We don’t know how much money the Times is bringing in from its paywall since we don’t know how much it’s discounting subscriptions as a marketing tactic. But it’s easily in the tens of millions of dollars.

Since this new revenue stream is so important for the future of the company, it’s time for the NYT Company to break out digital circulation revenue like it does digital ad revenue in its quarterly earnings reports.

Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at rc2538@columbia.edu.