"Since then, newspapers have built their online audience to 75 million monthly unique visitors and are rivaled only by the portals in their local reach. The problem is that nothing has generated enough revenue to offset the profit loss from the erosion of print advertising. The industry is coming to grips with the reality that online advertising, as it exists now, will never come close replacing print advertising. The gospel of free online content is being questioned, and publishers are groping for new model."
