Investigative News Sites Redefine The Journalistic Business Model

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One of the dirty little secrets in digital media is that the big numbers of page views and unique users touted by publishers are misleading at best. They overstate a publication's audience size and impact.

Most visitors to a publisher's content are fly-bys: They stay for only a few seconds. And even if they stay longer than that, the vast majority come to a publisher's website only once or twice a month. These are not loyal users devoted to a brand.

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