How to make your digital readers want to pay — from micropayments to social media subscriptions
As continuous media publishers announce paywalls for their premium content, so are consumers becoming more aware and demanding of the content they read online. This has created a debate, covering a user-willingness to prioritize, and pay for, digital news. Though lately, it seems, the focus has slightly shifted. No longer is the debate asking ‘will consumers pay for quality content?’, but rather ‘how many different subscriptions can a consumer put up with?’
With Quartz, The Information and Axios spearheading the subscription models a few years back, showing the payoff of a paywall, other actors have followed ready to find inventive ways for newsroom monetisation. And the outcome is of considerable size. Call-to-action micro support payment seems to have worked well for The Guardian. The new project The Correspondent put their trust in pay-what-you-can-memberships. The Economist and The New York Times, among others, work with a ‘soft paywall’ that will allow for a small amount of free articles per week.
Cosmin Ene, Founder & CEO of LaterPay, sees that a combination of choice and trust based models will help publishers succeed in monetising more users going forward. He describes that with their patented Pay-Later model, where readers do not pay until they’ve reached a $5 threshold, they help onboard users into paying customers.