Online advertising still doesn’t pack a fraction of print’s punch

You can have opinion (and hope, and aspiration) or you can have facts. Benedict Evans, at Enders Analysis, has just trawled through all the data of newspaper finances present and future – and he has concluded that one current print reader is worth four times as much as any prospective online website reader.Even when you’ve killed all the forests and lugged them around the country, the old combination of cover price and advertising revenue comes out on top, it seems. Put up a paywall, as the Times has done, and subscription money (with concomitant advertising decline) fills only a quarter of the gap. And if you forget paywalls and concentrate on advertising alone, the gap is just as big, if not even bigger.

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