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With global expertise and over two centuries of experience, Citi provides tools, insights and

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Learn more at city.com slash we are city.

The Economist.

From The Economist in London, this is Money Talks, a weekly conversation around themes in the worlds of business,

finance and economics. I'm Stan Pignell, the banking editor. And this week it's just two of us. I'm joined by Ludwig

Siegely, our technology editor, and co-author in this week's print issue of a detailed look at

the pornography industry the theme of today's show.

Ludwig, your piece is about an industry upended by the internet, like the rest of the media business really from

newspapers to video and music. Whereas porn used to be tricky and so quite expensive to get

your hands on, it's now abundant on the internet. You have these adult equivalents of YouTube that

stream adult content for free. So like other parts of the media business,

porn is trying to find a new model. Let's start by finding out just how big this industry is.

Truth is nobody really knows, right? There's no kind of gardener or forester in any of these kind of market

research companies that really look into and trying to understand how big it is.

But there are indications that it's actually surprisingly small and really, really big.

Why is surprisingly small?

...