The Lowdown Magazine, an independent free music publication that thrived for three years in the early 2000s, was dedicated to promoting unsigned bands. At its peak, the magazine boasted a monthly circulation of 5,000 copies.
Personally overseeing the design, printing, and distribution, I managed a dedicated street team of 50 members spread across the United States.
As a fully independent endeavor, funding for the bi-monthly print runs was successfully secured through a combination of subscription revenues and advertisement sales.
With a free magazine, securing ads to run in it will be your main priority unless you want to lose money. Even most subscription magazines still rely on advertising revenue, as subscribers alone aren't enough.