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The WSJ has a well-deserved reputation for its financial analysis. People in business and especially in finance will gladly pay for the subscription.

They don't really care if anyone else reads the paper; the expected return on a non-core subscriber isn't worth much more than the cost of acquisition, so there's not much point to changing their business model to chase gadflies.

At the same time, non-core readers are a large source of potential revenue, so they make their stories available through some means (like Apple News) in a manner that allows them access to a large non-core market while protecting their core subscription model.



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