Case Study: How Rest Is History Turned Subscribers Into a £15m Business

How Rest Is History Helped Build a £15m Business — and What Creators Can Copy

Hook: If you’re a podcaster or live-stream producer frustrated by low CPMs, hit-or-miss ticket sales, and fragmented monetization tools, the Goalhanger/Rest Is History playbook shows a repeatable path from audience to predictable revenue. By early 2026 Goalhanger’s network — led by shows such as Rest Is History and The Rest Is Politics — reached more than 250,000 paying subscribers, generating roughly £15m annually from subscriptions alone. This case study breaks down how they did it, the economics behind the numbers, and exact steps you can copy to scale your audio business.

Topline in a sentence

250,000 paying subscribers × average revenue per user (ARPU) £60/year = ~£15m in annual subscription revenue — plus diversified income from ads, live events, merchandising and studio services.

Why this matters now (2026 context)

Late 2025 and early 2026 accelerated three trends that make this model replicable for serious creators:

• Platform tools matured: major podcast platforms and niche membership tools expanded paywall, billing and live-stream integrations, lowering friction to sell subscriptions and early-access content.
• Creator-first communities scaled: Discord, Circle, and dedicated apps became standard extensions of subscription value — critical for retention.
• Hybrid monetization proved resilient: live ticketing, limited-run merchandise and premium sponsor integrations offset ad market volatility.

Press Gazette: "Goalhanger exceeds 250,000 paying subscribers… The average subscriber pays £60 per year… equates to annual subscriber income of around £15m." (Press Gazette, Jan 2026)

The Goalhanger business model — deconstructed

Goalhanger’s network demonstrates a layered audio business. Below is a practical breakdown of the primary revenue streams and how they stack.

1. Paid subscriptions (core revenue)

What they sell: ad-free listening, early access to episodes, bonus content, email newsletters, members-only Discord rooms, and priority access to live-show tickets.

Numbers that matter: 250,000 paying subscribers × £60 ARPU = ~£15m/yr. The subscriber base is split roughly 50/50 between monthly and annual payers — a healthy mix for cashflow and retention.

2. Advertising & sponsorship

Even with subscriptions, high-profile shows keep advertiser deals for non-paying distribution, branded series, and host-read endorsements. Ads remain valuable for discovery and for monetizing the long tail of casual listeners who don’t subscribe.

3. Live events & ticketing

Members get early access to live shows — that pre-sale window drives ticket demand and loyalty. Events provide a high-margin revenue stream and boost lifetime value (LTV): attendees frequently convert to paying subscribers and buy merch.

4. Merchandising & limited drops

Show-branded merchandise and limited-edition drops convert superfans and create social momentum; they also act as physical reminders that convert casual listeners into paying members.

5. Studio & production services

Production companies like Goalhanger monetize the studio itself — producing shows for clients, renting facilities, and offering technical services. That vertical integration lowers internal costs and generates third-party revenue.

Subscriber tiers & benefits — a practical blueprint

Goalhanger’s member benefits provide a ladder of incentives. Use this as a template for building your own tiered offering.

Suggested tier structure

• Free (broad reach) — ad-supported show, newsletter signup, occasional public clips.
• Supporter / Entry (£3–£5/month) — ad-free audio for select episodes, member newsletter.
• Core Subscriber (£6–£9/month or £60/year target ARPU) — ad-free, early access, bonus episodes, Discord access, discount on merch.
• Premium / Patron (£20–£50/month) — exclusive live Q&A, monthly deep-dive episodes, VIP event presale + meet-and-greet.

Tips on pricing: test micro-tiers with 100–500 users first. Aim for at least two price anchors (low barrier and premium) and make the annual option compelling with a 20–30% discount.

Key metrics every creator must monitor

To scale from hobby to a multi-million pound business, treat your show like a SaaS product. Track these KPIs weekly and monthly:

• Conversion rate (listeners → subscribers): baseline target 0.5–2% depending on audience intimacy.
• ARPU: aggregate revenue per user; target at least £40–£80/year for a sustainable model.
• Churn: monthly churn 3–6% is typical for consumer media; aim to reduce by increasing value and introducing annual plans.
• LTV:CAC: lifetime value to customer acquisition cost. Target 3:1 or better.
• Engagement: time-listened, open rates on newsletters, Discord activity.

Playbook: How to scale subscriptions — step by step

Below is a practical, repeatable roadmap with tools and tactics you can deploy immediately.

Step 1 — Audit your funnel

• Map discovery channels: Apple/Spotify search, YouTube clips, social, cross-promotions.
• Install analytics: Chartable, Podtrac, or native host analytics + Memberful/Stripe data.
• Identify top-performing episodes and clip those into short social videos to drive discovery.

Step 2 — Build a compelling entry offer

• Create a low-friction trial or time-limited discount for first-time members.
• Use a primary CTA inside episodes: a 15–30 second host-read that communicates specific benefits (ad-free, early access, Discord).

Step 3 — Expand member benefits that scale

Members value community and exclusivity more than complex tech. Prioritize these low-cost, high-retention benefits:

• Member-only Discord channels and regular AMAs.
• Bonus episodes and segmented mini-series behind the paywall.
• Merch discounts and early ticket presales.

Step 4 — Make live shows a revenue accelerator

• Offer member-only presales to create urgency and signal value.
• Use hybrid ticketing — free livestream + paid in-person seating or VIP upgrades.
• Monetize recordings of live shows as exclusive content for new subscribers.

Step 5 — Invest in production & repackaging

Goalhanger benefits from vertical integration: an in-house studio and production pipeline that cuts unit costs. If you can’t build a studio, partner with local producers or rent space efficiently.

