A year after its launch, The New York Times' pay wall has proved that online readership doesn't necessarily suffer from its existence and that plenty of readers are willing to pay for unlimited access. The current subscription base is 390,000, about 30% better than projected. But no one expects the pay wall to provide a complete solution to declining overall revenue, and with the rate of new subscriptions slowing, further gains are likely to require a good deal more investment.

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