Wikipedia's Economic Value
Citation: Jonathan Band, Jonathan Gerafi (2013-10-07) Wikipedia's Economic Value.
Internet Archive Scholar (fulltext): Wikipedia's Economic Value
Survey of papers estimating the economic value of Wikipedia (all language editions, about 22 million articles).
Valuation if Wikipedia were for-profit:
- $10b-$30b based on valuation of sites with similar visitor and in-link popularity
- $21.1b-$340b based on revenue if visitors had to pay, akin to Britannica
- $8.8b-$86b based on potential revenue if Wikipedia ran ads
One-time replacement cost:
- $6.6b-$10.25b based on freelance writer rates
Ongoing maintenance cost:
- $630m/year based on hiring writers
Annual consumer surplus:
- $16.9b-$80b based on potential revenue if visitors had to pay
- $54b-$720b based on library estimates of value of answering reference inquiries
Conclusion: " Wikipedia demonstrates that highly valuable content can be created by non-professionals not incentivized by the copyright system."
Theoretical and practical relevance:
Summary blog post at http://infojustice.org/archives/30858