[Editor Charlie sez: Nicholas Thompson recounts Wired’s largely successful experience with “paywalls”–also known as subscriptions or getting paid for your work.]
A LITTLE OVER a year ago, we introduced a paywall at WIRED. The idea, as I wrote back then, was largely about us. To start, we wanted to give ourselves stronger structural incentives to do great reporting. When your business depends on subscriptions, your economic success depends on publishing stuff your readers love—not just stuff they click….But the idea was also broader. At WIRED we genuinely believe that journalism as a whole needs to diversify its revenue streams. The advertising business has supported this business for decades—but digital advertising is unruly, unpredictable, and slowly being swallowed by the social media platforms.