I'm currently writing a book on this (ES/CQRS), but I have come to the conclusion through some of our projects that a "subscription" model is actually less ideal as you end up falling back to keeping a lot of state in the application heap.
We rather prefer to have a subscriber who re-runs the projections which are purely functional, and dump their state.
This mandates that you have some way of querying relevant events from the underlying store. Sometimes the best store for this is a DBMS, sometimes it's something simpler like CAS linked lists in Redis or similar (lists of hashes pointing to keys, similar to git's ref/tag model)
Either way, this idea that you subscribe to a stream makes reconnection and place-holding (cursor) semantics difficult, and simply calling as-frequently-as-makes-sense your update function is simpler to reason about, and helps highlight performance issues by making it easier to see the perf of frequently called short lived processes vs dealing with any VM bloat of your choice of language's runtime managing long lived subscribers.
Caveat: naturally this is all very subjective, just my 2 ¢