- Rampart, Joe Aston’s investigative newsletter and podcast, generates revenue in the “multiples” of A$500,000 after one year
- Its low subscriber churn rate and outsourcing model contribute to rapid profitability and growth
- The success reflects a broader shift towards sustainable independent journalism outside traditional mastheads
Australian journalist Joe Aston says his business-based investigative newsletter and podcast Rampart generated revenue of more than $350,000 in its first year and moved into profit within months of launch.
In an interview with Mumbrella, Aston said revenue was measured in “multiples” of A$500,000 and that the business quickly exceeded his goal of replacing his former salary.
He declined to disclose exact turnover but said subscriber churn is “in the single digits”, a level of retention that underpinned the venture’s rapid path to profitability.
Rampart outsources commercial sales and distribution to The Squiz, while The Australian Financial Review manages legal and insurance arrangements in exchange for a share of subscription revenue and a monthly column from Aston.
The performance of the newsletter comes alongside strong sales for Aston’s book The Chairman’s Lounge, which he said has sold 65,000 copies.
“I’m always a bit of a pessimist, so my fear was, that we wouldn’t get [to 20,000 copies],” he said, attributing its reach to widespread interest in Qantas. “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. It just captures the entire gamut of Australia.”
Rampart’s model – paid subscriptions supported by distribution partners and a licensing link to an established newspaper – reflects a growing playbook for specialist journalists seeking independence without abandoning mainstream reach. He also confirms that it is possible to make the model a success outside the US market.
- https://mumbrella.com.au/weve-been-profitable-from-the-second-month-joe-aston-on-ramparts-first-year-915244 – Please view link – unable to able to access data
- https://www.mediaweek.com.au/hes-back-joe-aston-returns-to-the-afr/ – Joe Aston is set to rejoin The Australian Financial Review as a monthly columnist while gearing up to launch his new publishing and podcasting venture, Rampart, on February 10. Aston, who helmed AFR’s Rear Window column for 12 years before stepping down in October 2023, said the move allows him to balance creative independence with his connection to what he calls “the best newspaper in the country.” The announcement follows the release of Aston’s debut book, The Chairman’s Lounge, which delves into Qantas’ decline and sparked a political storm involving allegations against the prime minister over flight upgrade requests. Aston took to social media to announce his new podcasting venture promising to bring audiences “the best analysis on Australian business and finance.”
- https://www.ainvest.com/news/joe-latest-report-2502/ – The St. Joe Company (NYSE: JOE) reported a total operating revenue of RMB104.34 million in 2024, up 20.43% from RMB86.74 million in 2023. This growth indicates significant progress in revenue generation, possibly due to increased market demand, improved product sales, or an expanded company market share. Despite the significant increase in overall revenue, fluctuations in market demand and changes in other financial performance indicators need to be monitored.
- https://www.macrotrends.net/stocks/charts/JOE/st-joe/revenue – St. Joe Company reported annual revenues of $402.74 million in 2024, marking a 3.46% increase from $389.29 million in 2023. This growth reflects the company’s expanding operations and successful business strategies over the past year.
- https://www.ainvest.com/news/st-joe-land-asset-discount-development-risk-2602/ – The St. Joe Company reported a 63% increase in revenue to $161.1 million in the third quarter of 2025 compared to the same period in the previous year. This surge was driven by a 94% increase in residential real estate revenue to $36.8 million, powered by both volume and pricing. The average homesite base sales price climbed sharply to $150,000 from $86,000, while the gross margin on these sales expanded to 53% from 39%. This combination of higher prices and better margins is a classic sign of a strong market and effective execution.
- https://www.ainvest.com/news/st-joe-land-asset-discount-development-risk-2602/ – The St. Joe Company reported a 63% increase in revenue to $161.1 million in the third quarter of 2025 compared to the same period in the previous year. This surge was driven by a 94% increase in residential real estate revenue to $36.8 million, powered by both volume and pricing. The average homesite base sales price climbed sharply to $150,000 from $86,000, while the gross margin on these sales expanded to 53% from 39%. This combination of higher prices and better margins is a classic sign of a strong market and effective execution.
- https://www.ainvest.com/news/st-joe-land-asset-discount-development-risk-2602/ – The St. Joe Company reported a 63% increase in revenue to $161.1 million in the third quarter of 2025 compared to the same period in the previous year. This surge was driven by a 94% increase in residential real estate revenue to $36.8 million, powered by both volume and pricing. The average homesite base sales price climbed sharply to $150,000 from $86,000, while the gross margin on these sales expanded to 53% from 39%. This combination of higher prices and better margins is a classic sign of a strong market and effective execution.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article from Mumbrella was published on 18 February 2026, providing recent information. However, the content primarily discusses events from 2024 and early 2025, which may not be entirely fresh. The earliest known publication date of similar content is 22 January 2025, when Joe Aston returned to The Australian Financial Review as a monthly columnist. ([mumbrella.com.au](https://mumbrella.com.au/its-a-win-win-for-me-joe-aston-returns-to-the-afr-862187?utm_source=openai)) The narrative appears to be based on a press release, which typically warrants a high freshness score. However, the recycled nature of the content and the reliance on a press release suggest a moderate freshness score.
Quotes check
Score:
7
Notes:
The article includes direct quotes from Joe Aston regarding the success of Rampart and his book sales. These quotes are consistent with statements made in previous interviews and articles, indicating they may have been reused. For instance, Aston’s book ‘The Chairman’s Lounge’ has been reported to have sold 65,000 copies, as mentioned in a Mumbrella article from 22 January 2025. ([mumbrella.com.au](https://mumbrella.com.au/its-a-win-win-for-me-joe-aston-returns-to-the-afr-862187?utm_source=openai)) The consistency of these figures across multiple sources raises concerns about the originality of the quotes. Additionally, the lack of new, independently verifiable quotes in this article further suggests potential reuse.
Source reliability
Score:
6
Notes:
The article originates from Mumbrella, a niche publication focusing on media and marketing news. While Mumbrella is reputable within its niche, it is not as widely recognised as major news organisations like the BBC or Reuters. This limited reach may affect the perceived reliability of the information. Furthermore, the article appears to summarise and aggregate content from previous Mumbrella articles and press releases, which may indicate a lack of independent reporting. For example, the article references Aston’s return to The Australian Financial Review and his book sales, topics covered in earlier Mumbrella articles. ([mumbrella.com.au](https://mumbrella.com.au/its-a-win-win-for-me-joe-aston-returns-to-the-afr-862187?utm_source=openai)) This reliance on internal sources and previous publications raises concerns about the independence and originality of the reporting.
Plausibility check
Score:
8
Notes:
The claims regarding Rampart’s profitability and high subscriber retention are plausible, given the success of Aston’s book ‘The Chairman’s Lounge’ and his return to The Australian Financial Review. However, the lack of new, independently verifiable information in this article makes it difficult to fully assess the accuracy of these claims. The article does not provide specific details or data to substantiate the claims, which is a concern. Additionally, the reliance on previously reported information without new verification raises questions about the article’s credibility.
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article presents information that has been previously reported, with no new, independently verifiable details. The reliance on summarised content from previous articles and press releases raises concerns about the originality and independence of the reporting. The lack of new information and the potential for recycled news suggest that the article does not meet the standards for factual reporting.
Register for Editor’s picks
Stay ahead of the curve with our Editor's picks newsletter – your weekly insight into the trends, challenges, and innovations driving the future of digital media.
