The always-thoughtful Frederic Filloux has an interesting analysis over at Monday Note.
Among other observations, Filloux illustrates how fantastically lucrative Google's search business is.
On a digital-revenue-per-monthly user basis, Google search dwarfs all other advertising-based businesses, including Facebook, LinkedIn, and Twitter. Traditional "content" companies, meanwhile - like the New York Times, The Guardian, and BuzzFeed - generate so little revenue per reader that they're basically rounding errors.
Filloux also points out that, if the New York Times were valued at the same multiple of revenue as BuzzFeed is, the New York Times would have a valuation of $19 billion instead of $2 billion.
For what it's worth, the reason the NYT is not valued at the same multiple of revenue as BuzzFeed is is, in part, the result of their relative growth rates. BuzzFeed is growing at 100% per year, while the NYT is flat.