Podcast Summary: Growth in Reverse

Episode: His Private Newsletter with 1.5k Subs Earns $1M ARR
Date: August 27, 2025
Hosts: Chenell Basilio & Dylan Redekop
Guest: Nathan (Founder, Feed Media)

Overview

This episode features Nathan, founder of Feed Media, who has achieved a staggering $1M ARR (Annual Recurring Revenue) with a private newsletter of only 1,000 to 1,500 subscribers—challenging the popular belief that newsletter success depends on massive lists. The conversation explores Nathan’s journey from mobile apps to newsletters, the unique strategy behind his high-value, closed-door newsletter, tactics for monetization, newsletter acquisitions, and actionable advice for B2B and creator businesses.

Key Discussion Points & Insights

1. Nathan’s Background and Entry into Newsletters

• (01:00-04:44)
  • Nathan comes from a digital marketing and mobile app background, not traditional newsletter operations like the Hustle or Morning Brew.
  • Ran and sold a crypto newsletter, started The Feed as a newsletter featuring case studies on successful founders, and then transitioned into newsletter growth for major brands via his agency, Feed Media.
  • First clients included The Neuron and Bold Push.

“I used to be obsessed with founders who built audiences... I just thought that was incredible.” — Nathan (03:37)

2. Transition to Growth Agency & Attempted Newsletter Acquisition

• (04:49-09:14)
  • Feed Media helps scale newsletters for both personal brands (e.g., Arnold Schwarzenegger, Jesse Puji) and newsletter-native companies (e.g., The Neuron).
  • Nathan attempted to buy The Neuron but lost the deal—sharing insights on the potential, B2B media models (Industry Dive), and high-margin monetization tactics.
  • Emphasized the value of relationships and sales channels over pure list size.

3. The Power of High-Quality, Small/Private Lists

• (10:18-12:26)
  • Warns against obsessing over subscriber count; cites multiple examples where “small but mighty” lists create massive revenue by focusing on the right audience.
  • Notable case: Hit $1M ARR with just 1,000-1,500 subscribers in less than a year.

“We hit a million dollars in ARR when I had maybe... 1,000, maybe 1,500 people on the list. I had no following on LinkedIn.” — Nathan (10:54)

4. Private, Invite-Only Newsletter Strategy

• (12:26-18:17)
  • His B2B agency newsletter is private, invite-only; focused on CEOs and Heads of Growth in the newsletter industry.
  • Personalized onboarding: LinkedIn messages, manual list additions, mention of mutual connections.
  • Each edition welcomes new high-profile members, building social proof and FOMO.

“The leverage in the newsletter is that like, it comes from you and it's your words and somebody replies. They reply to you.” — Nathan (14:14)

“Anybody would join. And now I’m building trust. Every time I hit publish, I have a chance to potentially get on a sales call with somebody.” — Nathan (16:11)

5. Content & Positioning: Authority & Exclusivity

• (17:09-18:24)
  • Content is zero-design, raw, highly tactical—focused exclusively on advanced operators.
  • Case studies, behind-the-scenes, and key learnings to showcase value (no beginner content).
  • The newsletter also acts as a nurture channel for high-ticket B2B deals.

6. Expanding Access & Challenges of Scaling

• (18:24-20:57)
  • Occasional public openings after media mentions or events; balancing exclusivity and reach.
  • Considering segmenting future issues for advanced vs. broader audiences.
  • Turns down beginner content, aware of the tradeoff in audience breadth.

7. Newsletter Monetization Models Explained

• (21:07-25:31)
  • Rejects the idea that ads alone are enough for most—advocates for the “media mullet”: ad-supported content up front, with a “party in the back” of high-LTV (lifetime value) products or services.
  • Analyzes successes like Hustle’s Trends community, Blockworks’ events and SaaS, and specialized B2B models.
  • Suggests creators with small audiences focus on valuable skills/products they can sell to a handful of clients for meaningful revenue.

“I think everybody should have a media mullet... ad-supported newsletter in the front... and then high LTV products that sit in the back.” — Nathan (23:07)

8. Who Should (and Shouldn’t) Start a Newsletter?

• (27:32-35:52)
  • Top fits:
    1. Creators (with existing audiences)
    2. Journalists (seeking independence and loyal followings)
    3. B2B founders (especially agency/service owners)
    4. “Newsletter curious” founders willing to test/monetize early (e.g., set a budget and timeline, validate quickly)
  • Missteps: Focusing on list size over monetization, lack of clarity about how/when to pivot.
  • It’s legitimate to be an “opportunist” but urges founders to timebox experiments and avoid wasting years.

