I think that would hurt your site. Not only visitors are reluctant/lazy to register (unless the site provides some sort of service) but the biggest thing that would hurt the site that, search engines can't crawl your content. If they can't crawl your pages, your site won't be index in their database. If your site pages are not indexed, then you won't get any organic traffic from search engines, which is the best traffic. You need search engine traffic. Every site needs search engine traffic because that traffic is targeted and free.
So, if you just offering content in your protected pages, i would say make it public so that search engines can crawl your content into their database. Also, this will make people not get discouraged and leave.
You can put a newsletter instead to collect peoples email.
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