There are lots of ultra-specific news publications that require subscriptions. It's usually not very cheap either, but if they can gather 100 annual subscriptions at $2000 a piece it's enough to pay for the salary of at least one full-time journalist and one full-time editor, as well as any design overhead. It also allows them to maintain full independence.

People who usually subscribe to these things are researchers, industry-related businesses, other journalists or traders looking for an edge. The journalists writing the content are also researchers that have a direct, exclusive interest in the content so it turns out fairly high quality. Here[0] is another in a related industry: the Iraqi oil markets. With an annual subscription cost of $2301.

[0] https://www.iraqoilreport.com/subscriber/signup

Trade magazines like these are actually good candidates for paywalls. Their small reader base is likely to get their employer to pay for it.

Wasn't paywalled for me and I am visiting from the outside the US. Maybe they think you will pay for the article :)

Not paywalled here, but I am visiting from a University IP.

Wasn't paywalled for me but I'm running Brave with I don't know how many extentions to block scripts, ads and the like. What were you viewing it in?