In a way it will be a battle between premium (NZ Herald) and sub-premium (Stuff) content. Its digital subscriptions bring in 25-30 percent of the revenue of all its print newspaper subscriptions combined. And Stuff's press release on the new paywalls did not specify if people who are currently part of Stuff's membership donations scheme will get access to the gated content. His graphic above shows that March, in fact, saw the business' advertising revenue fall behind March 2022 by about 5 percent. That didn't stop the Herald headlining its coverage of the annual meeting with "NZME upbeat on advertising market".