A new wave of financial optimism is hitting some corners of the newspaper industry. But there’s still plenty of reason to hesitate.

The Times-Picayune’s strategy of cutting back on print days might make sense in the long run. But its execution has opened up the door for competition and weakened its ability to generate more money from readers.

There’s a huge opportunity for someone to become the essential guide to local places, events, and commerce. But will news organizations be the ones to take advantage?