The New York Times building in Manhattan. The paper is expected to announce a new paywall system within weeks. Photo Credit: Wally Gobetz

The New York Times is ready to charge its readers to access online content. New York Magazine broke the news yesterday, citing sources familiar with the paper’s internal deliberations. The paper’s chairman, Arthur Sulzberger, Jr., is expected to announce a decision within weeks.

The paper plans to use a metered system similar to that of The Financial Times, which allows viewers free access to a limited number of articles per month and charges to read a higher volume.

In the recent firestorm over paid content, the New York behemoth is joining the ranks of other giant media organisations, including Rupert Murdoch’s News Corporation, who have determined that increased revenue is worth the inevitable drop in page views.

This is not the first time The New York Times has experimented with charging online readers, however. In 2005, the paper began charging for access to columnists and archives, but ended the program in 2007, reported The Guardian. According to The Register, the Times’ believed in 2007 that they could make more money from advertising than from subscriptions.

This time around, however, the Times is looking at multiple options, reported The Telegraph today. In addition to a metered model, the paper is considering a membership system, giving subscribers special access to journalists and even travel and restaurant deals.

The expected flurry of tablet computers in 2010 will also likely factor into subscription models. The paper may strike a partnership with Apple for its much-anticipated tablet device, said New York Magazine, and already has subscription deals with the Amazon Kindle and other e-readers.

According to an October 2009 report in The Atlantic, this move was a long time coming. A Gawker analyst pointed out that by late last year, the Times was actually making more money from readers than from advertisers—a difference of nearly $10 million in 2009. An estimated 20 million unique readers visit the site each month.