Mobile apps have become the ultimate source of information and entertainment in today’s day and age. Apps are our go-to solution for multiple needs.
The information and news agencies are understanding this change very well and aligning with it. Hence, they are also committed to the cause of making their services more mobile-friendly.
As a result, most news websites are using mobile app creators to build a premium news app for their readers. However, in order to keep any business or service functioning, funds are mandatory.
But it is important that you make a strategic choice when it comes to opting for a monetization model. Read our article till the end and make an insightful decision between the three most popular ones.
Suggested Read: Best practices for creating engaging News Mobile App – A complete guide
Pick the best monetization model for your news app
Most news agencies and portals follow one among the three monetization models listed below. However, in order to help you make the best choice, we will be elaborating each in detail.
Go through the details of all the three models and make an informed decision accordingly:
#1: Subscription Model
As the name suggests, in this format, users are provided with the option of subscribing to the content. The content consumption is restricted using a paywall and users can unlock it after paying the amount for subscription.
The subscription duration can be set as weekly, monthly or annually, and the price range may vary accordingly. This format suits best for magazines and journals. However, you will need to build a loyal reader base and brand identity first.
This will ensure that you have a ready-made market for your paid news services. Else, you can offer some services for free and charge for advanced ones. This may include the ad free versions, access to special beats like sports and art, etc.
Example: The New York Times follows the subscription model where readers can pay an annual subscription fee to get an unlimited dose of information and entertainment.
#2: Membership Model
Membership model is similar to the subscription model, but is a bit more personalized and nuanced. For example, you can customize the offerings for each reader that opts for the membership of your news portal.
You can also divide the membership packages into tiers, based on the pricing plans. Users can also be invited to share their ideas on a forum and actively participate in the ongoing activities.
The idea is to actually make your readers feel like patrons and members of the organization and not just like customers who are buying and consuming a commodity. This makes the experience more delightful and convincing, and can be opted by any agency, new or old.
Example: HuffPost (formerly known as The Huffington Post) offers a premium experience to its members who opt for the paid membership under the name HuffPost Plus.
#3: Donation Model
Donation model, as the name suggests is a monetization set up similar to crowdfunding. However, unlike popular opinion, it is not just meant for small firms. Even huge establishments and organizations like Wikipedia seek donations from their patrons to keep functioning freely.
You can opt for this model under numerous conditions. For instance, if you want to keep the experience ad free, you can seek voluntary donations from your readers.
It is also frequently used by the stalwarts of independent journalism who do not want to be favored and funded by corporates or other organizations. This model can be applied by any news startup or agency that has the knack to appeal and inspire people to trust in them and donate.
Example: The Guardian is the perfect example of crowdfunding or donation model. It does not have a paywall but seeks donations in interest of free journalism and earns more from customers than from advertising.
Suggested Read: Mobile app monetization: The ultimate guide to monetizing mobile apps
Wrapping Up!
Intrigued by the awesome ideas and examples? It is time you go ahead and implement whatever suits you the best.
Complement your website with a premium news app and offer a more convenient experience to users. Execute a monetization model and grow your profits.
You can also explore other blogs and articles by AppMySite and learn all about mobile app development, marketing, etc.
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