"Especially on the web making users pay a fee for content is turning out to be a herculean task. Even the best and popular newspapers were not successful in this."

In general, I agree with you, but I think some publications have had some success with paywalls and online subscriptions. Many publishers abandoned their paywalls only to resurrect them years later and find them more successful. The New York Times and The Wall Street Journal have both had some success with paywalls in the last few years, I believe.