Why Isn't My Substack Gaining Any Traction?

Amran Gowani has written and published a Substack-based newsletter, Field Research, for two years, during which he has quintupled his audience. But only a couple dozen people have so far been willing to pay for his work.

Amran is starting to question the long-touted model of 1,000 True Fans that's been sold to all kinds of writers: the idea that if you can find 1,000 people to pay for what you do, that equates to a living.

Amran has ostensible structural advantages (e.g., wealthy readership, strong marketing skills). Is the Substack model one of broken economics, or is there some magic ingredient he's missing? Jane and Amran discuss possible changes to his approach and next steps.