David Eun, Google VP of content partnerships, says referrals to The New York TImes from his search engine have have doubled since the NYT lowered its pay wall last fall. Referrals to the Financial Times have also increased 100% since it partially opened its site. Not surprising.
What is surprising — and alarming for the NYT and every other online publisher — is that the increased traffic doesn’t seem to have translated into revenue. The Times lowered its pay wall in September, but online revenues from its news group grew at a slower pace in January (up 9%), decelerating from gains in the 20% range in mid-2007.