Last Updated: March 2026
Executive Summary: What Newsletter Creators Actually Earn
Our research across 50+ authoritative sources reveals that newsletter monetization in 2025 has evolved into a $2+ billion industry, with creators earning anywhere from $500/month with 1,000 subscribers to $100,000+ annually with larger audiences. Over 50 newsletter creators now earn $1 million+ annually on platforms like Substack alone, while thousands more generate sustainable five-figure incomes.
This comprehensive newsletter monetization guide covers real earnings data you need:
Key Findings:
- Newsletter creators with 1,000 paid subscribers at $5/month earn approximately $60,000 annually
- The average free-to-paid conversion rate is 3-5%, with top performers reaching 10%
In 2024, beehiiv’s Ad Network generated $3.7 million for newsletters, while paid subscriptions generated $8.7 million
✅ Updated (March 2026): In 2025, beehiiv paid subscriptions generated $19 million — a 138% jump from the $8.7 million in paid subscriptions recorded in 2024. The Ad Network (which generated $3.7 million in 2024) and Boosts pushed total creator earnings well past $25 million across all monetization channels. (Source: beehiiv State of Newsletters 2026, January 2026)- Newsletter advertising CPM rates range from $15-$30 for general audiences, up to $100+ for premium niches
There will be 4.73 billion email users globally by 2026, representing 54% of the global population
✅ Updated (March 2026): Email users have now exceeded 4.73 billion globally. Newsletter publishers on beehiiv alone reached 255 million unique readers in 2025, sending 28 billion emails — up significantly from prior years. (Source: beehiiv State of Newsletters 2026)- For newsletters launched in 2025, the median time to earning a first dollar dropped to just 66 days — the fastest on record. (Source: beehiiv State of Newsletters 2026, January 2026)
- Creators with diversified revenue streams earn roughly 3× more than those relying on subscriptions alone. (Source: beehiiv, December 2025)
⬇️ Scroll down for 20 real monetization examples with verified income data across different subscriber levels.
Understanding Newsletter Revenue Models in 2025
The newsletter market is projected to reach $2 billion in 2025, driven by personalization and multimedia integration. Successful creators diversify across multiple revenue streams rather than relying on a single monetization method.
Primary Monetization Strategies
1. Paid Subscriptions
The average yearly price of a paid newsletter is $100, with most creators offering two free months as a promotional method. Among active paid newsletters, the average subscription prices are: $10/month, $96/year, and $310 for founding memberships.
Revenue Calculation: With 1,000 paid subscribers at $10/month, creators earn $120,000 annually gross revenue. After Substack’s 10% fee and Stripe’s 2.9% + $0.30 processing fees, a $100 annual subscription nets approximately $86.80 for the creator (often rounded to $87).
2. Advertising & Sponsorships
Standard newsletter CPM rates range from $10-$30, with niche newsletters commanding $50-$75 CPM. Publisher newsletters achieve open rates of 22% or higher, with newsletter-referred visitors 25 times more likely to convert.
Example: A newsletter with 10,000 subscribers at $20 CPM earns $200 per sponsored email. Sending 2 ads per month generates $400-$800 monthly.
Roughly 6 in 10 US content creators report affiliate commissions as an income source, second to sponsored content at 82%. Successful affiliates like Matt McGarry earn 50% commissions for an entire year through beehiiv’s partner program.
4. Service-Based Revenue
Newsletter operators can reach $10,000 in monthly recurring revenue with approximately 1,000 subscribers when implementing service-based approaches, representing a 0.3% conversion rate to high-ticket offerings priced between $3,500-$6,000 per four-week cycle.
5. Boosts & Cross-Promotions
In 2024, beehiiv Boosts generated $2.1 million in revenue for 3,112 newsletters. Referral programs help newsletters grow up to 35% faster, with newsletter referrals costing an average of $0.17 per subscriber versus $1-$3 from other channels.
Newsletter Earnings by Subscriber Count
1,000 Subscribers: Building the Foundation
Monetization Potential: $500-$2,000/month
Real Example – Starting Out: A creator with 2,000 subscribers joining beehiiv earned $217.20 in their first month from 8 newsletter ads. This demonstrates that even smaller lists can generate meaningful income through advertising.
