Print newspapers took in $34.7 billion in advertising revenue last year and had 49 million subscribers. That works out to $709 per subscriber
Newspapers online had $3.1 billion in ad revenue last year and averaged 67.3 million unique visitors per month. That’s $46 per reader.
That means a print subscriber is worth more than 15 times the revenue an online reader is.
Perhaps though not quite as bad-
Not all online newspaper readers are made equal. The top, say 10 percent of readers, who visit the home page twice a day are worth exponentially more than the bottom 10 percent, junk traffic that bounces in off Digg or some blog and which sees a page or two and spends maybe 10 seconds on the site. I wish I could quantify how much the top 10 percent are worth, but I’ve never been able to find data on that. Still, remove the junk traffic, and the online revenue per reader would rise.