For the first time in years, investors have become pessimistic on the main drivers of NYT’s business model – its digital news subscriber potential & its digital news pricing power. This write-up examines base rates for both of these drivers.

Churn cannot be reduced to a single number because customer retention is a curve, not a constant.

Stock prices are the clearest and most reliable signal of the market’s expectations for a business’s future performance. Ignore them at your peril!

How does the nature of content impact long-term margins at media businesses? All else equal, the more durable your content, the less you need to continually spend on content creation. Let's explore that.

Investors want to know why customers use a company’s products/services. Often this is referred to as the ‘customer value proposition’ or the ‘customer ROI’. The Seven Deadly Sins helps us understand situations where that value proposition isn't entirely rational.