Of course, but the impact seems pretty minimal, for the time being (on my side).
Many sound effects buyers are one time shoppers, so most of these won’t become subscribers.
Another segment of my clients are semi-pro video editors. Those need precise sounds for whatever projects they are working on (almost an endless variety of themes). I guess a substantial portion of them will subscribe, but many will realize that they still need the variety found at the classic market.
Pro video editors (I do some video edition) have their habits and value their time. They might subscribe, but may not like searching in two different markets. I guess many will still go straight where the biggest number of sounds is: at the traditional AudioJungle market.
That said, I’m preparing to see a bigger Elements impact on my sales at some point, but I think that, in many situations, the two markets won’t appeal to the same kind of clients.
I would’ve preferred that Elements never existed, but maybe it will not become the evil monster which many authors are having nightmares about.