John Gapper: "The point that link economy enthusiasts miss, I think, is that the trade-off between subscription and advertising is not a zero-sum game. Rates for online display ads have been falling steadily as competition has proliferated, with most sites now finding it hard to get more than $4 per 1,000 impressions on their pages (or $14m for the 3.5bn hits on all US newspaper sites monthly). But sites such as the FT and WSJ – or some health or energy websites – can charge $90 or more. The fact that customers are registering and paying not only shows commitment but provides publishers with personal data with which to target advertisements better." Read More...