Are you willing to pay the ads away?
They want a cut and will work really hard to take it. L
While that's an extremely niche website, I would happily subscribe to NPR, for example, in return for ad-free podcast feeds.
I mourn the death of the RSS reader and really really want RSS to continue to be an open model for distributing podcasts. But that being said, a business that handled premium subscription sales and also ad-sales for a publisher could do the unenviable work of inserting ads and distributing multiple feeds for free or premium users.
Hey there small business man...