The money quote from Hal Varian’s presentation to the Federal Trade Commission, according to TechCrunch, was this: “newspapers have never made much money from news.”

But for me, the kicker is this data point from slide #3:

Subscriptions account for 3% of revenue on average

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Matthew Stringer produced this video as part of class discussion of Benkler’s The Wealth of Networks. Have a look – it’s excellent!