No paywall, which costs about six thousand pounds a year
What it would earn
About six thousand a year on comparable conversion rates. That is a real amount and I am not pretending otherwise.
Why not
Because the letters I most value come from people who would not pay. Not because they cannot afford it but because they would not, and both matter.
What happens instead
Voluntary support from about four percent of readers. That is enough, currently, and if it stops being enough I will say so rather than quietly adding a wall.
