When it comes to consuming content, readers are far more interested in choice than in a single fixed model. Giving readers real choice means offering content beyond subscriptions in ways that accurately reflect their consumption behavior. There is an entire economy that exists between ads and subscriptions – and micropayments unlock it. Micropayments open up new revenue inroads and enable publishers to establish value with engaged users, creating a path to onboarding readers and converting them into paying subscribers.
- Reuters Institute and the University of Oxford indicate that only a small minority of consumers are prepared to take out new digital subscriptions.
- When it comes to consuming content, readers are far more interested in choice than in a single fixed model.
- While readers who occasionally browse a site are unlikely to subscribe, they may buy a few articles if the process is effortless. More frequent users may not subscribe for a year, but they may buy a day or a week of access.
- Publishers must leverage the advantages offered by micropayments to develop a content monetization strategy that gives people a choice for purchasing the content they want.
- Micropayments enable publishers to capture the interest of users who are not yet ready to become subscribers, but are willing to pay for quality content.
- Micropayments establish value to the reader with every interaction. Every time a reader makes a micropayment, the cost is small, but the perceived value is much higher, and it increases over time as the user grows accustomed to paying for content.
- This is a process, however, and there is no magic bullet that gets you there in one step.
- The more paid content a publication creates, the more sales will be made, but the publication must have a thought-out strategy and invest time in driving that strategy to see success.