WordPress Database size grown beyond 1 GB

Hello All,

I have a WP site that is running an online newspaper (custom theme) and posting almost > 300 posts a day. We currently are at 93,716 posts and 420 pages. The page load time is slow despite caching & CDN. But my major concern is that the database size for this site is grown past 1 GB. I have done some preliminary checks and cleaned revisions and optimized stuff that is common, yet the size for DB is > 1 GB. Maybe I have a hell lot of content on this site. My question here is that if I archive the dated posts (have them back till 5 years) would it help make the page load better? also is there a way I could move old data on a different DB (archived DB + Live DB) and have wordpress work on the live DB and archive DB is made read only? My website will continue to grow in size with the kind of content we populate each day. would appreciate if I can get some guidance on approach how to manage the data growth with this site.

Thanks in advance.