What broke the New York Times?

The New York Times entered the digital era under duress. In 2011, the Times erected a paywall in what it called a ‘subscription-first business model’. The gamble was that readers would want to pay for quality journalism. It was a risk, and at first it didn’t seem to be paying off: after a challenging 2014, the company shed 100 people from the newsroom in buyouts and layoffs.