Nebula, the answer to the tyranny of Youtube (who works for advertisers), has a <1% conversion rate despite tons of huge Youtubers pushing it. Vid.me, the previous answer to youtubes tyranny, went bankrupt because people hate ads and also hate subscriptions, nor do they donate.
I could write pages about this, but I wish I could violently shake all the children (many who are now in their 40's) that so deeply feel entitled to free content on the internet, and scream "If you are not paying directly for the product, you have no right to complain about the product".
In reality the ad model is not going anywhere. Given the choice, people overwhelmingly chose to let the advertisers steer the ship if it means "free" entry.