Mr. Will Ryan:

I will give an example around the revenue model from the digital side. In the Limerick Post, in recent years we have introduced video content and a huge number of podcasts. We only recently introduced a paywall for premium content for certain contributors. Everyone in the free newspaper industry is dependent 100% on advertising. When it comes to digital advertising, that revenue has never been there. It has never grown. Everyone talks about this shift but it is not about going from print to online. It is just that the advertising revenue exists in print right now. It never grew online. We have had a website for nearly 20 years now. There has never been a time when that would have even covered the cost of the electricity in the building. We have never seen that type of revenue online. The money we would get from Google is very small. As to the money from the different kinds of ads we can get ourselves, the demand has never really been there. There has been a huge push and people say we need to be moving more online because that is why the revenue is but it is not for local media and never has been. Historically, that money has been hoovered up by the social media platforms and search engines. That is where that money goes