Paywalls aren't a panacea for newspapers, according to PaidContent.com. An analysis indicated that even if every single subscriber switched to online paid content, newspapers would still lose their shirt. Each online viewer would be worth only a quarter of the value of a paid print subscriber.
Although basically a UK analysis, it holds deep implications for newspapers. As the story indicates positing big losses with readers shifting online behind a pay wall: "If that sounds bad, imagine the situation for publishers whose websites are not starting charging." Well worth thinking about.
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