Asking a difficult question - how much is your content worth?

With advertising revenues in such a state of flux, many publishers might regret the hugely discounted subscription fees they have been promoting.
Many business plans for publishers highlight subscriptions revenue as a steady bedrock of income, but in actual fact they are only concerned with the overall subscriptions volume that they can include in pitches to advertisers.
Now this balance needs to shift, so that subscriptions income is profitable and goes some way to limiting the huge deficits left by the loss of advertising (particularly if GM were one of your clients!).
The question is - do publisher's know where the true value of their content lies, and how to price subscriptions on- and off-line accordingly? What will an audience be prepared to pay and how is this influenced by what you have been previously charging?
I came across this interesting piece from Guy Lecharles Gonzalez at FolioMag, describing the challenge for bookstall publishers. Worth a read.
In the meantime, this got me thinking about how such developments could prove positive for custom publishers - anyone providing quality content aimed at specific customers or markets. While 'independent' publishers juggle ad revenue and subscriptions prices, potential advertisers can get better value by engaging directly with their customers in a custom, quality editorial environment. Click here for evidence of this.
In the meantime, mainstream magazine publishers will have to take a deep breath and place the emphasis of value on their content and the way in which it engages the audience.

Asking a difficult question - how much is your content worth?