I recently was surprised while browsing through “Michele’s List,” the guide to the independent “emerging local news ecosystem” continually updated by researcher journalist and researcher Michele McLellan. Most of the sites were in the two lowest tiers of revenue — “below $50,000″ and “$51,000-$110,000.” The majority have been around for a while, some as long as five years. Are they doing something wrong?
 
I took my question to Kenny Katzgrau, co-founder of Broadstreet Ads, which provides ad-exchange and ad-manager services to some of them.

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