That's the old model. In a digital world, you can appeal to both the consumers who are devoted to that "niche" as well as the much larger and vast audience who would enjoy a particular article, e.g., I may not be a devotee of Vanity Fair in general and would never pay for it, but they sometimes have great articles on a particular subject. Apple's new service can uniquely expose that article to a likely tens of millions of folks who will subscribe to a news/magazine service that will put a huge number of eyeballs, think advertising rates, who would never otherwise see that article and accompanying ads.
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I guess it depends on how many articles you intend to read. I don't subscribe to Wired, but every now and then I find an article I want to read. At this rate, I don't seem to be reading enough to go over my "free article" limit so to me this subscription service wouldn't be necessary. But if you read more, I guess I could see how it might work.