Part of the value for value model involves giving the content away for free. This may in part come from the networking affect allowed by free content dissemination.
When putting a price on the episode you know keep anyone only willing to pay x-y sats for the content out of your audience, or push them to "pirate" your content.
Yes charging money does incentivize pirating but it’s been a long time since I’ve pirated because it became easy to pay for digital content. Even with the threat of piracy looming many podcasts do well financially behind a fiat paywall.
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