Most interactive writers I follow are using hybrid models now, and subscriptions seem like the obvious choice but come with headaches. Readers hate feeling locked out of chapters, and unless you're pumping out content like a machine, churn rates get ugly.
What actually works for a lot of indie creators is treating the story like a demo. Release the first few branching paths for free across platforms like itch.io or even Amazon's Kindle Preview. If the choices are compelling and the writing has personality, people will pay a one-time fee to unlock the full map. The key is making those initial choices genuinely impactful, not just cosmetic. I've bought more than one 'adventure' because the free version ended on a cliffhanger I created.
Bundling is another angle that doesn't get talked about enough. Team up with a few other 'choose your own' authors in a similar genre—dark fantasy, sci-fi romance, whatever—and sell a themed collection. It splits marketing effort and gives readers more value per purchase. I'd throw in some developer commentary or early drafts as bonus material, too. Makes the whole thing feel less like a product and more like a backstage pass.
Ultimately, it's about giving players a reason to own, not just access. Walling off your best endings or most intricate branches behind a paywall feels greedy, but offering a complete, polished, expanded universe for a fixed price? That's just fair.