Niche-first newsletter monetization case studies

Multiple case studies (Nathan May, Queer Sports, Will Richards, Matt Brown, and now Comms 4 Devt Jobs Board #129) demonstrate strong revenue from small, highly engaged audiences. Nathan May hit $1M revenue with 1,000 subs; Queer Sports earns $21.7k/yr at 12% conversion; Will Richards evolved from $100k AUD sponsorship run rate into data product and investment syndicate; Matt Brown built a document library data product after switching to Beehiiv; Comms 4 Devt Jobs Board #129 charges $10/month for curated development comms jobs with a freemium teaser. This trend reinforces niche-over-scale as a viable monetization strategy.