Paid Subscription Model: With 1,000 subscribers at $5/month and a 10% free-to-paid conversion (100 paying subscribers), gross revenue is $6,000/year or $500/month. After platform fees (10%) and transaction costs, net revenue is approximately $4,050/month.
Advertising Model: At 1,000 subscribers with $20 CPM, a single sponsored email earns $20. Publishing 4 sponsored emails monthly generates $80-$100/month from ads alone.
5,000 Subscribers: Gaining Momentum
Monetization Potential: $2,000-$10,000/month
Real Examples:
Paid Subscriptions: Leslie of “The Morning Person” had 5,000 paid subscribers at $5/month by December 2022, generating over $25,000 monthly before platform fees.
Mixed Revenue: A newsletter with 5,000 subscribers charging $7/month for paid subscriptions (5% conversion = 250 paid subscribers) earns $21,000/month, plus additional revenue from 2-3 ads at $25 CPM ($250-$375/month).
10,000 Subscribers: Professional Income
Monetization Potential: $5,000-$25,000/month
Real Examples:
Danielle Tudahl grew The LA Raver newsletter to 16,000 subscribers and generated $100,000 in one year through multiple revenue streams including event tickets, affiliate codes, newsletter ads, and sponsored content.
Advertising Focus: At 10,000 subscribers with $20 CPM and 40% open rate:
- A newsletter with 10,000 subscribers at $20 CPM earns $200 per sponsorship. With two sponsors per month, that’s $400-$800 monthly
- Top performing newsletters charge $100-$125 per ad slot even with ~1,400 subscribers due to high engagement
20,000-50,000 Subscribers: Full-Time Business
Monetization Potential: $10,000-$50,000+/month
Real Examples:
Tech Safari: Maru grew Tech Safari to over 15,000 subscribers and six figures in revenue by sharing news, trends, tools, and events in African tech.
Catskill Crew: Founder Michael Kauffman grew his regional newsletter to over $100,000 in revenue in one year by sharing local events.
Cyber Corsairs: Founder Yaroslav Sobko grew his AI newsletter to over 50,000 subscribers and $16,000 in monthly revenue in less than one year.
100,000+ Subscribers: Industry Leaders
Monetization Potential: $50,000-$500,000+/month
Real Examples:
Morning Brew: Morning Brew was acquired by Business Insider for $75 million in 2020, with 2.5 million subscribers on its main newsletter. The company generated $13 million in 2019 and expected over $20 million in 2020, almost entirely from advertising. By 2021, Morning Brew generated about $50 million in revenue with 4 million subscribers.
The Hustle: The Hustle was acquired by HubSpot for $27 million after building a large subscriber base through consistent daily business content.
Letters from an American: Written by Boston College history professor Heather Cox Richardson, this is the highest-earning Substack newsletter, bringing in at least $5 million annually with “hundreds of thousands” of paying subscribers.
Real Monetization Case Studies by Strategy
Pure Paid Subscription Model
Case Study 1: Finance Newsletter Success A finance newsletter creator started 6 months prior and grew to 2,300 paid subscribers paying an average of $425/year, generating $977,000 annually with no employees. Success factors:
- Simplified complex financial concepts
- Posted on X (Twitter) every hour for visibility
- Used longer tweet threads linking to newsletter
- Charged annual subscriptions only
Case Study 2: Journalism Transition Emily Atkin started her climate crisis publication in late 2019 and was earning a six-figure salary within six months, focusing full-time on the publication.
Case Study 3: Substack Top Earners Over 50 Substack authors earn $1 million+ annually through paid subscriptions. Press Gazette’s 2025 analysis found 52 newsletters earning at least $500,000 annually
✅ Updated (March 2026): Those 52 top-earning Substack newsletters collectively generated $40.2 million annually — an average of approximately $773,000 per newsletter. (Source: Press Gazette, 2025), collectively generating $40.2 million.
Pure Advertising Model
Case Study 4: Morning Brew’s Ad-Only Success Morning Brew generated revenue from $3 million in 2018 to $13 million in 2019 with only 33 employees, focusing entirely on advertising. The daily newsletter had 1.8 million subscribers with a 42% open rate.
Key metrics:
- 95% of revenue came from the daily newsletter in early 2019
- 180 advertising partners in 2019, double from 2018
- Average open rate of 40% maintained consistently
Hybrid Monetization Model
Case Study 5: Creator Economy NYC Founder Brett Dashevsky monetizes through brand and event sponsorships in bulk packages, serving the NYC creator community.
