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I also think (based on personal experience only) that magazine subscriptions are also subsidized by the sale of subscriber's information to related advertisers.
The last time I had magazine subscriptions, I also got a lot of junk mail -- on top of all the "subscribe now and save!" offers. About four years ago, I let all of my subscriptions lapse and now I get almost no junk mail. I've recently resumed purchasing magazines, but I am buying them at the store, one issue at a time, because I am afraid that if I get a subscription, I will be put back on all those advertising lists!
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