Subscriptions are unbelievable. You have recurring revenue that, ideally, compounds month after month. Nothing else matters because you have growing subscriptions. And then it stops. Suddenly, you report a loss in subscribers. And panic ensues. Suddenly, you ask: should I have been so anti-ad all these years?

Unfortunately, advertising has been ingrained into the internet as the basic model for so long and to such an extent that it’s hard to envision online life without the systematic manipulation of attention and all its evils. So we’re bound to wind up here, at the bitter end of “content.” Which is a good excuse to withdraw deeper into books, movies,

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The apparent limitation of the ad-supported media business model is that there will never be enough traffic to satisfy the beast. But while subscription revenue is stickier and gives creators more runway and short-term security, eventually the flame that started any new project will be extinguished. A new muse will need to be found.