50+ Publishers Later; Here’s our secret spice to win at Content Monetisation What will it take for publishers to not just build a loyal consumer base through subscriptions, but also drive daily, hourly revenue from casual visitors?
In today’s time, running a healthy and successful digital content business is more or less like a game of chess – every move matters. You need to figure your move ahead, and make modifications to your strategy based on whatever is necessary to win.
As if the competition to create meaningful content wasn’t enough, publishers today are also competing to gain the maximum number of subscribers to their premium content – in order to build a more sustainable business model dependent on the user-generated-revenue (UGR).
Over the past six months, Team ConsCent spent endless hours meeting 50+ publishers across the country, brainstorming with them and decoding – What will it take for publishers to not just build a loyal consumer base through subscriptions, but also drive daily, hourly revenue from casual visitors, and deepen the engagement with its audience through data-driven solutions.
We have a step-by-step guide on how it can be done. However, each publisher is different and so is their business model, and their UGR strategy. For the benefit of our readers we have compiled the list pointers, based on our research, conversations, and working with Indian publishers who are our current and potential partners.
Fun Fact: Indians, in the beginning of 2021, increased their monthly spends on content by 48% as compared to 2020
Possibilities and Opportunities:
- Publishing platforms should shift importance to Unit-wise Transactions for consumption of premium content — opening up a larger opportunity to let users sample and pay.
- Publishers could put in place a Single Payment Mechanism that is versatile to support all UGR offerings – micropayments, subscriptions and passes – to address the need of the hour i.e. maximizing revenue from content, by creating a strong and compelling paying user journey
- A dynamic and effective Paywalling Strategy for consumers, ranging from micropayers to long-term subscribers, helps in reducing the jerk while easing them into becoming a long-term paying user.
Building Affinity with Trust:
- Allowing the user to consume only one piece of content at a time, and paying smaller amounts, till he wants to spend a larger amount of time and money on the platform. Moreover, the Indian audience prefers consuming news on multiple platforms, so let them decide what they want to pay for.
- An Easy Pass — with validity ranging from 24hours upto a month — will help publishers track and expand loyalty amongst users.
- Bridging the trust gap as Indian audiences are seemingly placing greater premium on accurate and reliable news sources. Messaging apps often spread misinformation, hence, consuming premium content from authentic sources reduces the Fake News pandemic.
The growth and its levers:
- The pace of digitization in India, which would have paced over half a decade, has accelerated at unprecedented levels in the last two years, surpassing all expectations with 270 million online news consumers in 19 years, from 2000, having reached to more than 450 million over the past two years.
- Aggregators, through their websites and apps, are playing an important new role in news discovery and publishers will have to identify growth paths for both free and premium content.
- Publishers should ensure that no premium content is pushed through free channels. It undermines the value of premium content, thus reducing the trust of users, as the same content is behind a paywall somewhere and freely available elsewhere — overtime hurting the brand image of the publisher.