Amid subscription churn, many news publishers are exploring new models to seek direct revenue from readers. This includes a wide array of subscription products, from free offerings that let people access specific articles to full-fledged memberships that provide more access and benefits.
The New York Times continues to lead the pack in online news subscriptions, with 7.5 million subscribers as of Q3 2020. The Washington Post is in second place with around 3 million paid subscribers. The Guardian and Bloomberg also have large subscriber bases, while local outlets have had less success in securing subscriptions.
What’s more, a significant percentage of people who do pay for online news are only doing so through work or school – meaning that their subscription is not entirely with their own money. This group tends to be the least likely to cancel their subscription, and they are more satisfied with the value for money they receive.
In addition, people who do not subscribe to any online news tend to feel that they get enough of the information they need from other sources – including social media – and that the content is not worth paying for. This is particularly true for young people, who are turned off by the subscription models currently on offer.
In order to encourage people to subscribe, it is important that news brands showcase their value to audiences. It is also essential that they avoid putting up barriers for potential subscribers, especially during periods of financial stress. In the case of the coronavirus pandemic, this means not putting too much news behind a paywall or creating complex payment systems that could cause unnecessary hassle for people who are already struggling to find ways to afford news in the first place.