• Repackage long-form episodes into 60–90 second clips for social platforms.
• Turn popular episodes into serialized premium courses or deep-dive packs for premium tiers.

Step 6 — Diversify revenue pockets

Don’t rely on subscriptions alone. Add at least two other income streams — live events and ads, or merch and brand partnerships — to stabilize cashflow.

Unit economics example: reaching £1m ARR

Let’s reverse-engineer a target so you can see what to aim for.

• Target ARR: £1,000,000
• Assumed ARPU: £60/year (mixed monthly/annual)
• Subscribers needed: 1,000,000 / 60 ≈ 16,667 subscribers

If your show has a 1% conversion rate from a monthly audience of 150,000 unique listeners, that gives 1,500 subs — so you’d need to either grow reach (~2.5–3×), raise conversion, or increase ARPU via premium tiers.

Retention tactics that actually work

• Ritualize content: regular cadence of bonus content (e.g., a monthly Q&A) keeps members expecting value.
• Community-first onboarding: automated welcome flows that push new members to Discord and a first-member-only episode.
• Public recognition: shoutouts, contributor lists, and small virtual events make subscribers feel seen.
• Annual discounts: incentivize annual buys with exclusive merch or meet-and-greets — lower churn and increase immediate cashflow.

Operational realities & legal considerations

Scaling a subscription business brings costs and compliance tasks. Plan for:

• Payment fees & platform cuts — Stripe/Apple/Google/platform fees reduce gross revenue by ~5–20%; factor this into pricing.
• VAT & tax — subscriptions are taxable in many jurisdictions; consult a specialist to manage cross-border VAT rules.
• Host and delivery costs — encrypted content delivery, bonus content hosting, and bandwidth for downloads/streams.
• Talent splits — transparent revenue-sharing agreements with hosts are essential for long-term stability.

Tech stack recommendations (2026)

Build a stack that is modular and platform-agnostic so you can change partners without rebuilding the whole business.

• Subscription handling: Memberful, Supercast, or a direct Stripe integration for custom paywalls.
• Analytics: Chartable, Podtrac, and native host dashboards combined with cohort analysis in Looker/BigQuery.
• Community: Discord or Circle for real-time connection; native apps for engaged audiences.
• Live streaming: OBS/Streamlabs with Restream for platform distribution, plus ticketing via Dice or Eventbrite for live shows.
• Merch & ticketing partners: Printful, Teespring for merch; White-label ticketing or direct integration with ticket platforms for better margins.

Examples and micro-case actions you can take this week

1. Turn one high-performing episode into two premium bonus episodes and gate them behind a low-cost tier.
2. Launch a 72-hour member-only presale for your next live show to test demand and elasticity.
3. Create a short onboarding sequence (email + Discord guide) for new subscribers to reduce first-30-day churn.
4. Clip five shareable 30–60 second highlights and schedule them across socials with direct subscribe CTAs.
5. Run an A/B test on the annual discount level (20% vs 30%) and measure lift in annual conversions and revenue.

What Goalhanger’s results teach us about scale and defensibility

There are three strategic advantages that made the Goalhanger network scale efficiently — and they are replicable:

• Branded talent with cross-show reach: Hosts who appear across shows create cross-pollination and higher conversion.
• Integrated production & events: Owning the production pipeline and event ops reduces unit costs and opens new revenue lines.
• Community as retention mechanism: Members-only spaces (Discord) convert transient listeners into sticky subscribers.

Risks and how to mitigate them

Scaling isn’t without risk. Key threats and mitigations:

• Concentration risk: Don’t place revenue on a single show or one big host. Build a portfolio of content.
• Platform dependency: Avoid relying solely on one distribution or payment platform — keep backups and direct billing options.
• Ad market volatility: Prioritize subscription revenue and diversify sponsorship formats to weather market swings.

Advanced growth levers for 2026 and beyond

Once you have a functioning subscription base, these levers will compound growth:

• Data-driven personalization: Use listening data to offer personalized bonus content bundles.
• Localized offerings: Offer country-specific pricing and regional live events to reduce friction.
• Bundling & corporate partnerships: Bundle shows into workplace learning packages or brand content partnerships.
• AI-assisted production: Use generative tools to create faster edit workflows and repurpose episodes for different formats.

Final checklist for creators ready to scale

• Define 2–3 subscription tiers and test pricing.
• Set up membership billing and analytics with one robust integration.
• Ship a repeatable members-only content cadence (weekly or monthly).
• Plan at least two live events per year with member presales.
• Measure LTV:CAC and aim for 3:1 within 12 months.

Closing: What to replicate from Rest Is History

Goalhanger’s result — over 250,000 paying subscribers and ~£15m in subscription revenue — is not magic. It’s product-market fit executed with disciplined monetization, an integrated production engine, and community-first retention. For creators in 2026, the blueprint is clear: build a tantalizing subscription ladder, own distribution where possible, offer high-value community experiences, and diversify revenue with live events and studio services.

Actionable next step: Choose one immediate test from the weekly checklist above, and run it for 8–12 weeks with clear success metrics. Measure conversion, churn, and ARPU — then double down on what works.

Want help designing your subscription funnel or launching a live show?

We produce custom playbooks, tech stacks and growth experiments for creator-led audio businesses. Contact our team for a free 30-minute audit and a tailored roadmap to scale your show into a sustainable business.

References: Press Gazette, "Goalhanger exceeds 250,000 paying subscribers" (Jan 2026) and industry trend coverage, late 2025—early 2026 platform updates.

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