The transcripts of the official inquiry into the culture, practices and ethics of the press. More…

That's right. There are 170,000 of those. So you could say that there are 300,000 people who have access to our digital products, and then you have all the people who buy the paper as well. So it has helped the Times in terms of revenue. We have reached a point where the revenue from our advertising and subscriptions now exceeds the revenue that we got from advertising only when the sites were free.

One of the advantages of the pay wall, and reading the evidence that you have received from other digital editors, is that we do know our readers. We have their details. So those 131,000 plus the other 170,000, we do know their names. They are our subscribers, they pay money for the product. So we can pre-moderate -- one of the big things that is happening in online journalism now is the growth of comments on stories. We pre-moderate those comments because we know who they are. We see also -- because our circulation is much lower than the Mail, for example, we have enough staff to read those comments before they go out.

I think that is a great advantage but it depends which way newspapers will go. I think the future of newspapers, from my two years, is clearly going to be digital, and one of the big things here is that much of the internet world is going to be outside the control of any PCC -- any new PCC. We, in the digital website, are already at a competitive disadvantage with all those websites -- English-speaking websites in America, Australia, whatever, who can publish things that British readers can read that we are not allowed to put in the newspaper and we are not allowed to put on our website. All those things I know you have been discussing, but that is quite a big thing to be thinking about.

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