PubSub, too many subscriptions?

I’m a little hazy on what the best practice is for designing a scalable PubSub system. Should there be a few subscriptions, or even just one subscription, from which relevant information is filtered? Or should there be possibly hundreds or more subscriptions which contain very specific information and thus needs less filtering?

Many specific subscriptions seems like the way to go, but at the same time, having users subscribe to hundreds of topics when they log in also seems like it’d slow things down.