Bundling is profitable because it reduces the heterogeneity of the consumers’ willingness to pay: all bundle buyers buy at the price of the buyer with the lowest willingness to pay. Bundle seller can sell at average willingness to pay, and this will typically be more profitable.
It has long been known that bundling is often the optimal pricing strategy for information goods. Magazines, newspapers, journals, etc. are "bundles" of stories more readily sold together than apart. For one paper on this See: Hal Varian's from 1995: http://people.ischool.berkeley.edu/~hal/Papers/price-info-goods.pdf …
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Here's another good paper on bundling: http://people.stern.nyu.edu/bakos/big.pdf
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