I think your main thesis that a social network with a built in monetary layer to enable Creators is good- overall we are seeing a trend toward subscription across the board, from substack to twitter itself.

One issue: other platforms court investment capital/advertisers who are used to under write come content, especially at the beginning.

Here we essentially do not have that at present- whereas Twitter is planning to revenue share advert money with creators. Substack did similar stuff to attract key creative talent.

Advertising is a big question mark.

I personally dislike the kind of incentives and content pressure it creates- I'm a big substack fan for that reason- subscription creates better content. It's certainly not the biggest but signal to noise ratio is excellent.