That's right. It's one of the great truths of broadcasting companies and one of the reasons why they have such extraordinary longevity that once they're past the stage of covering their fixed costs, they can actually -- bar, obviously, economic cycles, they can actually increase their profitability, assuming that they face no competition.
So in a sense, they're completely different kinds of enterprises anyway. TV broadcasters tend to be very significant. BSkyB is a good example. ITV, the BBC. These are very, very significant enterprises which need very large scale investment and an ongoing capex, but once they're basically past their innovation stage, which is usually thought to be around eight to ten years, then actually they can just deal going.
Unfortunately, the economics of broadcasting also work against organisations where, for instance, there is a fall in consumption and in fact, it becomes very difficult for organisations to recover unless they savagely cut their costs. But it's -- I mean, broadcasting is a large-scale model. It is -- in every market in Europe, you see -- apart from Germany, which has a lender system, so very strong local broadcasters -- you see no more than three or four mainstream broadcasters in general, including state broadcasters and so on, and the mix is different.
I think the point I wanted to make was also just in response to Robin Foster's evidence earlier in which he said that there was so much uncertainty over digital models and actually I wanted to remove that uncertainty because I think we can say with certainty that digital models will not fill the role of traditional enterprises. We can say it with certainly because we have the evidence. The MailOnline started a decade ago almost. The impact of that is very simple. It's, I believe, the second-largest newspaper website in the world, but the website turned over 16 million -- 16 million -- in the financial year that just went by, and in contrast, the Mail and the Mail on Sunday turned over 608 million. I believe that the MailOnline's website, which, as I said, is the second most popular newspaper website in the world, is going to be breaking even this year, but this is a very small enterprise. This is really small, even though, as I said, it is one of the most popular websites in the world.
So I think we do know that the digital revenues -- there is a very famous view by an American which referred to digital as the transition between anaogue dollars and digital pennies, and I think we know that those digital pennies do not pay for origination and that the origination of hard news has continued to be the preserve primarily of the newspapers -- regional and national newspapers in this country and elsewhere, and I think that is why we do know all of this myriad of enterprises, whether it's HuffPo, Huffington Post or -- that they're interesting phenomena, they may be heavily used online, they may get a lot of buzz in the papers, but in terms of being able to really employ journalists to do very complex work -- I mean, the Trafigura investigation, the Wikileaks, the MPs' expenses scandal, the phone hacking story -- these are not enterprises that have been taken forward by any enterprise but print enterprises.