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 NEW YORK (MarketWatch) -- Variety will charge readers for its online content, beginning on Dec. 10. 
 
 According to The Wall Street Journal, the decision comes in the wake of the devastating advertising-spending slowdown by corporate America. Variety is a unit of Reed Elsevier Group PLC. Read Wall Street Journal story about Variety. 
 
 The Wall Street Journal, like MarketWatch a unit of News Corp. NWS, +0.14% charges its customers for content -- though most newspapers have been reluctant to do the same. With the advertising crisis continuing, it's likely that many American dailies will follow The Journal's lead before too long. 
 
 Variety is counting on the loyalty of its core audience in Hollywood. Variety has long been synonymous with the show-business scene in Los Angeles -- but lately rivals such as TheWrap.com, an aggressive Web site launched by former New York Times entertainment correspondent Sharon Waxman, has put the established Hollywood media on notice. 
 
 Recently, TheWrap broke the news of the talks between Comcast CMCSA, +2.20% and General Electric GE, +2.35% resulting in the announcement that Comcast would acquire GE's NBC Universal unit. See related First Take analysis of the GE-Comcast deal. 
 
 Variety needs to upgrade its reputation. It must demonstrate, too, that it continues to be relevant -- at any price. 
 
 For Variety to flourish in a paid-content atmosphere, it must break big stories on a regular basis. The Comcast-NBC Universal story cemented TheWrap's reputation as a major player for major breaking news when it comes to the business of Hollywood. 
 
 Now the pressure is on Variety and the rest of the old guard in entertainment media to prove that they also have some kick. 
 
 These days in the media, it's not about your legacy or pedigree or reputation. It's all about showing that you're relevant. 
 
 -- Jon Friedman
– Variety will phase in a paywall starting today, a return to its pre-2006 model and a big gamble that its long history as the Hollywood daily will spur users to open their wallets. The site's traffic has increased since it became free, but it failed to attract a bump in advertising revenue, writes Jon Friedman. "We're not as concerned about traffic as other publications," said president Neil Stiles. "As long as we deliver to core people in the business, that's what our advertisers expect." But online competitors, such as TheWrap.com, have been beating Variety to stories, notes Friedman, writing for MarketWatch. With aggressive newcomers offering scoops at no charge, the old-timer must prove its worth. "Variety needs to upgrade its reputation," Friedman warns. "It must demonstrate, too, that it continues to be relevant—at any price."