Financial Times is changing…again! Last fall we reported that the “digital first” Financial Times was going through a redesign of its print product, which came on the heels of changes to its online and mobile news products. Just a few months later, the widely-read, international financial publication is doing it again. This time FT is changing its metered paywall, reports The Guardian, opting for trial subscriptions instead.
FT will offer one-month trials for $1, 1 Euro or 1 pound for complete digital access, according to Reuters UK. Following the trial, readers will have to subscribe for access. Readers who are currently registered will be able to access three free articles per month, but must subscribe to read additional content. The paid trials are predicted to increase subscriptions by 11 to 29%.
FT CEO John Ridding explains the reason for the change: “Eight years ago we launched the metered model, which has been fantastically successful. It’s been a real source of transformation and a good source of contribution to the business. We are evolving this and developing a different approach which is paid-for trials, whereby as for a nominal sum, will have unlimited access for a month. The theory is that within that they can build a habit, and then become a subscriber.”
At year end, FT reported total subscribers of 720,000, including 504,000 digital subscribers. This is a sizable increase from the figures we reported in our October 15, 2014 post with 677,000 total subscribers and 455,000 digital subscribers. In addition to this change, later this year, FT is also planning to introduce a redesigned website that puts mobile first to address the needs of more than half its audience.
Insider Take:
As we reported in October, FT recognizes that it must adapt quickly. Utilizing a staff of 30 data scientists, FT analyzed its readers’ habits over a 90-day period with an emphasis on frequency of visits and story volume. Based on that information, the FT, once again, showed it is nimble enough to make changes quickly to attract new subscribers and retain them long-term.
Based on subscription figures, the shifts made in the latter part of 2014 have already paid off, so we anticipate the FT will experience success with its new trial system. We are curious to see how long it will take for the subscription trials to be accepted by readers and what the initial conversion rate.
