Former AFR Journalist Hits Profitability in Two Months
Former AFR columnist Joe Aston's subscription publication Rampart reached profitability in month two with single-digit churn. A case study in independent journalism economics for media leaders.
Joe Aston, former Australian Financial Review columnist, has built a profitable investigative commentary publication called Rampart that reached profitability in its second month of operation and generated revenue in the multiples of US$500,000 within its first year.
Aston launched Rampart in 2025 after leaving the AFR in October 2023. The publication charges US$65 per month or US$680 annually for premium business commentary, positioning itself at the high end of subscription-based journalism pricing.
Strong Retention Signals Sustainable Model
The publication demonstrates exceptional subscriber retention, with churn rates in the single digits. "Churn is incredibly low. It's like in the single digits, which again, really surprised me," Aston told Capital Brief in a recent interview.
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Aston revealed that Rampart has already exceeded his goal of replacing his previous Nine earnings within a year. "I've shot 50% past that very, very quickly," he stated, noting that growth continues into the publication's second year.
The venture's early success builds on momentum from Aston's book The Chairman's Lounge, an investigation into Qantas and former CEO Alan Joyce. The book sold 65,000 copies, more than three times Aston's initial target of 20,000 copies. Aston attributes this success to Qantas's broad appeal across Australian society. "That's the great thing about Qantas: [if] you're in High Street, Campbelltown, people care about Qantas because they catch the 'Bogan Missile' to Bali. And if you are in a boardroom in Chifley Tower, people care about Qantas because they're members of the Chairman's Lounge," Aston explained.
Partnership Structure Reduces Infrastructure Costs
Rampart operates through strategic partnerships that allow solo operation without full infrastructure expenses. The Squiz handles sales and distribution, while the AFR provides legal support and insurance in exchange for a percentage of subscriptions and a monthly column from Aston. This arrangement enables the independent publication to function efficiently while maintaining connections to traditional media infrastructure and editorial independence.
The business model reflects broader trends in Asia-Pacific's creator economy, which is projected to grow from US$26.16 billion in 2025 to US$75.28 billion by 2032. Solo founder startups reached 36.3% share by H1 2025 globally, representing the fastest-growing business model category.
Regional Market Shows Diverse Monetization Paths
Rampart's premium subscription approach contrasts with volume-based monetization models common in emerging Asian markets. In Southeast Asia, creators drive over 20% of e-commerce sales, representing US$46 billion in transactions. Indian creators with one million followers earn Rs five to 10 lakh per Instagram Reel (approximately US$6,000 to US$12,000) or Rs 80 lakh to 1.5 crore annually (US$96,000 to US$180,000), demonstrating that diversified revenue streams through advertising and sponsorships can match or exceed subscription income.
TikTok's Creator Marketplace, launched in September 2023 in Southeast Asia with over 300 million monthly active users in Asia Pacific, provides infrastructure that reduces barriers to monetization for individual content creators across the region.
Looking forward, Aston plans to expand Rampart beyond what he calls "the Joe Aston Show," indicating ambitions for broader content offerings and potentially additional contributors.
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