I agree with your points, but would add that point 2 is not that suitable for one-person operation. I work in subscriptions business and while it is profitable,

I agree with your points, but would add that point 2 is not that suitable for one-person operation. I work in subscriptions business and while it is profitable, it requires quite a lot of people to take off. IT technologies, then editorial needs to be big enough, then marketing is also important, then the subscribers expect there is also a helpdesk, since something will surely stop working...