Weekly instalments worked at that time and, while it would still work today to some degree, I see a lot of change in direction to binge-ing shows and books.
With that being said, in Japan web-novels are quite common among teenagers - which later on might get a publishing deal to get a print version. BUT, the authors are not professionals and write as a hobby, and making money with their stories happens when they get the print deal, and not publishing online.
It works in China, but there the authors get paid by word count. And yes, it does lead to exactly the types of problems you can imagine. But there are so many of these stories that some end up being very engaging.
Also, sites like Royalroad and Scribblehub have a fair few authors who make a significant amount of money through Patreon and the like.
With that being said, in Japan web-novels are quite common among teenagers - which later on might get a publishing deal to get a print version. BUT, the authors are not professionals and write as a hobby, and making money with their stories happens when they get the print deal, and not publishing online.