Over the last decade, websites, magazines, and newspapers have erected different subscription models through cyberspace. But, the paid content hides monetization problems for media you should consider.
Some journals, such as the New York Times and the Wall Street Journal, have proven the potential of paywalls. Yet, many authors can’t get such fantastic results from their work; and that’s why we detail the most critical challenges that publishers have to surpass.
The Two Core Problems of Paid Content on Digital Media
According to Wipro, the publishing industry must develop new strategies and payment methods to survive. And one of the first problems that publishers have to solve is the:
As an author, you must rely on a customizable model to provide your readers with the best content. But simultaneously, you need to generate incomes from your work to make your investment sustainable.
Today, micropayments have become an excellent –if not the best– alternative for delivering publications to modern users, especially for publishers. With them, you can grant your readers the perfect amount of articles while building your brand loyalty.
Premium Production Cost
Creating high-quality material requires investments; financial and personal ones. According to eMarketer, the premium production cost is the most challenging monetization problem for media. And consequently, authors must find new ways to make it sustainable.
After all, you have to deliver your best work to attract and engage readers and to expand the reach of your publications.
Three Monetization Problems for Media Every Publisher Faces
The establishment of a paywall and its expenses aren’t the only problems for media. Still, the majority has something to do with the following issues:
Low Subscription Rate (Less than 1% of readers Subscribe)
Over the last years, subscriptions were the favourite approach to monetize content, whether for entrepreneurs or global magazines. However, most users still reject premium offers and stick to free options.
You still can use the classic subscription method; but, by reinventing it with micropayments, you can reduce your prices, this way boosting your conversion rates.
For most netizens, ads are not only bothersome and irrelevant, but also dangerous. Nowadays, almost all users ignore, distrust, or reject banner ads, pop-ups, and referral links. Therefore, generating incomes from online advertisement gets more complicated day by day.
So how to solve it?
As a publisher, you can solve this issue by providing free-ad paywalls. As the internet is full of advertisement, readers are willing –and happy– to pay for a more pleasant experience.
Security & Trustworthiness
No one wants to risk their money and sensitive information on the web. For this reason, countless users run away due to suspicious payment methods. And once they are gone, they may never come back.
Freemium content and micropayments on Blockchain will help you build a sustainable model for your material. This way, you can reduce the premium production costs, increase your subscription rates, and cope with the main monetization problems for media across the world.