Is the free tier a real product or just a limited demo?

It’s a real product. The free tier gives you up to 10 paying subscribers — plus up to 250 total subscribers (paying + free combined) — with the full premium feature set: token-based private RSS feeds, per-tier episode scheduling, subscriber management, deep links to podcast apps, the subscriber account dashboard, everything. No time limit. No “free trial” expiry. No hidden capability restrictions.

The only limits are subscriber counts. When you hit 10 paying subscribers, you’re ready for Starter.