In 1996, Bill Clinton was getting ready for his re-election campaign, Atlanta was gearing up to host the Summer Olympics, and The Wall Street Journal officially launched its online edition. Just four months later, it became a subscription-only site.

As WSJ Online celebrates its 10th anniversary, it has held fast to that model despite what other online media outlets are doing. In fact, its success could set an example for the future of the newspaper industry as it continues to ...