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>I think people tend to underestimate how most publishers don't rely on subscription revenue to survive. All the money is in advertising,

Interestingly enough, NYT now gets 2 times the money from subscription as it gets from advertising. https://www.nytimes.com/2018/02/08/business/new-york-times-c...

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I think the NYT (and other very large publishers, WSJ, etc.) are the exception rather than the rule when it comes to subscription revenue.

For a newspaper that serves a small town/mid size city there is a fixed number of people they can sell subscriptions to. Compound that with digital ads being worth a fraction of what a print ad is worth and you have a problem. A print ad is still a bigger revenue driver.

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