The media industry has seen a significant shift in recent years with the rise of the mobile internet and new-age young audiences. With increasing competition and changing consumer preferences, publishers have turned to subscription models to tap into this market. In this blog post, we will discuss 10 ways publishers are using subscriptions to tap into the new-age young mobile-savvy market.
- Personalized Content: Publishers are offering personalized content to attract new-age audiences. By analyzing user data and preferences, publishers can tailor their content to suit the individual's interests.
- Mobile-First Approach: Publishers are adopting a mobile-first approach, designing their websites and apps to be mobile-friendly and accessible to mobile users.
- Social Media Integration: Publishers are integrating their content with social media platforms, enabling users to access their content on social media and share it with their friends and followers.
- Subscription Bundling: According to a report by INMA, publishers who offer subscription packages that include access to multiple publications or services have seen an increase in subscriptions of up to 300%. This enables publishers to reach a wider audience and offer a greater value proposition to users.
- Exclusive Content: Publishers are offering exclusive content to subscribers, such as early access to articles or special features that are only available to subscribers.
- Free Trials: Publishers are also offering free trials to entice new subscribers. This allows users to try the service before committing to a paid subscription.
- Subscription Tiers: Publishers are offering different subscription tiers that provide varying levels of access to content and services. This enables users to choose a subscription that suits their needs and budget.
- Loyalty Programs: Publishers are offering loyalty programs that reward subscribers with exclusive benefits and discounts. This encourages users to remain subscribed and engaged with the publication.
- Podcasts and Audio Content: According to a survey by the Reuters Institute, 41% of respondents aged 18-24 pay for online news, compared to 17% of respondents aged 55+. Publishers are offering podcasts and audio content, which are growing in popularity among new-age audiences. This enables publishers to reach new audiences and provide a more immersive experience.
- Gamification: Publishers are incorporating gamification into their subscription models, offering rewards and incentives to subscribers who engage with their content. This makes the subscription experience more engaging and enjoyable for users.
- According to a report by PwC, the global newspaper and magazine publishing industry generated $202.7 billion in revenue in 2018.
- The same report states that the newspaper and magazine publishing industry is projected to grow at a compound annual growth rate (CAGR) of 0.3% from 2018 to 2023.
In conclusion, subscription models have become increasingly popular among publishers looking to tap into the new-age young mobile-savvy market. By offering personalized content, a mobile-first approach, social media integration, subscription bundling, exclusive content, free trials, subscription tiers, loyalty programs, podcasts and audio content, and gamification, publishers can attract new subscribers and retain existing ones. The facts and figures discussed above highlight the importance and potential of subscription models in the publishing industry.
