Who makes more money? PAMM Manager vs Signal Provider

Have you been both a PAMM Manager and Signal Provider?
Who makes more money and why and how?

both needs clients obviously, to start with.

a signal provider earns his profit based on past performance, ie. shows some good equity curve, and get ppl subscribe, make money upfront.
a PAMM manager makes money based on performance, a %age of fee, after the month ended.

this only really matters at the beginning.
at later point, i believe a PAMM manager has better chance to earn more, if he knows what he is doing.
with an example:
manager can make 5% profit a month.
there is 500 ppl ready to invest, 1000$ each, that is a total 500k capital.

signal provider sells his signal say 50$/month, a median on some signal sites....and earns 500x50$= 2500$/month

PAMM manager charges 30% of profit, a median amount on PAMMs...and earns ( profit was 500k x 5%= 25k and 30% of that) = 7500$

of course, the better the manager, the more money he attracts, the more the difference gap will become.

this is just a simple example, but i think it gives you enough to play around with.