Publishers have a problem: As ad revenues decline they turn to paywalls, an outdated, ‘one-size-doesn’t-fit-all’ solution of last resort that ignores the needs of most consumers. Paywalls only work for a small, core audience, excluding the majority of users. When publishers target this massive missing middle with paywalls, they spend more to reach them, reduce prices to convince them, and earn less from them as they churn early. This squeezes revenue and leaves money on the table.