“My go-to analogy of the publishing business is a children’s soccer game. When the ball goes to one part of the field, a clump if kids surround it. It goes to another part of the field, the clump follows. The same pattern seen with SEO or video or commerce has happened with subscriptions, as publishers have looked to replicate the Times success. Even Condé Nast is pinning its future strategy on subscriptions (and commerce). The question remains when we will hit peak subscriptions. The recurring revenue model is nearly too attractive. The market is not limitless for subscriptions, particularly of news. In fact, the Times has achieved its success by morphing its strategy from a paywall for news articles to a multifaceted news and lifestyle bundle that’s future growth is more reliant on finding the next Wordle than the work of the Baghdad bureau.” —