The plunge of the Internet stock markets around the world has changed the way the online industry measures success. Traffic once was the primary goal for most websites. Now an effective revenue model determines if one can survive the turmoil in the market. This study explores the use of various revenue models (advertising, paid services, and e-commerce) by the Top 20 websites in Mainland China, Taiwan, and Hong Kong, respectively. Resu1ts show that online advertising ís the dominant revenue source for most websites in a11 of the three markets. Many are experimenting with the paid service model, while e-commerce has not gained much ground. Special attention goes to the prospects and problems characterazing the Internet industry in each of the markets. Cross-market comparisons are made and economic implications discussed.