The impact of web traffic on revenues of traditional newspaper publishers 4.2.1 Estimating the value of a single visit Based on the data and results of the analysis, the study compared the value of visits by users who access the news sites directly and who access them via referral websites. The analysis found that on average, there is no difference in the revenue that individual visits (a single page view) from different sources generate. In other words, a page view by a visitor referred from another websiteis just as valuable as a page view from a visitor who comes in directly. The average value of a visit ranges from 57 €0.04 to €0.08. Analysis of the comScore data shows that the visitors who accessed from referral sites viewed on average 4.3 pages during their visit. This compares to 5.7 page views per visit from visitors who 58 accessed the site directly by typing the website address into their address bar. This difference may be due to the fact that visitors from referral sites may search for a particular subject, follow it to a page on the news site, and leave after reading the article and seeing the advertising. Visitors who arrive directly are more likely to visit the homepage and browse, seeing more pages in the process. 4.3 Conclusion This study has estimated the value of total web traffic for newspaper publishers. It has further assessed the contribution of referral traffic to publishers’ revenues. Referral traffic to news websites delivered over €746m in online revenues to publishers in France, Germany, Spain, and the UK in 2014. While this represents only 4.2% of the publishers’ overall revenues, the contribution is important in the context of the overall declining trend of traditional print revenues. The current share of publishers’ revenues driven by referral traffic and the expected growth of internet usage suggest that there may be an opportunity for newspaper publishers to further increase the amount of visits to their websites and the associated revenues. 57 Deloitte analysis, methodology provided in the appendix. Deloitte LLP. 17