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I forced myself to read the entire article; its "echo chamber" undertext gives you an idea of how out-of-touch Wolff really is. Even more illuminating, the Times has no focus except what pleases Emporer Pinch these days, and writes for him and no one else these days.

The Internet has been coming on for ten years now, but these dinosaurs have ignored its democratic power and now they can't react.

Here's the money quote for me:

The Times, in newsprint form, with its daily 1.1 million circulation, and Sunday 1.7 million, makes between $1.5 and $1.7 billion a year (the company does not break out the exact figure). Times.com, with its 40 million unique online users a month, likely makes less than $200 million a year. Cruelly, an online user is worth much less—because his or her value can be so easily measured—than a traditional reader.

Translation: we've overcharged our print advertisers for years because we had the only available ad vehicle, and were at our mercy; now, they know what ads work and who clicks on them, so they refuse to pay more. We've throttled the goose that laid the golden egg.