The medium with the largest increase in ad revenue since 1995 is cable TV, not the internet. Total newspaper ad revenue is 4 times as large as online ad revenue

Hal Varian, presentation to the FTC: via scribd. The presentation accompanied a piece on that called for more experimentation and offered a Clintonian explanation for part of the problem facing newspapers – it’s the paper, stupid: “Newspapers could save a lot of money if the primary access to news was via the internet.”