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I've been an AP subscriber for years. Even though there's no way I'll ever get around to playing through them all, I'm happy to support Paizo in this way because they make amazing products and I feel the APs are a good value for the money.
The problem is, I'm out of shelf space! I'm now giving away physical books to people who might otherwise purchase from Paizo. I'm also thinking about canceling my subscription because I don't have enough play time to get through all the content, so I'm paying for something I'm not using AND it's cluttering up my house.
If I had the option of buying a digital-only (PDFs and/or PDFs + VTT) subscription, I'd do that instead. It's a win-win-win: I get the products I want and will (more likely) use without accumulating excess books, no trees are sacrificed, and Paizo not only increases its profit margin by selling a digital product, but retains my subscription revenue while gaining friends as potential purchasers of the physical books.
I get that you need to sell a certain # of copies to make print runs viable. Offering digital-only subscriptions would likely decrease the number of books sold per print run. I think that's ok if you decouple the physical books from the digital material and price accordingly. If people want expensive print materials, it's reasonable to pass that cost along to them.