Well… you didn’t ask me for my opinion but here I am giving it to you anyways! From my perspective… the ideal model would be a combination of micropayments and a paywall. For example, each month Medium would charge us a dollar… but we could choose which stories we give our pennies to.
I refer to this as the pragmatarian model. This model would…
- help solve the free-rider problem
- allow us to use our pennies to communicate our valuation of the content
- allow us to quickly and easily find the most valuable stories
- provide an incentive for people to write more valuable stories
The supply of valuable stories would quickly increase… this would increase the number of subscribers… which would increase the amount of money given to the most valuable stories. It would be a virtuous cycle.
If you get a chance, you should read my most recent blog entry on the topic… Cross Pollination: Journalists and Economists. Let me know if you have any questions or doubts! It’s my favorite topic.