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YouTube is axing its ad-free Premium Lite subscription plan - The Verge
(www.theverge.com)
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Nebula seems geared as a curated collection of small content makers that make more money per watch of Nebula content than YouTube. You also have some content creators who get additional funds to do larger productions on Nebula that are either Nebula exclusive or Nebula first.
I would probably see it as a middle ground between YouTube and a Patreon gift.