Case Study 6: beehiiv Platform Data Across beehiiv’s platform in 2024: 4,728 newsletters placed ads through the Ad Network, 3,112 earned through Boosts, and 1,498 earned through paid subscriptions.
By mid-2025, beehiiv newsletters had collectively earned $25+ million in revenue across all monetization methods.
✅ Updated (March 2026): For the full year 2025, beehiiv paid subscriptions alone reached $19 million — up 138% from the $8.7 million that paid subscriptions generated in 2024. When the Ad Network, Boosts, and digital products are included, total creator earnings surpassed $25 million for the year. (Source: beehiiv State of Newsletters 2026, January 6, 2026)
Time to First Revenue: 66 Days (2025 Benchmark)
One of the most significant shifts in newsletter monetization in 2025 was how quickly new creators began earning. According to beehiiv’s State of Newsletters 2026 report, the median time for a new newsletter to earn its first dollar dropped to 66 days in 2025 — the fastest recorded since the platform launched.
Key drivers of faster monetization:
- Built-in Ad Network access from day one (no minimum subscriber threshold)
- Boosts revenue available immediately on paid plans
- Digital product sales now native to the platform (launched late 2025)
This 66-day benchmark is a useful target for new newsletter operators: if you have not earned a first dollar within 3 months, it is a signal to revisit your monetization setup rather than just your content.
Newsletter Conversion Rate Benchmarks
Understanding conversion metrics is critical for revenue projections:
Free-to-Paid Conversion Rates
Analysis of dozens of newsletters shows the average paid subscriber conversion rate is 3%, with only 20% of publications achieving conversion rates higher than 5%.
Tech journalist Casey Newton achieved approximately 5% conversion when launching his paid Substack, despite expectations of 10%. This aligned with most professional newsletter writers’ experiences.
Conversion Rate by List Size:
- Creators who grow their audience to a certain size before activating paid subscriptions often see lower initial conversion rates than those who start paid from day one
- A 5% conversion rate means out of 10,000 subscribers, around 500 convert to paying subscribers. A 10% rate means 1,000 convert
Subscriber Retention
The typical subscriber churn rate on paid newsletters is 4% per month. Premium newsletter benchmarking shows churn rates ranging from 1-3% monthly, with rates much higher making it difficult to sustain a paid subscriber base.
Email Performance Metrics
Beehiiv’s analysis of 4.5 billion newsletters revealed: 38.7% average open rate (down from 42.9% in 2022), and 1.85% click-through rate (up from 1.79% in 2022).
Best Performing Niches:
- Venture capital newsletters: 50.4% open rate
- Sports newsletters: 47.5% open rate
- Food & drink newsletters: 45.3% open rate
- Welcome emails: 47% average open rate
Newsletter Advertising Rate Guidelines
CPM Pricing Models
For average audiences, $0.05 per open is a good benchmark. Fixed CPM rates typically charge based on total subscribers and get paid upfront.
CPM by Audience Type: Consumer goods targeting general audiences: ~$1 CPC target. More targeted audiences like pet owners: ~$2 per click. Professional/wealthy audiences (financial products): $3-4 CPC. B2B audiences: $6-8+ CPC.
Actual CPM Data: Analysis of newsletters ranging from 3,000 to over 1 million subscribers showed CPM rates between $9.99-$87.33, with most primary sponsorships costing under $2,500 at ~$25 CPM.
Alternative Pricing Models
Cost Per Click (CPC): Most newsletter sponsorship prices work out between $1-$5 CPC (cost per click). Google Ads averages $2.69 per click on Search Ads and $0.63 for Display Ads.
Flat Fee: A newsletter with ~1,400 subscribers consistently sold ads at $100-$125 for a premium top-of-newsletter spot. Flat fees can be calculated based on roughly how much a sponsor will pay per person who clicks their ad, adjusted for your niche and audience quality.
