Cold Email is dead

I’ve been thinking about the cold email, lead generation space lately, and I honestly think that it’s dying. 

  1. Competition is too big
  2. Lot of roadblocks: Risk of getting spam, Google’s new update, etc. 
  3. Process takes too long, if you want fast quick results you have to pay/invest a ton 

Idk if I should keep going or not, should I take my time and invest in learning these? But what if the competition will beat me? It takes too long to scale/make progress. 

Is this still really profitable in 2024 given the current conditions?