Your email list dies if you don't engage it. Send nothing for months, then blast a promotion, and ISPs tank your sender reputation. Keep people on the list only if they actually open your emails.
People. For some reason, they think of email lists that are really big as, like, valuable, but they're only valuable if the people open them and they actually reply and they don't get counted as spam. You'll ruin your domain if you have, like, collected emails over the years and never emailed them, and then you expect to, like, send out some sort of email and make a million dollars. It's not going to happen unless you actually nurture that domain. You nurture that email. Do like, a reactivation campaign and nix anyone who doesn't reply, because there's just no point having them.