The thing is that economies of scale do not really work with (good) journalism. You’ll never get a ton of clicks on an in-depth, nuanced and well-researched story, because it’s not really “sexy”. That’s why even serious publications need to put out clickbait content, as it essentially funds the actual serious journalistic work. The problem here is that clickbait articles cause a reputational damage to publications.

A paywall makes it possible to avoid all of this, but then you run into the problem that fewer people have access to your content, rendering what you do less impactful.

As a journalist, let me tell you something: the reality is that news is an awful business. It’s hugely useful for public discourse, but it does not make any money. It’s essentially a public service, like roads or public transportation or schools: they are essential parts of society and they don’t work as a business.

Some countries realized that, and they have public-funded or state-funded media, like the BBC (on NPR, in a different way). While this poses huge problems with regards to conflicts of interest and freedom of the press, that’s the only economic model that actually works.