder of Morning Brew, has shared the strategies that transformed a dorm-room experiment into a media empire. Whether you're launching your first newsletter or looking to scale an existing one, these insights will change how you think about email marketing.

The lesson is clear: newsletters aren't just about sending emails. They're about building relationships, creating content people genuinely want to read, and designing systems that grow automatically.

If you're serious about building an email program that delivers results, our email marketing services can help you implement these strategies effectively.

The Foundation: Why Newsletters Win

Why Email Outperforms Social Media

Email remains the most reliable channel for reaching your audience directly. Unlike social media algorithms that constantly change the engagement rules, email puts you directly in your subscriber's inbox. Morning Brew recognized this fundamental advantage early and built their entire business around it.

Key advantages of email over social media:

• Direct access to your audience without algorithmic filtering
• Ownership of the relationship that can't be revoked by platform changes
• Higher engagement rates when content resonates
• Perpetual value--old content continues working

When you own your email list, you own the relationship. Social media followers can disappear overnight when algorithms shift or platforms change direction. But an email subscriber who has opted into your content belongs to you permanently.

For businesses looking to build sustainable audience relationships, email marketing provides a level of control and direct access that social platforms simply cannot match. Our email automation services help you build these relationships at scale.

The Business Model Behind Newsletter Success

The economics of newsletter publishing have transformed dramatically. Where traditional media relied on circulation fees or fragmented advertising, modern newsletters can achieve remarkable revenue per subscriber. Morning Brew reportedly generates approximately $75 million in revenue, demonstrating the potential of a well-executed newsletter strategy.

The key insight is that engaged email subscribers are extraordinarily valuable. A newsletter with 100,000 highly engaged readers can generate more revenue than a platform with millions of passive followers. Morning Brew understood this and focused relentlessly on engagement metrics rather than raw subscriber counts.

This approach allowed them to command premium advertising rates. Advertisers pay for access to attentive audiences, not just large numbers. Morning Brew's 50% open rates demonstrated exceptional engagement that translated directly into advertising value.

The 3 E's Framework: Creating Content That Converts

Morning Brew's content philosophy centers on what they call the "3 E's": Educate, Entertain, and Engage. Every piece of content they create must fulfill all three criteria. This isn't about entertainment for its sake--it's about making information genuinely useful while remaining enjoyable to consume.

Educate: Providing Genuine Value

The education component means every newsletter delivers something readers didn't know before. This could be a business insight, an industry trend, or a practical tip. The key is that readers finish each newsletter knowing more than when they started.

Entertain: The Power Of Voice

Traditional business newsletters tend toward formality. Morning Brew broke this pattern deliberately. Their writing style is conversational, sometimes playful, and always human. This entertainment value creates an emotional connection that pure information cannot achieve.

Engage: Turning Readers Into Community

Engagement goes beyond open rates. Morning Brew designs content that sparks conversations, prompts shares, and creates community. Their referral program transforms readers from passive consumers into active advocates.

The 3 E's in practice:

Implementing these principles requires a strategic approach to content creation. Our content marketing services can help you develop newsletter content that educates, entertains, and engages your audience effectively.

Building A Killer Referral Engine

The Math Behind Viral Growth

Referral marketing became Morning Brew's primary growth engine, driving approximately 30% of their subscriber base. This wasn't accidental--it was a deliberately designed system that leveraged their existing engaged audience.

The fundamental insight is that referral programs only work when people genuinely want to share your product. Before implementing their formal referral program, Morning Brew had already built something worth sharing. Readers were already recommending the newsletter to friends organically.

It's worth noting that not all referral traffic is beneficial. Understanding the difference between genuine referrals and referral spam is crucial for maintaining list quality and accurate analytics.

Technical Implementation: Unique Tracking Systems

Morning Brew's referral system uses unique tracking codes tied to each subscriber's account. When a subscriber shares their unique link and someone signs up, the system automatically attributes the new subscriber to the referrer.

How the referral tracking works:

1. Each subscriber receives a unique referral code
2. When they share this code and someone subscribes, the new subscriber is linked to the original referrer
3. When that new subscriber confirms through double opt-in, an API request triggers and attributes the subscription
4. The referrer receives credit, triggering any earned rewards

A/B Testing Landing Pages And CTAs

Morning Brew didn't just launch their referral program and hope for the best. They tested extensively, running experiments that improved conversion rates by over 7%.

