A journalist (creator), produces a product (manufacturer), a newspaper/magazine distributed it (distribution) and a publisher creates the allure that makes you want to trust that brand (marketing). All that stuff was hard and expensive 15 years ago and consumers didn't have the tools to find the creator and the creator didn't have the tools to distribute.
A bunch of bundled industries are falling apart with the unbundling but in almost all cases there remains a creator that the mass population is now "capable" of finding. And the tools that allow for cheap distribution are basically free.
What's lacking is the arbitrage of the distribution platform's earning power to pay steady wages to journalists.
The worst thing that happened to journalism was no-paywall outlets. It convinced people that content is free. It's as if we buy toothpaste at CVS for $3 and on Amazon it's free just because it's on the internet. At a certain point you start to devalue ALL toothpaste rather than just devaluing crap toothpaste because Amazon makes it easier for you to buy toothpaste you like.
Today I can follow a journalist's work. I can follow a specific topic. But I have yet to figure out that doing that work costs money. So no matter the paywall model, it's gonne be hard for consumers to fund it.