Ferchi

More to the point, Gapper seems to have convinced himself that the FT’s high CPMs are entirely a function of its paywall, rather than a function of who its readers are. He compares revenues at the FT to those at the Guardian and at Gawker Media (!), and on that basis decides that the FT could never make an ad-supported model work. But of course the FT could still charge very high CPMs even if it was free, they would never come down to general-interest levels.