The Digital Challenge For Publishers
The internet with its limitless free content has always been a significant challenge for the world’s major newspapers and publishers for many years. They dramatically felt the effects of their strategy of presenting journalism online for free. The number of readers who would be choosing the printed editions decreased when the Internet giants spend huge resources on advertising online. The readers who can get everything for free is not willing to pay money for the content. However, some big companies found a way to monetize their production a year ago. Now, the business model is adopted by many other smaller media companies also.
The Pioneer From New York
The well-known newspaper called The New York Times is a pioneer of media monetization and they were the first media company that introduced a paywall years ago. The mechanism is that readers either pay a one-time fee for an article or take a subscription for a certain time. Of course, this inevitably leads to the newspaper losing range. At the same time, if a publisher is successful, it can build up a loyal readership, which at the same time makes an essential contribution to the financial situation. The lower visibility on the internet means that the marketing opportunities for digital advertising are restricted, but this did not happen in New York. The management adopted the digital business model very early. Finally, this paid off and now it is an integral part of their business. At the beginning of 2020, the New York Times announced the impressive numbers. In 2019, they got another million new customers besides the five million subscribers they already had from the previous years.
The success of the niche offered by the New York Times Cooking is particularly striking. Now, there are more than 300,000 subscribers who are interested in the topic and it proves that quality matters. After all, the internet is full of free pages and articles that have no quality or value for readers. Nevertheless, the New York Times offered an excellent and inspiring content, as a result, it pays back if you do it right. The reasons for the success become apparent when you take a closer look at what the New York Times offers for its readers.
The current subscription price is five dollars per month. On the website and the connected app, customers regularly find new articles and access to an archive that now includes more than 19,000 recipes. Every cooking enthusiast will find the right thing there. Beginners are as welcome here as professionals. The publisher was able to win the best of their kind as authors. Numerous guides and collections with lavishly designed multimedia offers make browsing a pleasure. Tools help readers to find and buy the right foods for their favorite dish. The subscribers get all news via the weekly newsletters. That includes not only texts but also teasers for new recipes. Of course, the editorial team advertises on all known social media channels such as YouTube, Instagram, Twitter, and Facebook. The high quality of the editorial contributions and consistent marketing has made the New York Times a role model in content marketing