[gmjoe]

Good point. But since there's a paywall of 5 articles per month, while a subscriber presumably reads 100's per month (e.g. even just 5 articles a day = 150/month), it seems reasonable the majority of advertising revenue comes from subscribers, or close to it.

Sure there are viral articles that get bigger traction, and it's a "soft" paywall when coming from social media or search, but they're been significantly increasing restrictions on the soft paywall over the past year to impose both daily and monthly limits.