As per this story from The CapTable, Google’s News Showcase offers Indian publishers $25 million annually.

Google controls between 70-90% of web traffic to news sites.

It generates at least a third of digital advertising revenue for the top news producers.

Google India’s annual revenues crossed $5 billion in 2023.

$80-100 million of this came from advertising revenues from news publishers.

Does this mean that total digital ad revenues of Indian news publishers  is not more than $300 million?