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"Paginating content helps publishers to serve more ads to their readers": It's not just that, it also provides crucial understanding about who is really interested in that content. People who quickly leave page one after 3 seconds have different interests than those who invest their time into reading page two and three. I don't know if this is used to profile users, to pay writers, to serve different content, offer different rates to advertisers, etc., but it seems clear that it's not just about serving more ads.
3 years ago on Even Google is Tired of Needlessly Paginated Content