In the early 2000s at Rent.com we found that forcing an email address to get content gave us a great conversion rate, and fit our business model. But over time people came to be less and less willing to hand over email addresses, and more and more convinced that equivalent content was available elsewhere without the prospect of spam. Our conversion rate therefore slowly slid.
A decade later the conversion rate slid so much that Rent.com eventually abandoned its business model.