HN's model is to drive YC brand recognition and make it easier for YC companies to hire. It's free to us and, sure enough, we are the product: a huge audience of tech workers.
Assuming at least one YC company lowers its burn rate thanks to HN, survives when it otherwise wouldn't, and has a big exit, HN's value could be measured in millions or billions.
You may be interested in the The Information, which launched by charging a super high subscription fee (something like $50/mo) and is apparently doing well.
