To download the complete version of "The Story So Far: What We Know About the Business of Digital Journalism," a new report on digital news economics from the Columbia University Graduate School of Journalism, click here.

There are few secrets on the Internet, and even fewer barriers to entry. Each innovation that works instantly attracts imitators and improvers. (LinkedIn, the professional networking site, launched LinkedIn Today in March 2011 to curate content not just by topic but also by what people in a user’s network or industry are reading.) Because aggregation is so much cheaper than original content, it has an automatic economic advantage, but the attractiveness of aggregation brings more and more competitors into the field. So merely being an aggregator is hardly a guarantee of economic security.

A few publishers have successfully sued sites that steal their content outright. That has led others to toy with the idea of getting news sites to unite and deny aggregators access to their content. Even if that kind of cooperation were legal—and it might not be—it would be impossible to sustain or enforce. There are just too many sites producing original content. The economic benefits of aggregation and being aggregated are significant, even if they differ widely from one site to the next.

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Bill Grueskin, Ava Seave, and Lucas Graves are the co-authors of "The Story so Far: What We Know About the Business of Digital Journalism." Grueskin is dean of academic affairs at the Columbia University Graduate School of Journalism. Seave is a principal of Quantum Media, a NYC-based consulting firm. Graves is a PhD candidate in communications at Columbia University. For further biographical details, click here.