“You need to set that sandbox. Even if the answer is no... the worst mistake you can do is spend two years on an idea that you should have spent six months on.” — Nathan (33:45)

9. The Challenge of Paid Newsletters

• (38:15-44:18)
  • Paid subscriptions are difficult unless you have:
    • Large, passionate, existing audience
    • Unmatched analysis or “break the news” capability
  • Most sustainable paid newsletters are organic; paid acquisition costs often destroy margins for smaller operators.
  • Niche, transformative, or utility-based paid newsletters (e.g., investing, jobs, niche hobbies) can succeed.

10. Biggest B2B Newsletter Opportunities & Tactics

• (44:18-54:45)
  • B2B news isn’t about being the first—it’s an execution game (e.g., The Rundown vs. Morning Brew).
  • Major “not well-known” opportunity: Tool-focused newsletters (e.g., “Figma Weekly”), which can eventually monetize via training, courses, or even acquisitions.
  • Own the narrative in a tool’s ecosystem (like Excel, Notion) and grow via social discovery (Reels, TikTok).
  • Diversify into jobs, HR, and high-ticket B2B services as you scale.

“If you think you are not niched down enough, you’re probably wrong... you want the person who gives you Figma.” — Nathan (53:03)

Notable Quotes & Memorable Moments

• On the “small but mighty” approach
  • “I’m a big fan of small but mighty lists... There are lots of lists that are 5 or 10k. When we did the Jess Puji launch, that did a quarter million dollars on 15,000 people.” — Nathan (11:56)
• Private newsletter exclusivity & value
  • “I would go, and I think this also is important. I made it a private newsletter.” — Nathan (13:26)
• Newsletter as sales channel
  • “The newsletter kind of solves [outreach friction]... every time I hit publish, I have a chance to potentially get on a sales call with somebody.” — Nathan (16:11)
• On “media mullet” models
  • “You should have ad-supported newsletter in the front... and in the back, high LTV products.” — Nathan (23:07)
• Iterative entrepreneur mindset
  • “Commit to five years of going to start things until something works. Otherwise, like... you know.” — Nathan (37:47)
• Real talk about paid models
  • “Paid newsletters are really hard... you have to break the news, or your analysis is so darn thoughtful this is the only place people can get it.” — Nathan (38:29)
• On finding executional B2B niches
  • “Most newsletters are an execution game. You do not need to be first.” — Nathan (44:18)
• On niching down
  • “If you think you are not niched down enough, you’re probably wrong.” — Nathan (53:03)

Important Timestamps

• 01:00 – Nathan’s background and entry into newsletters
• 04:44 – Starting Feed Media, first clients
• 09:14 – Lessons from trying to acquire The Neuron
• 10:54 – The myth of massive lists; achieving $1M ARR with <1,500 subscribers
• 12:26 – Building a private, invitation-only newsletter
• 15:15 – Manual onboarding via LinkedIn; social proof strategy
• 17:09 – Tactical case studies & positioning to high-value audience
• 23:07 – Explaining the “Media Mullet” model and high-LTV products
• 27:45 – The four profiles best-suited to newsletter success
• 38:29 – Hard truths on paid newsletters: what works (and doesn’t)
• 44:18 – B2B newsletters: execution > originality; tool-focused newsletters as an overlooked play (e.g., Figma)
• 53:03 – Niching down further than you think is necessary

Final Thoughts

Nathan's approach is a masterclass for anyone serious about B2B newsletters or direct-to-client service businesses:

• Prioritize audience quality, not just numbers.
• Nurture access and exclusivity (private list, social proof).
• Monetize early and deliberately (high-ticket B2B, services).
• Expand thoughtfully (communities, tools, niche products).
• Timebox experiments—fail fast, pivot smart.

Where to Find Nathan

• LinkedIn: Nathan Man (writes tactical posts on growing newsletter businesses)
• Podcast: Personal IPO (deep-dive interviews with top creator-founders)

This episode is packed with strategic insights on newsletters that break the mold—demonstrating that big revenue can be built from small, focused, and valuable lists. Essential listening (or reading) for newsletter founders, agency owners, and ambitious creators looking to scale smart.