From today’s NYTimes article about the San Francisco Chronicle:
The Chronicle’s Web site, SFGate.com, draws an unusually large audience for a paper its size, three million to four million people monthly, according to Nielsen Online, but generates a fraction of the paper’s revenue.
If serving readers on the Internet is your measure, the Chronicle has been fabulously successful, and it’s going down the tubes. This is another example of the problem with the railroad metaphor. Far from making the mistake of thinking it was in the paper business rather than the news business, the Chron thought it was in the news business and used the Internet to do a bangup job of reaching readers that way.