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Yeah, I don't think ads necessarily go away, but direct payments from listeners to content providers would definitely lessen the demand for ads.
There are other ways to have direct revenue like putting up a bounty to unlock content (let's say there's an invoice for 10,000 sats per episode and when the payments hit 10,000 sats, then the episode can be listened to). If someone wants to listen right away, then they can make a larger contribution to the unlocking the content.
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by whom? Where do you think the money would come from? Take market share from tradfi ads, additional income/subscription?