“It’s certainly not a given that video should be free. Some of the most valuable content we produce is video content - we see that in the engagement but also the premium advertisers put on it.

“The challenge is for us to balance the strong growth we’ve seen in advertising revenue on video with protecting the core business model that we have, which is this frequency-based subscription business model. I think we’re going to see to at least some of that video behind the paywall, but it’s going to be a gradual thing, coming over the next few months.