“I see multiple models, and the model has to fit with what the product is and what relationship it has with the reader,” said Sarah Chubb, president of Condé Nast Digital. “The magazines that are broadest in audience have probably the lowest opportunity for charging for content.”

The implication for Web traffic is another question. Until the ad market cratered, publishers were keen to maximize their audience size online and sell ads against it. But if publishers limit access to content, they can expect audience shrinkage and a resulting loss in advertising.

Many would say that as that opportunity shrinks, publishers have no choice but to go the paid content route. And some believe they still can have it both ways—charge for some content, while maintaining a free online presence, which they recognize as a crucial to promotion and subscription-building.