The year retention became paramount for subscription and membership publishers: Media Moments 2022
For our latest season of the Media Voices Podcast, kindly sponsored by Poool, we’re be publishing ten episodes exploring the biggest trends of 2022 and how they affect publishers; from subscriptions and membership to advertising, platforms, emerging technology and more. Our fourth episode looks at how publishers with subscription and membership schemes are handling increasing pressure on consumer budgets, and subscription trends going into 2023 and beyond.
There has been a great deal of talk this year about reaching 'peak subscription'. Subscriber numbers at Netflix, Amazon and Disney+ fell in the first quarter of 2022 as increasing economic pressures forced difficult choices on households. Publishers are beginning to see the effects of this too. The International News Media Association's Subscription Benchmarking Service of 125 international news brands has noticed a recent spike in subscription cancellations, with the past few quarters seeing cancellations go up 34% compared to Q1 of 2021.
However, the year has not been all doom and gloom for those with reader revenue streams. The Times signed up an average of 1,000 new digital subscribers every day over the first two weeks of Russia's attack on Ukraine, demonstrating the demand is still strong for authoritative news and analysis. Similarly, members of the AOP have collectively reported 14.9% growth in subscriptions revenue this year.
Crucially, the pressure is helping publishers innovate. Some are looking to mixed revenue models, using registration data to both better convert readers as well as serve more valuable ads. Others are looking to more inclusive schemes to build relationships with those who aren't ready or willing to pay for a subscription.
If the past two years has seen a rush to subscriptions, 2022 has seen the start of a shake-out, but one which we are confident the best publishers will emerge from with stronger, more resilient strategies. To discuss this year's subscription trends, we're joined by Anthony Ribeiro, Audience Conversion Consultant at Poool. He has a strong background in outbound acquisition, content marketing and SEO for both brands and media companies.
This topic will be one of the chapters we explore in detail as part of our Media Moments 2022 report, launching on November 30th. Find out more and pre-register here to receive the report.
This season of Media Voices is sponsored by Poool, the Membership and Subscription Suite used by over 120 publishers from around the world. The team behind Poool are industry experts who have put everything they know into the product, ready to respond to your ‘how’ of launching & developing a reader revenue strategy.
