On Wednesday, Will Lewis, the newly appointed publisher and chief executive of The Washington Post, addressed the gathered staff at the company’s Washington, D.C., headquarters to present his comprehensive vision for steering the iconic newspaper toward financial stability and growth.

Sporting a navy blue blazer paired with a button-down shirt and his signature sneakers—a nod to his preference for casual footwear—Lewis confronted the staff with the stark financial realities facing The Post. In a candid and sobering assessment, he revealed that the newspaper had incurred a $77 million loss over the past year, coupled with a steep 50% decline in its audience since the peak in 2020.

“To speak candidly,” Lewis began at the outset of the 90-minute meeting, “we are in a hole, and we have been for some time.”

Despite the grim news, Lewis outlined an ambitious and detailed recovery plan aimed at revitalizing the venerable institution, renowned for its groundbreaking journalism and influential reporters. This plan, designated as the “build it” phase of the turnaround project, follows the preceding “say it” and “fix it” phases. Lewis illustrated his strategy with a pyramid diagram during a PowerPoint presentation, designed to help employees visualize new business opportunities.

The pyramid depicted traditional subscription models alongside innovative subscription and payment options. Among these new revenue streams are “flexible payments,” described as “frictionless payments” intended to capture a potentially untapped market. For instance, individuals interested in reading a single article on The Post’s website will soon be able to make a one-time purchase via services like Apple Pay. This feature is slated for rollout next quarter.

Additionally, The Post plans to introduce new subscription tiers, named Post Pro and Post Plus, targeting both working professionals and dedicated readers. These tiers will offer enhanced products, including a forthcoming newsletter focused on climate and economic issues. This approach mirrors the premium subscription models adopted by other media outlets such as Axios and POLITICO, which have successfully diversified their revenue streams.

Karl Wells, chief growth officer at The Post, elaborated on this strategy: “We think that we’ve been a one-size-fits-all organization for too long, so we’re excited to create a new set of consumer and professional products that better meets the needs of our multi-faceted audiences.”

The revitalization plan also extends beyond subscription innovations. Vineet Khosla, the chief technology officer and a veteran of Silicon Valley, joined Lewis on stage to discuss the integration of artificial intelligence (A.I.) into The Post’s operations. Khosla acknowledged the widespread apprehension surrounding A.I. but emphasized its potential as a transformative tool.

“I totally get that there is a huge fear of A.I. everywhere,” Khosla remarked. “But I want us to go beyond the fear. The way I see us operate is we have A.I. everywhere. We have A.I. in our newsroom; we have A.I. with our consumers; we have A.I. in the business… Start thinking of it as a copilot.”

The newspaper is already experimenting with machine learning models. The Post has begun using A.I.-generated voices for listening to select newsletters, and an internal memo from Executive Editor Sally Buzbee announced an expansion of A.I.-generated article takeaways, which will be edited by human staff.

Simultaneously, Kathy Baird, the chief communications officer, highlighted efforts to strengthen audience relationships with The Post’s journalists. This initiative aims to promote key journalists and enhance their connection with readers, underscoring the importance of the human element in journalism even as A.I. becomes more integrated.

Whether these multi-faceted initiatives will be sufficient to reverse The Post’s fortunes remains uncertain. The challenges are substantial, as evidenced by the troubling financial disclosures Lewis shared. Nonetheless, the new publisher expressed confidence in the plan’s potential to lead The Post to renewed success. “I really hope at some point in the future, when you look back on this day,” Lewis concluded, “it’s actually quite a significant day in the history of our company.”