News subscription
People who subscribe to a specific news brand do so for two reasons above all others: because they believe the journalism of their choice is highly trustworthy and because it excels at covering topics about which they particularly care. This is especially important when a publication has the potential to shape public discourse on societal issues such as elections and health.
Despite this, many publishers are struggling to convert new visitors into subscribers. In 2023, median sites saw only 4% of direct visits from new visitors becoming subscribers. The lack of conversion points to a fundamental challenge: how do you show readers that your news is worth paying for?
As news consumers continue to shift from free to paid, it is more than ever vital that news brands showcase the value of their journalism. This is the only way they will convince audiences to invest their money.
The emergence of different models to monetise content has been a key trend in the industry, with some news outlets adopting hard paywalls and others relying on registration/login-based systems. What they all have in common is a desire to bolster revenue streams by turning their audiences into paying customers.
While it is tempting to look at the demographic data and assume that one approach will work for all, it would be a mistake to do so. News subscribers differ considerably from each other and can be segmented into three distinct personas or “archetypes.” Civically Committed, Thrifty Transactors, and Elusive Engagers have distinctly different mindsets about paying for news and information. Smart news brands should identify and target these different mind-sets to create a more effective acquisition and monetization strategy.