The proof is that while online aggregation and free newspaper Web sites have combined to batter paid print circulation figures, more people are reading the product of America’s newspapers than ever before. Certainly more of them are reading the Times (nearly 20 million average unique visitors monthly) and the Post (more than 10 million monthly unique visitors), though they are doing it online and not paying for the privilege. And tellingly, the Times—its product still unmatched in print or online by other mainstream publications or anything that new media has yet offered—has transformed its print circulation into a profit center for the first time in years, merely by jacking up the price, with newsstand prices rising in June to $2 and up to $6 on Sunday.

Clearly, the product still moves. But to what purpose, when more and more readers rightly identify the immediate digitized version as superior, yet pay nothing for that version, and online advertising simply doesn’t deliver enough revenue? If the only way to read the Times is to buy the Times, online or off, then readers who clearly retain a desire for that product will reach for their wallets. And those comfortable acquiring their news at a keyboard will be happy to pay much less than they do for home delivery.

No doubt some mavens of new media who have read this far have spittle in the corners of their mouths at the thought of the dying, tail-dragging dinosaurs of mainstream journalism resurrecting themselves by making the grand tool of the revolution—the Internet—less free. There is no going backward, they will declare, affronted by the idea that a victory already claimed can even be questioned. The newspaper is all but dead, they will insist. Long live the citizen journalist.

Not so fast. While their resentment and frustration with newspapers—given the industry’s reduced editorial ambitions—are justified, their reasoning and conclusions are not. A little history:

For the first thirty years of its existence as America’s primary entertainment medium, television was—after the initial purchase of the set itself—provided at no cost to viewers, instead subsidized by lucrative ad revenues. The notion of Americans in 1975 being asked to pay a monthly bill for their television consumption would have seemed farcical. Yet in the ensuing thirty years, we have become a nation that shells out $60, $70, or $120 in monthly cable fees; indeed, whole vistas of programming exist free of advertising revenue, subsidized entirely by subscriptions.

How did this happen?

Again, content is all. The move to the pay-cable model was preceded by an expansive effort to create additional programming to justify the upgrade from network fare to multichannel packaging. In the beginning, some of that new content amounted to little more than feature-film purchases, additional sports, and twenty-four-hour news and weather. But ultimately, the quantitative increase in programming was accompanied by a qualitative improvement in television fare. You paid more, you got more: HBO, Showtime, Cinemax, and, ultimately, a string of niche channels catering to specific audiences and interests. One can critique American TV however ruthlessly one wishes, but the industry is doing something right. More channels, more programming, more revenue—indeed, a revenue stream where none had existed.

By contrast, we have American newspapering, an industry that a quarter century ago was—pound for pound—as lucrative as television, with Wall Street commanding profit margins of 25 and 30 percent. As with television, circulation was accepted as a loss leader, strongly subsidized so that the money it cost to deliver content was more than made up by advertising dollars.

But unlike television, in which industry leaders were constantly reinvesting profits in research and development, where a new technology like cable reception would be contemplated for all its potential and opportunity, the newspapering world was content to send its treasure to Wall Street, appeasing analysts and big-ticket shareholders. There was no reinvestment in programming, no intelligent contemplation of new and transformational circulation models, no thought beyond maximized short-term profit.

David Simon is a writer, author, and television producer. He is the creator of HBO's The Wire and the New Orleans-based Treme. From 1982 to 1995, he was a reporter at The Baltimore Sun.