The subscribers lists are in the left hand side of the Homepage of Facebook, subsection of favorites. If you click on a list here, you can see news feed updates from the people on that list who are subscribed.
So you want to create a custom list. So follow the instruction below to create a subscription list in Facebook:
Step 1:Click on "Lists" on the left hand side of your Facebook homepage.This will show the list of subscribers that you already have.If if think you do not have any subscribers then you are wrong as Facebook smart friends lists will be shown there.If the list does not show on your screen click on the more option it will show you the list.Now click on lists.
Step 3: After you click on "Create List" a new window will popup and it will be blank. Now you can add contacts, whether they are friends or the people you subscribe to or even both. Click on the "Manage List" button in the top right corner of the screen and then click "Add/Remove Friends" Or you can simply click on "Add friends".
Step 4:If you would like to put people you are subscribed to on the list click on the top drop down menu and select "Subscriptions" this will show the people you are subscribed too. And if you would like to add friends as well then do the same with from the menu by selecting "Friends".Now select by clicking on the photos of the people you would like to make the subscription list and when you are done click"Done".
To view a stream of updates from a particular list all you need to do is go to home page of Facebook and click the name of the list in the left hand side menu. Then you will able to see a version the new news feed containing all the updates only from the people you have selected in the list.You also have somewhat of an alternative to groups here. Anything you post while on this screen only goes out to the people on the list. Assuming they are subscribed to you.