I think it's trivial to see it "works" in the sense that it costs nothing and generates at least some positive revenue. The expected value of doing it from the producer end is greater than zero.
Does that mean you should do it? That's the more interesting question. Panhandling works. Spamming works. Direct mail campaigns, sending out mass texts to lists you buy from states that sell voter records all work. Standing on the street corner asking random passersby if they want to buy drugs works.
But you're ruining a commons. Mail, SMS, and email are nearly useless communication channels now because the signal to noise ratio is so low. They're major annoyances you spend more time deleting and curating than actually getting value from as a user. It's understandable that producers don't see it that way or don't care. From their perspective, they have some unique value proposition that is just so great for their users that they need to keep them informed. The problem is there are millions of other producers who feel exactly the same way, and the net downpour is so overwhelming on the consumer side that it doesn't matter. I don't care how high value these information streams are. There is a limit to what I can consume in a day, and I would rather select and curate myself, on a pull model, and some days consume nothing at all, rather than have it all pushed at me. If you haven't heard from me in a while as a customer? Guess what? That means I'm probably happy. I bought your product, I'm using it, and I'm satisfied with it. I don't need another. When I do, I'll come back, but that might be years in the future. Deal with it. I can't buy something from every vendor I've ever done any business with every week for the rest of my life.