And yet my view is that digital media companies must now — more than ever — convert customers to loyal, brand-loving audience. In the long term, these readers are the ones that an advertiser has the greatest ability to impact, since they can leverage a real — rather than fleeting — relationship with the publishers.

It might be difficult and daunting, but that’s the only true path to sustained publishing prosperity. The current advertising model is broken, and it must be fixed.