Why we need the ability to purchase individual articles and videos through micropayments
Times have changed. We are no longer getting the morning newspaper delivered to our door. We are not gathered around our TVs fighting to watch our preferred cable show. We are not anxiously awaiting this month’s magazine coming in the mail. Instead, we get individual pieces of news delivered directly to our pockets. We watch internet delivered videos on our device of choice. We read articles shared with us by friends through our social streams.
Content has been completely debundled. So why are content creators and publishers only allowing consumers to pay for premium digital content through subscriptions? Why are they only allowing the most dedicated of viewers to pay when there is a much wider group of interested consumers? Why are they not enabling viewers to pay for content as they consume it: piece by piece?
And why does it matter?
We are willing to purchase content if the price is right and the purchase experience is simple
So yes, our behavior as consumers has changed drastically over the last several years as we continue to access articles and videos increasingly on phones and through social feeds. There are a seemingly infinite amount of options for what we read and watch, and in such a saturated environment quality rises to the top. Importantly, in the last few years, we as consumers have shown across a number of industries that we are willing to pay to access quality, digital content if the price is right and the purchase experience is simple.
It has to be easier to pay for premium content.
For articles and videos online, this means being able to purchase individual pieces of content, for low prices, in one click. CoinTent enables publishers to sell content in this way — straight from their site, with one-click micropayments — and we’re excited to announce that both our micropayment and subscription offerings are now available for all content creators and publishers through our API and our WordPress plugin.
Micropayments = More revenue = More quality content
Currently, content publishers and creators are not getting enough revenue from quality content. Advertising has proven to be a crucial way to generate revenue from a huge audience, and subscriptions are able to provide revenue from an incredibly engaged user base. But there is a significant group of consumers who are ignored— those who would be willing to pay for some content, but are not yet willing to subscribe.
In reality, we as consumers have shown a willingness to pay for all kinds of content online (movies, music, TV shows, games, apps, etc.). Sure, not everyone will pay for every premium article or video they come across. But a small increase in paying customers, even 1–2% of a site’s monthly visitors, adds huge incremental value on top of existing revenue sources and drastically improves a publisher’s business model.
A better business model that is driven by quality content leads to more quality content being created and distributed.
And it’s working — selling content in this way is enabling publishers to drive significantly more revenue from quality content, which allows them to invest into creating even more great content. CoinTent users are purchasing content at a 55% CTR (55 of every 100 users with option for one-click purchase are spending), and our publishers are seeing 2–5x the number of paying consumers with micropayments (compared to subscriptions alone).
More quality content matters
Not all content should be free.
The internet has figured out a way to fund and distribute a wide range of advertising supported and free articles, videos, blog posts, and pictures. This free content has an important place online, and should not be dismissed and the value it creates should not be overlooked.
But there are other articles and videos that could never be supported by advertising alone. There are newspapers, and video studios, and individual creators, and podcasts, and magazines who create incredibly valuable and important content. This is content that provides us with information, entertainment, and knowledge that make our lives better
We want to live in a world where this content is made and where its creators are able to earn a living making it. We want to make sure that this content is accessed by as many people as possible because we believe it makes both the internet and the world better.
Interested in CoinTent? We’d love it if you could recommend this post or leave a comment. You can also take a look at cointent.com for more information.
If you are a publisher or creator and want to connect, feel free to check out our website or email us at firstname.lastname@example.org. We’d love to talk to you!