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> But so far, the news industry has not found anything that adequately replaces the print-ad-driven business model that served it so well for so long.

I shell out of Nautilus and The Economist. The content is excellent and engaging. The access is reasonable. Ads are not obnoxious or intrusive.

It seems to me that there are perfectly functional models here...

The overall industry trends suggest that you're part of a tiny minority, so I don't think this model is an "adequate replacement" at present.

I don't think it needs to be an adequate replacement for the whole industry. Just the parts worth preserving.

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