Correct. You would create #2 events for the past content.

To revoke access, we can make the events replaceable so that at any point, you can rotate the secret. You will need to update #1 and all #2 events, though. Those who didn't get the update cannot decrypt the content anymore.

Totally worth doing in my mind.

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I can’t think of any successful creator subscriptions/memberships, where the content is solely text.

There are two kinds of text focused that seem common - either early access/preview to a post for members, or pay to read below the fold. However, they largely depend on media too.

#[2]​ did you have ideas on restricting access to media (images/videos) in the same way, when they are referenced in those events? Would it likely mean additional N events are needed per file? And that’s likely still dependant on the file storage NIP.

I’m prototyping a CDN approach that’s more web/dns focused. If there’s a better approach, I’d likely change focus.