The thing is, a paywall isn’t going to work out for most publishers either, because they’re not worth the money. Most “content” out there is marginal at best, deceptive clickbait at worst. Putting up a paywall is more likely to just end in people calling that bluff.
I for one, wouldn’t pay $20 for a month of Bloomberg, never mind $40. I won’t really miss them either. If Buzzfeed puts up a paywall... ok that’s fine, good even! Of course this assumes that people don’t just rapidly figure out ways to pirate content, and they will. Try to track me, I’ll use uMatrix. Try to paywall me, and I’ll remember how little you’re worth. The NYT and FT can paywall, and a few others are worth the money... most aren’t. How many sites would you be willing to pay for rather than just forget exist in a week?
There’s always piracy lurking in the background, waiting for companies to be venal or stupid enough to make the hassle of pirating less onerous than the legal option.