Nic Marajas tears down and works through the potential numbers of an ad free magazine. It’s an interesting post, and while not comprehensive, is a start of what the future of digital publishing could look like.

With these figures — a staff of 29, 22 illustrations and five contributed works per issue — the bill due at the end of the year is $3,642,200. You’ll need just over 20K subscribers to break even.

via Marco Arment.