Time is one of the biggest magazines in the world and this is great news...
We know that Time has many competitors such as Forbes and business insider, I am sure that with this announcement, competitors from TIME will think of following them in order to protect customers.
That is the only reasonable thing for the competitor magazines to do if they want to get ahead of the game which will not be happening if they continue to neglect the idea that TIME did with their online subscription then they are going to be left behind and there is no way for them to progress but to adapt.