Their experiments included testing different landing page designs, header text variations, form styles, button colors, and additional visual elements. One significant test compared their original landing page against a minimalist version that simply indicated a friend had recommended the newsletter. The minimalist approach outperformed the original by 3.1%.

This testing extended to the referral calls-to-action within the newsletter itself. Though the newsletter appears similar each day, the specific CTAs rotate regularly. This variety generates nearly 1,000 additional newsletter subscriptions and more than 5,000 podcast views daily. Testing different subject lines and CTAs should be a continuous process for any newsletter looking to optimize performance.

Milestone-Based Reward Systems

Morning Brew's reward system uses milestone-based tiers rather than simple per-referral compensation. This approach creates sustained motivation rather than momentary incentives. Readers work toward progressively better rewards as their referral count grows.

Milestone reward examples:

• 3 referrals: Branded stickers
• 5 referrals: Morning Brew water bottle
• 10 referrals: Premium merchandise pack
• 25 referrals: Exclusive experiences

The rewards align with the newsletter's brand and audience. Rather than generic gift cards, Morning Brew offers branded merchandise that subscribers genuinely want.

An important detail: the referral account doesn't reset. If you've referred three people and earned the sticker reward, you only need two more for the next tier. This progressive unlocking maintains motivation even after initial rewards are claimed.

Customizing The Referral Experience

Morning Brew personalizes the referral section based on each reader's referral count. What a new subscriber sees differs from what a frequent referrer sees. This customization keeps the experience fresh and relevant.

The team rotates between animated GIFs and showcases specific rewards based on where the reader stands in their referral journey. This dynamic approach prevents the referral section from becoming stale or ignored.

Building a successful referral program requires ongoing optimization and personalization. Our marketing automation services can help you implement sophisticated referral tracking and reward systems tailored to your business.

Email Deliverability And Open Rate Optimization

The Critical Importance Of Inbox Placement

Morning Brew's journey includes a crucial lesson about email infrastructure. Early on, they experienced deliverability rates around 60%, meaning 40% of their emails never reached subscribers' primary inboxes. This directly impacted their business viability.

Email open rate is calculated based on deliverability rate. If 60% of emails are delivered and 22% of those are opened, the actual open rate is just 13.2% of total subscribers.

Deliverability metrics improvement:

Switching To A Better ESP

The solution required switching to a better email service provider. After this transition, Morning Brew's deliverability rate jumped to 99%, and their open rate more than doubled from 22% to 50%.

When evaluating email providers, consider more than just cost. Deliverability rates, inbox placement capabilities, and analytics depth all matter significantly.

List Hygiene And Quality Over Quantity

Morning Brew maintains rigorous list hygiene practices. They actively remove subscribers who haven't opened emails in extended periods, recognizing that an unengaged subscriber hurts deliverability rates and provides no value.

List hygiene best practices:

• Remove subscribers who haven't opened in 6+ months
• Implement double opt-in for quality assurance
• Segment active vs. inactive subscribers
• Send re-engagement campaigns before archiving

The company uses a three-step opt-in process to ensure quality from the start. While this creates friction in the acquisition process, it ensures that subscribers are genuine and engaged from day one. Avoid the temptation to purchase email lists--built audiences are far more valuable than purchased contacts.

Maintaining a clean email list is essential for deliverability and engagement. Learn more about email list cleaning best practices to optimize your own list hygiene.

Onboarding And First Impressions

The Strategic Welcome Email

Morning Brew's welcome email accomplishes multiple objectives simultaneously. It establishes brand voice, sets expectations, guides readers toward their first action, and begins building the relationship.

Welcome email objectives:

1. Clear, bold welcome that acknowledges the new subscriber
2. Primary inbox instruction asking subscribers to move Morning Brew's emails to their primary inbox
3. Expectation setting explaining what they'll receive and how often
4. First action guidance encouraging them to read their latest newsletter

Moving emails to the primary inbox signals to email providers that subscribers value the content. This signal improves future deliverability automatically.

