The impact of web traffic on revenues of traditional newspaper publishers Key findings  This study measures the value of web traffic to newspaper publishers with both print and online components in France, Germany, Spain, and the UK in 2014.  This has been assessed as the impact of total web traffic on publishers’ revenues, i.e. of traffic driven to news sites both directly through a publisher webpage (“direct traffic”) and traffic driven by online news aggregators, social networks and other online services that direct traffic to news (“referral traffic”), as well as the impact of referral traffic on publishers’ revenues alone.  To measure the value of web traffic to news sites, this study employs econometric analysis based on a sample of 66 newspaper publishers that have both online and offline editions across in the four countries in scope. The sample covers years 2011 through 2013. During that period, referral traffic accounted for 66% of page views to these publishers on average, with direct traffic accounting for the remaining 34% of page views.  The analysis estimates that on average, for the newspaper publishers in the sample, the total value of web traffic to news publishers in the four markets was €1,128m in 2014, whilst that from referral traffic was €746m.  The value of a single visit is estimated to range between €0.04 and €0.08, irrespective of whether a visitor accesses a news site directly or through a referral site. Deloitte LLP. 2