The good news about online news sites is that they're viable. They can offset some or all of the declines in print revenue.
The bad news is that they need to draw much, much larger traffic.
The analysis by Lauren Rich Fine in a ContentNext report indicates the conversation gets interesting with advertisers around 200 million page views monthly.
Fpr a site like the New York Times, for instance, it would need to drive about 1.3 billion page views monthly to generate what its print edition drives. Of course, print costs are far more formidable on a lot of other fronts, but the calculation helps point the way to the targets necessary as transformation to digital occurs.