Platform Comparison: Where to Monetize
Platform Revenue Comparison: 2025 Verified Data
| Platform | Revenue Cut | 2025 Creator Payouts | Free Tier | Native Ad Network |
|---|---|---|---|---|
| beehiiv | 0% (flat subscription fee) | $19M paid subs + $25M+ total | Up to 2,500 subscribers | ✅ Yes — brand partnerships |
| Substack | 10% of subscription revenue | $40.2M (top 52 newsletters) | Unlimited (10% fee applies) | ⚠️ Testing (2025–2026) |
| Kit (ConvertKit) | 0% on subscriptions | Not publicly disclosed | Up to 10,000 subscribers | ❌ No native network |
| Mailchimp | 0% on subscriptions | Not disclosed | Up to 500 contacts | ❌ No native network |
Sources: beehiiv State of Newsletters 2026 (January 2026); Press Gazette 2025; platform pricing pages verified March 2026.
Substack
Revenue Model: Substack takes a 10% cut of subscription revenue, with additional Stripe payment processing fees of 2.9% + $0.30 per transaction.
✅ March 2026 development: In a significant strategic shift, Substack began testing native sponsorships in 2025 — a feature it had previously resisted in order to maintain its subscription-first identity. This move signals that even the most subscription-committed platforms now recognize advertising as a necessary revenue layer. For creators, this means Substack’s monetization toolkit is expanding, though it still lags behind beehiiv’s native ad infrastructure.
Platform Success: Substack has more than 35 million active subscriptions, including more than 3 million paid subscriptions. Over 17,000 writers run paid newsletters on Substack, with the top millionaires representing less than 0.3% of paid creators.
Earnings Distribution:
- The top 27 Substack newsletters generate over $22 million annually in subscription fees
- Five Substack newsletters draw in $1 million+ annually
- If the remaining $300 million in payouts were distributed equally among 16,975 paid writers, each would earn approximately $16,200 annually
beehiiv
Revenue Model: beehiiv charges flat monthly fees ($42-$84/month for most creators) and doesn’t take a percentage of paid subscription revenue, unlike Substack. Creators keep 100% minus Stripe processing fees.
Platform Growth: beehiiv reached $30 million in revenue by mid-2025, up from $15 million in 2024, representing 100% YoY growth. About 33% of beehiiv’s revenue (~$10 million annualized) comes from its Ad Network and Boosts marketplace.
Monetization Features:
- 4,728 newsletters placed ads through beehiiv Ad Network in 2024
- Creators must have 1,000+ subscribers to join the beehiiv Ad Network
- 1,498 newsletters earned revenue through paid subscriptions on beehiiv in 2024
ConvertKit
ConvertKit (now Kit) reported $43.2 million in SaaS ARR at the end of 2024, up 14% YoY from $38 million in 2023. ConvertKit charges monthly SaaS fees rather than taking transaction percentages.
Growth & Acquisition Strategies
Cost Per Acquisition (CPA)
Newsletter referrals cost an average of $0.17 per subscriber versus $1-$3 from other acquisition channels, with referrals having a 32% conversion rate.
Meta Ads Performance: For Meta ads targeting US audiences, subscriber acquisition costs vary widely by Total Addressable Market (TAM), spending level, and niche. Some B2C newsletters pay $3-$5 per subscriber when spending $200k-$500k monthly on ads.
List Growth Benchmarks
The average email newsletter list growth rate is 2.5%, though this varies greatly across industries.
Few newsletters consistently add 100 net new signups per week. If starting from scratch at 100 signups/week, it would take approximately 4 years to reach 20,000 subscribers.
Key Success Factors for Newsletter Monetization
1. Consistent Publishing Schedule
Paid newsletters publish more frequently than free ones, with 27% publishing weekly compared to 21% overall and 18% for free newsletters.
2. Audience Quality Over Size
Morning Brew’s main newsletter maintained a 40% open rate consistently, demonstrating that engagement matters more than raw subscriber counts. Newsletter-referred visitors are 25 times more likely to convert compared to other sources.
3. Diversified Revenue Streams
The most resilient creators have 5-7 different revenue sources contributing to their total income, including platform subscriptions, sponsorships, affiliate marketing, and merchandise.
4. Niche Specialization
Advertisers pay a premium for specialized audiences. A small but extremely dedicated niche audience is more valuable than a broad list with low engagement.
5. Strategic Pricing
Many creators adopt the standard model of offering two months free with annual plans. Average subscription prices are stable at $10/month and $96/year across subscriber ranges.
Newsletter Industry Trends for 2025 Recap
Newsletter Industry Trends for 2026: What’s Changed
The newsletter landscape shifted materially between mid-2025 and early 2026. Here are the five developments most relevant to monetization strategy.
