Pay wall fail : $650 million Newsday acquisition garners just 35 subscribers in three months
I've never heard of Newsday, but apparently it's a big daily paper from Long Island, New York. It was bought by the Dolans (the original owners of the HBO network) in 2008 for $650 million. Recently the Newsday website was overhauled for the princely sum of $4 million. It then went behind a pay wall in October 2009 -- since then (over three months ago) they have managed to accrue a total of 35 subscribers. Those 35 people have, so far, netted the paper a grand total of $9,000.
They have managed to find just shy of three dozen -- twoscore minus four -- people willing to pay five dollars a week for quality news reporting.
If I was Rupert Murdoch and about to sink my crowning glory of a newspaper behind a pay wall, I'd be a little scared right now.