The latest saviour for journalistic online media companies at the moment is reader revenue generated by paywall subscription platforms. It has been well publicised that paywalls have been working well for companies for years especially during the Coronavirus pandemic where ad revenue has dropped dramatically as advertisers continue to struggle financially.
Companies such as the Wall Street Journal, Washington Post and The New York Times have significantly increased their audience and revenue with the majority opting for digital subscriptions. With a growing number of media outlets interested in moving away from the ad revenue model and turning to paywall, some companies still question if it is a good idea to make the transition
Here are five reasons why now is a good time to launch a Paywall...
Increased Online Traffic
It doesn't take a genius to work out that when people have more time on their hands, as they have of late, they turn to online content. Unsurprisingly news brands especially have seen huge increases in traffic during the pandemic. This growth in demand for information presents monetisation opportunities.
Decreased Ad Revenue
Over the last few months publishers have experienced a paradox in that while print sales are up and digital traffic is at an all time high, ad revenue has fallen off a cliff. Billions of dollars have already been lost and this isn't expected to change anytime soon. This loss can be balanced out by adopting a paid subscription model.
People Are Now More Willing to Pay for Online Content
As digital consumption continues to grow, more readers are accepting there is a need to pay for quality online content, as they had been doing so for print. An 'Interbrand' study of subscription services conducted in March of this year revealed 22.5% of companies experienced an acceleration in growth.
Every Generation is Relying On Their Device
A large proportion of the population was looking to stay updated with the pandemic. Others wanted to distract themselves with music and film. But No matter what information they were looking for, every generation has a different device of choice. According to 'What's New in Publishing' - Millennials consumed content across all major media platforms, over 50% of Generation Z consumed video content the most, Generation X increased television watching more than any other generation and Boomers changed habits the least, consuming broadcast television the most.
Understand Your Visitors and Personalise Their Journey
Evolok offers a data driven segmentation-led approach. As well as providing a solution for Identity Management, Content Access and Product/Payment Management, we use segmentation to personalise and automate Call-To-Actions, from notifications to paywalls, products/offers and even adverts. Browsing history and profile data is collected and actioned in real-time from a user's first click on the site. Engaging with your visitors not only increases conversions, it also increases retention.