I’ve never tried a subscription blog, but I imagine it’s possible with an angle that’s unique enough.
In the beginning I charged $2.99 but it was really difficult to get bites. So I changed all the prices to $0.99 which led to more sales, but far less royalties (because Amazon pay 70% of the sales price in royalties if your book costs $2.99 to $9.99 and only 35% for any other price).
But even though the books became only $0.99, I’d make money by bundling them and charging a price that fell within the 70% royalty range. I’d also charge a higher price for Christmas specials or anything super duper kinky.