Spolier alert: it’s not from newspapers.
MAIL ONLINE, the sister website of the Daily Mail, a popular British national newspaper, mixes sensation with scoops. Pictures of women in bikinis compete for space with stories about welfare cheats. Readers love it. Some 46m people around the world visit Mail Online each month—more than go to the websites of the New York Times or the BBC. It is expected to bring in around £45m ($68m) in revenues this year, enough to offset a decline in print advertising for the first time. But the firm that owns this salacious world-beater now makes most of its money from less racy businesses. It has not so much diversified from print to online advertising as from mass media to something else entirely.