[erikbe]

Subscription-based media (almost) only works for niche publications. NYT is an exception but it's only partially funded through subscriptions. The New Yorker took decades to turn a profit, and has ads as well.

Based on the fact that his user base is so large, it makes sense that advertising works best. Especially considering how many listeners he would lose if he only released it to subscribers. The user base may be more valuable to advertisers, than the podcast is to subscribers.