Rather than looking to the future to predict the new technology that will solve our current woes, we are better served looking into and improving upon the solutions already available to us. The holy grail of payments providers working within the digital media space is, and has been, converting users to subscribers. The roadblock: How do you ease consumers that are used to getting their content for free into paying for content?
- There’s a disconnect between publishers and readers – a survey found that digital subscriptions were listed as the most important revenue stream in 2018, by 44 percent of publishers. But 79 percent of readers said it was “somewhat or very unlikely” that they would pay to access online news.
- While some publishers may be content with subscriptions, there’s a whole universe between ads and subscriptions when it comes to monetizing content.
- Contributions and donations – readers often want to reward quality content, and their donations and contributions can provide an additional method of monetization.
- Paywall 2.0 – metered paywalls can deliver valuable content to readers and ensure they come back for more by establishing the value proposition before payment.
- Single article purchases – this low threshold method can ease readers into paying for content, as well as allow publishers to establish the value of their content.
- Choice is the new standard across all industries, payments included. Shouldn’t the user decide for themselves how they want to access their preferred content?