&quot;How is 22 million regular readers worth less than 300,000 paying subscribers&quot;<p>Monetarily. The ad market has only got worse since the Times made the move away from pure ad-funded pageviews, so the ability to turn those 22 million people&#x27;s eyeballs into a revenue stream has become even less viable than it was when they replaced them with 300,000 paying customers.<p>&quot;Not to mention the types of journalists you will attract..&quot;<p>... with an engaged and interested audience who are directly paying to read what you have to say, who aren&#x27;t merely being driven to your site by clickbait headlines and paid placement? I dunno, would think you&#x27;d be able to attract pretty good journalists on that basis...