Subscriptions is the end-result. To get there you need many things: brand, reputation, good crawling, incoming links from authoritative sites. All of these are predicated on the idea of a global Internet.
If webmasters in Europe stop linking to you, Americans traveling in EU lose your trust, and EU-hosted search engine crawlers figure you don't exist, then you start to have some problems.
A good businessman is able to change its assumptions when the world around him changes. In 1980, it might have made sense to limit your newspaper audience in the area where you lived. In 2010+, due to the Internet, the main cost of a newspaper consists in the work performed by the writer to produce the actual content. When the world around you gives you basically free infrastructure to send those bytes to another continent against a one-time investment of assessing and fixing your site for compliance, you just don't say no.