Since introducing a pay wall on July 2nd, the Times has lost about 90 per cent of its online readership compared to May and only 25.6 per cent register when asked to do so, suggests Experian Hitwise.
The web metrics company also found that the Times only has 4.16 per cent of online newspaper traffic now compared to 15 per cent before it made registration compulsory on June 15th, reports the Guardian.
The number of users going from the registration site to the Times' webpage was just 84,600 in June , which is only 1.06 per cent of online newspaper traffic and a decline of 93 per cent compared to May.
Dan Sabbagh, formerly the media correspondent for the Times, told the news provider that about 150,000 people registered for the site when it was free and 15,000 were prepared to pay money.
More than 150,000 Times print subscribers receive free access to the paper's online version and if Mr Sabbagh is right, 15,000 will pay £2 a week to view the website.
This could make the paper £1.4 million a year.
The Times is a daily national newspaper, which has been running since 1785. It is headed by Rupert Murdoch.
