The press sector have been through several digitalisation waves, and the challenges are still coming today. The needs and behaviors of consumers are constantly changing, requiring a high adaptation capacity. In this context, press actors have to adapt quickly to find new revenue streams thanks to the press content monetisation.
Subscription model vs. display advertising: Which one to choose?
Press actors used to rely on advertising on their website as their main revenue stream. While it is still the main revenue stream today, going forward, their focus will be on building and strengthening the subscription model.
We have noticed that intrusive advertisements are pulling away readers from content websites. On top of this, the traditional revenue stream is no longer enough to cover the cost of quality content creation, which is a must-have if you want to stand out from competition.
According to a study from Reuters Institute, 52% of media and press actors are expecting subscription to be their first source of revenue by the end of 2019, and only 27% of them think it will be display advertisement.
What are the different options to monetise press content?
There are different press content monetisation models that can be applied, but the paywall can be a blocker for conversion. The challenge for press actors is to find the right balance between these models. This way, readers who are already likely to pay can subscribe easily. Also, fly-by readers can pay only one article.
Here are some of the options:
- Monthly subscription
- Temporary access
- Pay-as-you-go model with an adapted price, depending on the number of articles read
- One-off payment for articles per unit
Payment: a key step for subscriber acquisition
In order to ensure the success of subscriptions for press players, the subscription journey needs to be optimised with a frictionless user experience.
Depending on the monetisation models chosen, press players have to adapt the payment options. For example, a monthly subscription can be paid by card for the first month, and then by SEPA Direct Debit on a monthly basis. SEPA Direct Debit is then allowing to reduce churn due to card expiration.
Other press actors could choose a more flexible option, allowing a payment per unit or according to the usage. For the latter, offering a pay-as-you-go model through card or SEPA Direct Debit would perfectly fit the need for fluctuating invoicing.
It is then very important for the press sector to select the right payment solution that allows them to adapt to multiple use cases and monetisation strategies, while keeping control over their revenue.
Do you have any questions about the best payment solution for your business? Contact us to learn more about SlimPay’s payment solution and its benefits for the press sector.