Today the Times and Sunday Times announced it will start charging its readers for use of its website. Users will be offered a day’s use for £1, or £2 for a week’s subscription. But is this a wise business move at a time when the majority of us are watching our pennies?

On Tuesday, the Telegraph reported that the publisher of the The Times and The Sunday Times lost £87.9m in the year to June 28, 2009, so it appears there is a method to the perceived madness.

James Harding, Editor of The Times, said: ‘Our new website – with a strong, clean design – will have all the values of the printed paper and all the versatility of digital media. We want people to do more than just read it – to be part of it.’

The Times is clearly hoping that the news it provides will be as valuable to a consumer audience as the Financial Times has proved to be for business readers. But will consumers be as prepared to pay as companies?

Unfortunately for The Times, consumers (and businesses) are now on the lookout for a bargain. While The Times may be working to a good business model in theory, embracing the digital medium could mean they miss out on readers who will focus their roaming eyes elsewhere.

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