Who’s Paying for the Online Publishing Party?
The downfall of print media purchasing and the increasing importance of online magazines and newspapers raises a very crucial question about whether in the long run publishers will survive this change and how they will manage their payment services as they continue to build up the content displayed online.
Marketers and media specialists are looking for the most efficient and cost effective methods of promoting businesses. With the ability to target more specific users via digital advertising and ever increasing numbers of users their focus is naturally turning to online digital media. The current generation are increasingly accessing information and news via the Internet rather than from books or print newspapers, with a rise of 17.1% in 2010 in the US alone. This increase in advertising spend along with the implementation of subscription based services through eCommerce payment gateways will monetise this new market, but whether this can outweigh the decrease in print revenue is yet to be seen.
Marketers are set to spend 32.5% of their annual budgets on digital media this year, compare with just 30.3% on print. Furthermore, for the first time digital magazines have now outweighed the hard copies available offline.
With this in mind it seems imperative that publishers and other print media providers must look to the internet to reengage their readership, strengthen their circulation, and protect their future. Magazines that make the transition to online will need to consider the best methods to monetise this content and process payments or subscriptions from their readers for this digital content. As the decline of specialist consumer magazines fall those magazines who want to remain a leading name and establish a long term solution to this problem will be forced to implement effective payment services to make transactions swift and easy for the user.
Combining payment transaction based content delivery with increasing levels of advertising revenue should provide the long term stability for the industry, however with the ever increasing number of online content providers, standing out form the crowd could be the real challenge for online publishers.
MPP Global draw upon 11 years of experience to provide the paywall which handles the monetisation of the Times online.