- "One of the first things we need to do is reset our value to the subscriber - charge fair market value for the magazine content. We are asked why the higher pricing by digital users?
- It's because they are first to the get the issue, they receive added content, and video and audio and interactivity. They get immediate satisfaction. They get to complete the impulse - to read and share and can even archive the content."
Liz Schimel, Executive Vice President & Chief Digital Officer of Meredith Corporation stated that "Mobile disrupts Digital" as U.S. smartphone penetration is forecast to grow from 48% to 74% by 2016. Meredith's audiences comprise of 100 million women across every life stage. Meredith is investing into putting "content into context" and enhancing multi-screen experiences. Meredith's boasts 40 million unique visitors (mobile and online) in the genres of Food, Home, Moms and Lifestyle. "We have integrated e-commerce into our experience - our users want it. It gives us data about what excites our audience, then our editors can curate. We have found that ‘Content is Queen, Data is King' because we can analyze data and offer focused insights for our mobile shopping experience and mobile wallet. The data we collect leads to insights about ROI, which we can then give back to our advertisers."
Last but not least, it should be noted that The Economist has now unbundled its subscriptions as of the April 3 issue. New price points have been set up accordingly. The pilot was started in the U.S. at the end of 2012 and has now been rolled out to the rest of the world, commented Susan Clark, MD, The Economist Digital & Group Marketing Director. "The rise of globalization helps our business, and the fact that English has become the second language for many people" boosts growth.
Readers of The Economist can now choose between digital only, print only or a full subscription across the platforms including mobile, online and print. The digital subscriber base is growing, however, many people still choose a bundle of digital and print subscription. "Many of us still lead multi-platofrm lives." In fact only 20% opted for the digital-only subscription in the U.S., where 60% of the audience of The Economist is today. Scandinavia is reportedly also a strong market with high readership and interest for global affairs and international business. It took The Economist, established in 1843, 160 years to reach 1 million subscribers, and 9 more years to go to 1.5 million. With a concept of expanding onto several platforms across the mobile ecosystem it may not take too long to reach 2 million subscribers? We shall see about this and I will continue reporting on developments in the Media and Publishing industries.