1. Paid Subscription Revenue Surged 138% on beehiiv
Paid subscriptions on beehiiv grew from $8.7 million in 2024 to $19 million in 2025 — a 138% increase driven by niche creators delivering specialised expertise rather than broad general-interest newsletters. The takeaway: tight niche positioning now converts better than scale alone.
2. Substack Entered the Sponsorship Market
After years of resisting advertising, Substack began testing native sponsorships in 2025. This is a direct competitive response to beehiiv’s Ad Network success. For creators currently on Substack, this means sponsored revenue will become accessible without platform migration — but with less infrastructure and targeting capability than beehiiv currently offers.
3. Gmail AI Inbox — Open Rate Wildcard for 2026
Google launched an AI-powered inbox for Gmail in January 2026, which automatically categorises and surfaces emails by predicted relevance. Early data is limited, but this represents the most significant potential disruption to newsletter open rates since Apple’s Mail Privacy Protection in 2021. Newsletters with strong subject line discipline and high historical engagement are expected to be prioritised; low-engagement lists face suppression risk. Monitor your open rate trend through Q1–Q2 2026 closely.
4. Diversification Is Now the Baseline, Not the Upgrade
Data across beehiiv’s platform shows creators with diversified revenue streams (ads + subscriptions + digital products or boosts) earning roughly 3× more than those relying on subscriptions alone. The single-revenue-stream newsletter is increasingly a hobbyist model. Professional operators now build a minimum of three revenue layers from the outset.
5. Time to First Dollar: Now Under 10 Weeks
The median time for a new beehiiv newsletter to earn its first dollar fell to 66 days in 2025. This is a structural shift — driven by native monetization tools that don’t require subscriber scale. New operators no longer need to wait until they reach 1,000+ subscribers to begin earning.
Source: beehiiv State of Newsletters 2026 (January 6, 2026); beehiiv blog, December 2025.
Email User Growth
There will be over 4.73 billion email users globally by 2026, a 19% increase from 3.7 billion in 2017. In 2024, email users exceeded 4.4 billion, representing over 82% of internet users and 54% of the global population.
By 2027, there will be 4.89 billion email users worldwide, representing more than half of Earth’s population checking email regularly.
Newsletter Volume
Over 376 billion emails will be sent and received daily worldwide in 2025, a 23% increase from 306 billion daily emails in 2020.
Between 2021 and 2022, 402 million emails were sent using beehiiv. In 2023, that rose to 4.5 billion. In 2024, beehiiv hit a record 15.6 billion emails.
Platform Innovation
Email remains the only reliable digital medium where people can hear from friends, creators, and brands they love without algorithm interference.
Beehiiv noted a 700% increase in newsletters on its platform in 2023, while beehiiv saw a 96.2% increase in newsletters year-over-year in 2024.
Local Newsletter Growth
Local newsletters rose to prominence as a staple in 2024, with newsletters like LA Raver and Catskill Crew generating $100,000+ annually by focusing on regional content and events.
AI Integration
The newsletter market growth is fueled by AI-enhanced curation that allows for hyper-niche content personalization. Successful newsletters in 2025 are leveraging AI tools for content optimization while maintaining authentic voice and connection.
Common Challenges & Solutions
Challenge 1: Low Conversion Rates
Problem: Average paid subscriber conversion rate is only 3%, making monetization difficult without substantial free subscriber bases.
Solutions:
- Focus on dollar-earned-per-hour-of-work rather than conversion rate percentages
- Build to a certain audience size before activating paid subscriptions
- Offer compelling value that justifies the subscription price
Challenge 2: Subscriber Churn
Problem: Monthly churn rate averages 4% for paid newsletters.
Solutions:
- Publish consistently to maintain value perception
- Create exclusive content that reinforces subscription value
- Implement annual pricing to reduce monthly churn impact
Challenge 3: Ad Revenue Instability
Problem: Morning Brew experienced a 72-hour period during COVID-19 when nearly all ad revenue vanished.
Solutions:
- Build diverse revenue streams beyond advertising
- Create long-term advertiser partnerships
- Maintain financial reserves for revenue fluctuations
Challenge 4: List Growth
Problem: Very few newsletters consistently add 100 net new signups per week.
