The legacy publisher Time dropped its paywall last June, making it one of only a handful of news organizations—alongside Quartz and TechCrunch—to raise and later remove a paywall.
Since then, Time has seen advertising revenues rise, digital subscribers evaporate, and traffic remain relatively flat, according to data shared by Time and measurement firm Comscore.
A number of variables, beyond the removal of its paywall, play a role in explaining these changes. Traffic has declined across the industry, for instance, and Time has had more resources to devote to its advertising business.
“Removing the paywall was the right decision for our mission and purpose at Time,” said chief executive Jessica Sibley. “We also wanted to make a very big strategic change for our business, working with the biggest, best-in-class brands to support their businesses.”
The Time model cannot be easily replicated. It has the benefit of billionaire ownership, which provides a financial buffer few others enjoy. It also has more than a century of accrued brand equity, which has enabled it to branch into lines of business like events, franchises and awards, which draw much of their appeal from the authority of its logo.
But the decision nonetheless offers an insightful case study for publishers across the industry, many of which are continuously weighing the value of their subscription product against the drag it creates on their advertising business, according to Felix Danczak, global head of marketing at subscription platform Zuora.
Few publishers would implement a paywall if they could achieve commercial stability without one. So if Time is able to do so—it is not currently profitable—its success could offer a blueprint for others looking to find sustainability without a digital subscription business.
Paywall drops, traffic remains
According to Time, the primary reason for lowering its paywall was to ensure that its reporting could be freely accessed, a core part of its editorial mission under Marc and Lynne Benioff.
Since then, traffic has remained largely unchanged. From April 2022 to March 2023, Time averaged 14.6 million monthly visitors to its site, according to Comscore. The outlet lifted its paywall in June 2023; from April 2023 to March 2024, it averaged 14.5 million monthly visitors.
