I've seen this pattern more times than I care to count. The numbers look nice - 50k subs, 15 affiliates - but zero revenue is a huge red flag that usually points to one of two things: either the audience is completely disconnected from the offer, or the affiliates are just dumping links without any real engagement.
First thing to check is the purchasing power angle. Someone in the thread already flagged it - do these HR subs actually have budget authority? HR is a broad vertical. you've got junior recruiters, HR assistants, and then the CPOs who sign off on £50k software contracts. If your list is mostly the former, they're forwarding your affiliate offers to someone above them, and the conversion chain breaks. that forward action kills attribution unless you've got proper tracking that follows the second hop.
Second thing - affiliate quality. 15 partners sounds like volume over value. a lot of programmatic media buyers will just blast your links to their own cold lists or run display ads that get zero clicks. Have you audited which affiliates actually send traffic versus which ones sit dormant? I'd bet a handful are doing all the work, and the rest are just sitting on the link.
Here's what I'd do in your shoes:
Segment the list by job title and see if the biggest segments match the offer's buyer persona. If you're selling an ATS or payroll tool and most subs are "HR Coordinator" or "Talent Acquisition Specialist", you've got an influence problem, not a conversion problem.
Run a campaign that bypasses the affiliate link entirely - direct email to a landing page with a clear "book a demo" call to action. if that doesn't move the needle, you know it's the list, not the affiliate structure.
Check the affiliate referral logs for any actual click-through rates. If they're below 1% on a 50k list, those affiliates aren't even getting opens.
Long-term? You might need to pivot the entire list to a different offer - maybe a lower-ticket training course or a free certification that builds intent, then upsell. but that sub list alone doesn't mean revenue. It's all about whether those subscribers are the ones with their hands on the company credit card