Solutions:
- Implement referral programs that grow lists 35% faster at $0.17 per subscriber
- Leverage social media with consistent posting schedules
- Cross-promote with other newsletters in your niche
Getting Started: Monetization Timeline
Months 1-3: Foundation (Goal: 500-1,000 subscribers)
- Choose your niche and publishing platform
- Publish consistently (2-3x per week minimum)
- Focus on free value and list growth
- Revenue Potential: $0-$200/month
Months 4-6: Initial Monetization (Goal: 1,000-2,500 subscribers)
- Launch referral program
- Test first sponsorships or ads
- Consider paid tier if conversion signals are strong
- Revenue Potential: $200-$1,000/month
Months 7-12: Revenue Diversification (Goal: 2,500-5,000 subscribers)
- Expand to 2-3 revenue streams
- Optimize pricing and offerings
- Build advertiser relationships
- Revenue Potential: $1,000-$5,000/month
Year 2+: Scale & Professionalization (Goal: 5,000+ subscribers)
- Full-time income potential
- Multiple revenue streams optimized
- Potential for assistant/team hiring
- Revenue Potential: $5,000-$50,000+/month
Resources & Tools
Newsletter Platforms
- Substack – Best for writers focused on paid subscriptions (10% platform fee)
- beehiiv – Best for ad monetization and creator tools (flat monthly fee, no revenue share)
- ConvertKit (Kit) – Best for course creators and product sellers (flat monthly fee)
- Ghost – Best for open-source and full control (self-hosted or managed)
Ad Networks & Marketplaces
- Paved – Newsletter sponsorship marketplace connecting creators with advertisers
- beehiiv Ad Network – Premium brands for newsletters with 1,000+ subscribers
- SparkLoop – Paid newsletter recommendations and partner network
- Newsletter Circle – Community and resources for newsletter operators
Analytics & Optimization
- Mailchimp industry benchmarks for email performance comparison
- beehiiv native analytics and segmentation
- Substack built-in analytics dashboard
- Google Analytics for website traffic attribution
Frequently Asked Questions
Q: How many subscribers do I need to make $100,000 per year?
A: With $100/year pricing and a 5% conversion rate, you need 20,000 free subscribers to convert 1,000 to paying subscribers ($100,000 annual revenue). Alternatively, with hybrid monetization (ads + subscriptions), you could reach this goal with 14,000 subscribers using $50 CPM ad rates plus paid subscriptions.
Q: What’s a realistic free-to-paid conversion rate?
A: The average is 3%, with only 20% of publications achieving conversion rates above 5%. Substack suggests 5-10% is possible, but many creators experience lower rates, particularly with smaller lists.
Q: How long does it take to monetize a newsletter?
A: Some creators earn revenue within the first month from ads with as few as 2,000 subscribers. However, building to $5,000+/month typically takes 12-24 months of consistent publishing and audience building.
Q: Should I choose ads or paid subscriptions?
A: It depends on your audience and niche. Morning Brew generated $50 million annually with a pure advertising model, while top Substack creators earn $5 million+ from subscriptions. Most successful creators use hybrid models combining both.
Q: What’s better: Substack or beehiiv?
A: Substack takes 10% of subscription revenue but offers strong discovery features. beehiiv charges flat monthly fees but lets you keep 100% of subscription revenue and provides better ad monetization tools. Choose based on your primary revenue model.
Final Thoughts
Newsletter monetization in 2025 offers unprecedented opportunities for creators across all subscriber levels. With over $25 million earned by publishers on beehiiv alone and 50+ creators earning $1 million+ annually on Substack, the data clearly shows that sustainable newsletter businesses are achievable.
Key takeaways:
- Start monetizing early, even with small lists
- Diversify revenue across multiple streams
- Focus on audience quality and engagement over raw size
- Be patient – most successful newsletters take 12-24 months to reach full-time income levels
- Leverage platform tools and ad networks to accelerate growth
The newsletter renaissance is here. Whether you’re starting with 100 subscribers or scaling to 100,000, the opportunity to build a profitable newsletter business has never been stronger.
*This data was compiled through comprehensive analysis of 50+ authoritative sources including beehiiv’s 2025 State of Newsletters Report, Substack creator data, Press Gazette research, and verified case studies from newsletter operators across multiple platforms. All statistics represent the most current data available as of October 2025
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