How to convert readers to paid content after offering it for free
Tim Rowell, general manager APAC at Piano, explains how to get started with building a subscription model.
In the post-pandemic world more than ever, publishers are turning to subscription models to increase revenue and diversify their revenue streams. According to new research from the Reuters Institute for the Study of Journalism, around 79% of publishers said their main revenue focus for 2022 is subscription revenue.
However, convincing readers to pay for content can feel like an insurmountable challenge when starting out with subscriptions. But there’s more than just flipping the switch from free content to paid content. Understanding your audience and the types of experiences and content that resonate with them is the first step to developing the balance between advertising and paid subscriptions that will maximise your revenue.
A common fear for publishers launching a paywall for the first time is that locking some content will dwindle the audience numbers that drive ad revenue. The right strategy will help you continue to achieve both. As Paul Tyrrell from Australian Community Media explained to Mediaweek, it achieved a growth in audiences in December 2021 with a jump of more than 12% in new users when compared to December 2020. In addition, digital subscriptions to ACM products are up 60% year on year.
