Yeah, it's intended for people who want to support content creators but hate ads. It's a good idea in principle, but it has been executed terribly. Not only is the money collected into a pot which is then divided between everyone, which will stop your money going where you actually want it to, but they are also not telling anyone how the money will be divided. Worse still is that content creators were forced into signing the new contract mafia style - Youtube basically said "Sign this or all your videos will be set private". It could have been something, but they made some poor decisions on the way :/
