The idea that "user tracking" is now happening on the internet and not in print isn't true. Yes, internet tracking can follow you specifically, but that's because the systems have gotten faster and more connected.
Back then it took the form of the subscriber database as you suggest, and was used to help target and sell ads in the paper. The print industry often "sold" the subscriber list in detail to prospective advertisers to demonstrate the potential reach.
Losing detailed subscriber data was one of the primary objections many papers expressed to Apple's app store distribution model which can effectively render readers anonymous, as this was apparently one of the most valuable things they had.
This means the revenue they can charge for that ad is 100x less, which means that any sites without massive, massive user bases will perish, and those that survive will do it on a pittance.
I think Patreon has the only good answer so far. There are multiple people on there that make top quality content and earn good money from it.
It's probably not an answer for every industry.
I mean: GDPR didn't forbid money. Not even advertising. Only using personal informations without explicit consent... Please, don't be too ridiculous and stop watching FoxNews :-D
Behavioural targeting is fine!*
Contextual targeting is fine!
*In many circumstances.
In the 90s, the N.Y. Times was $1 in my city and the local paper was $0.30. That covered paper, distribution and ink.
The ads paid for it, and I think the ads were more effective. IMO online ads are mostly fraud and bullshit.
The irony is that we'll get there, eventually: Apple and Google are slowly agreeing a payment system and then they will push it into the browser, and everyone will use it.
If we just do big-dollar monthly or daily subscription paywalls, we end up with a Balkanized web where I can't read the article you're reading unless I pay for it. That'll significantly change the way interactions happen on the worldwide web.
This site provides news and information of USA TODAY NETWORK. We hope you enjoy the site."
Colour me impressed. I sincerely hope it catches on.