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As soon as Lemmy instances are unsustainable out of pure interest for the concept of the Fediverse. I doubt there will be subscriptions, first it'll be donations, and then some instances may have ads. It's an inevitable that both will happen (either on the same instance, or some instances opting for donations to stay up, and others opting for ads to stay up). No one can run the servers necessary for this platform out of pure charity; the bill for the Fediverse is going to be due someday, and it has to be paid.
But it’s sustainable if it’s non profit.
Most third party Reddit users were happy to pay in the range of $5 a month. The reason everything is shutting down now is because they don’t just want to break even, they want profit, and a shit ton at that.
The fediverse makes social media non-profit by default which means that we can all share the cost.
Wikipedia is one of the largest websites in the world and is still non-profit. It shows that it’s sustainable.
They also wanted control over the user base, so they could do more intrusive bullshit to push more ads onto users. With the fediverse there's no monopoly on the platform so no one instance can get full control and abuse their power. With Reddit the only choice was to either submit or leave completely. With Lemmy all you need to do is swap instances.
If only you could save all your user activity along with swapping the instance... But as I understood, this is not implemented yet.