Choose a niche with a paying audience
A newsletter business is different from a personal newsletter: the niche must have an audience willing to pay (for a premium tier) or attract sponsors willing to pay to reach them.
High-value newsletter niches: business and finance (executives and investors are valuable to B2B sponsors), technology and AI (developer tools and SaaS companies spend heavily on newsletter ads), specific professional verticals (healthcare, legal, real estate), career development, and high-income consumer niches (investing, travel, luxury).
The test: are there already newsletters in this niche with sponsors or paid tiers? If yes, there is a viable business model.