NY Times Last Man Standing Strategy Is Flawed
I believe that there is a future for subscription services but it is much more likely to be for deeply focused offerings. Imagine someone who is an expert on biotech. They could use a free blog to build an audience and reputation (and SEO juice) and then offer a paid subscription with more in-depth analysis or with a timing advantage on a subscription basis. Such a business could be extremely profitable because the focus will help keep the cost low even if this person were to employ analysts to help gather data.

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