For most of the last century, the majority of journalism and entertainment was sold by subscription (the third phase). It is now sold again online à la carte—as a one-off. Each story must sell itself, must be heard over all the others, be it in Google News, on Twitter, or on your Facebook wall. This One-Off Problem is exactly like the one faced by the yellow press a century or more ago, and it distorts today’s news just as it did then—only