Setting Expectations Early

The welcome email explains what subscribers will receive and how often. This expectation-setting prevents surprise-driven unsubscribes. New subscribers should know exactly what they're getting into.

Morning Brew's approach is transparent about frequency (daily), format (newsletter style), and content focus (business news and insights). This clarity creates informed subscribers who are more likely to remain engaged long-term.

A well-designed welcome sequence sets the foundation for long-term engagement. Our email marketing experts can help you design welcome sequences that convert subscribers into loyal readers.

Monetization Strategies That Work

Native Advertising In Newsletter Format

Morning Brew's primary revenue comes from native advertising embedded within their newsletter content. Rather than displaying traditional banner ads, they write sponsored content that matches their editorial style.

This native approach means advertisements feel integrated rather than interruptive. Readers encounter sponsored content as part of their regular reading experience rather than as an obvious advertisement to be ignored.

Native advertising principles:

• Write sponsored content in the same voice as editorial content
• Clearly label sponsored posts while maintaining quality
• Choose advertisers that align with audience interests
• Maintain editorial integrity while serving advertisers

Expanding Into Multiple Newsletters

Rather than relying solely on their flagship newsletter, Morning Brew expanded into multiple vertical editions. These include:

• Retail Brew: Retail and e-commerce news
• Emerging Tech Brew: Technologies shaping business future
• Marketing Brew: Marketing, advertising, and media stories
• HR Brew: Human resources professional content
• Money Scoop: Personal finance topics
• Sidekick: Entertainment, recipes, and productivity tips

This expansion strategy multiplies reach and revenue potential. Each vertical edition serves a specific audience while leveraging the same core infrastructure.

Podcast And Media Extensions

Morning Brew extended their brand through podcast content, creating additional touchpoints with their audience. This multi-format approach increases overall engagement and creates additional advertising inventory.

Cross-promotion between formats drives engagement across all channels, with the newsletter serving as the central hub for the broader media ecosystem.

For businesses looking to monetize their newsletter, a multi-format content strategy can significantly increase revenue potential. Our digital marketing services can help you develop a comprehensive content monetization strategy.

Practical Tips For Implementation

Start With Great Content First

Before implementing referral programs or sophisticated monetization, ensure your content is genuinely valuable. Morning Brew's referral program succeeded because the underlying product was worth recommending. No amount of optimization can save mediocre content.

Content quality checklist:

• Would I recommend this to a friend?
• Would I be excited to receive this in my own inbox?
• Does each piece deliver genuine value?
• Is the voice consistent and distinctive?

If the answer is uncertain to any of these, focus on content improvement before scaling efforts.

Implement Systematic Testing

A/B testing should become habitual rather than occasional. Test subject lines, content formats, calls-to-action, and landing pages. Every element can potentially be improved through systematic experimentation.

High-impact tests to start with:

1. Subject line variations (test curiosity vs. clarity)
2. Send times (morning vs. afternoon)
3. Content formats (long vs. short)
4. CTA placement and wording
5. Landing page designs

Start with high-impact tests. Subject line testing often provides the fastest returns since open rates directly impact every other metric. Tools like our subject line tester can help you optimize your email subject lines for better open rates.

Build For The Long Term

Newsletter success compounds over time. Morning Brew's growth wasn't overnight--it happened through years of consistent improvement and relationship building. Focus on building something sustainable rather than chasing quick wins.

Long-term success principles:

• Prioritize relationship building over optimization games
• Focus on engagement metrics, not just subscriber count
• Create content you'd want to receive yourself
• Test continuously but stay patient
• Treat every interaction as an investment

The relationships you build with subscribers today will define your business for years to come. Treat every interaction as an investment in long-term value rather than a transaction to be maximized.

Sources

1. HubSpot Blog - How I Built a $75M Newsletter: My Top Tips to Make Yours Impactful - Primary source with founder Alex Lieberman's detailed insights on building Morning Brew from dorm room to $75M media empire
2. GrowSurf - How Morning Brew's Referral Program Grew to 2.5 Million Subscribers - Technical analysis of referral program mechanics and optimization strategies
3. Encharge - How Morning Brew Makes $13M from Email Marketing - Detailed breakdown of monetization, engagement metrics, and business model insights