But the local papers have always had ads in them to supplement revenue, so I imagine you could still reach $100K or more. In a lot of small towns that’s still enough to cover an editor-in-chief and an additional reporter.
I'm just throwing out numbers. It wouldn't shock me if they'd actually have under 1,000 subscribers given that you'll have, at most, 1 subscription per household. And to sell ads, you probably need an ad salesperson now. The economics are just really tough--as demonstrated by the fact that most small towns don't have papers.
True in many places, but the papers in the 10- and 20-thousand person towns my relatives live in have a strong classifieds section because they’re too small to be on Craigslist.