This is almost exactly what a subgenre called LitRPG does. The authors usually run a Patreon where patrons can read chapters in advance. If you look at this [0], there are 4345 patrons and the lowest tier is $1.00, giving a lower bound of $52k per year. Although it's likely to be far more higher than that, if you look at the patron->dollars ratio here [1]. In general, the model seems to function very well in some specific scenarios.
[0] https://www.patreon.com/pirateaba
[1] https://www.patreon.com/Zogarth