Even today, encyclopedia briticana is still selling an encyclopedia product for about $75 a year.
The new business model is competiting with the old one. Generally the new model is winning on price and breadth, by a fairly wide margin. Accuracy seems about the same for both business models.
A business model doesn't need to be perfect to win, it just needs to be slightly better.
> It's how the vast majority of human knowledge has been stored and perpetuated for millennia.
I think writing books for money is a newish phenomenom. I think historically you probably had more of a patronage system for most art. Selling your written work is a lot harder in the pre-printing press era.