Times Of London Tests Macro Payments
The Times of London is testing 'macro payments' to sell specific content, according to Digiday. This approach targets readers who pay for individual guides or moments, not full subscriptions.
Original reporting · digiday.com
Original: “The Times of London is gearing up to test ‘macro payments’”
Read “The Times of London is gearing up to test ‘macro payments’” at Digiday →
How this was written. GMS Agency Desk wrote this article with a language model from Digiday’s reporting (model: @cf/meta/llama-3.3-70b-instruct-fp8-fast); it describes that reporting rather than adding to it. The original, linked above, is the full story.
Key points from Digiday’s report
- The Times of London is testing 'macro payments' to sell specific content to readers who do not want a full subscription.
- The publisher plans to focus on annual guides and other content that holds intrinsic value for certain audiences.
- The Times is weighing its options for how readers will pay for macro payments, considering a day pass or a week pass.
- The publisher wants to reach a younger and more female audience through short-form video and newsletters on Substack.
- The Times is using AI tools to increase conversion rates and reduce costs.
The Times of London has a hard paywall with roughly 680,000 digital subscribers, and now it wants to reach readers who would pay for a single guide or moment but not the whole paper. Director of subscriptions Abs Ahmed calls this approach 'macro payments', which involves selling specific content at the moment a reader wants it.
Macro payments differ from micropayments, which charge readers a little for each article. Ahmed described macro payments as 'creating and identifying moments of value and moments of need, and monetizing that'. The Times plans to start testing macro payments in the next couple of months.
The initial focus will be on the Times' annual guides, such as the rich list and best places, which Ahmed believes hold intrinsic value for certain audiences. These readers are not looking for a full subscription but are willing to pay for specific content. The publisher has found that over three quarters of its occasional audience would find flexible access more appealing.
The Times has a significant occasional audience that is not looking for everything at once. Ahmed believes that macro payments can help the publisher reach this audience without cannibalizing its existing subscription model. The goal is to keep these readers engaged through events, podcasts, and other content, with the hope that they may eventually become loyal subscribers.
The publisher is still weighing its options for how readers will pay for macro payments, considering a day pass or a week pass. Ahmed emphasized that the existing subscription model is always a consideration when trying new concepts, and that macro payments must complement it. The Times is looking to build a business that can thrive in a world where traffic is declining and consumer behavior is shifting.
Other publishers have found success with micropayments, but Ahmed said that this approach has not worked well for the Times in the past. The publisher wants readers to be engaged, not feeling like they need to 'self moderate' their content consumption. The Times is instead focusing on macro payments as a way to capture willingness to pay without requiring a full subscription.
The subscriptions team has seen success with AI tools, which have helped increase conversion rates and reduce costs. The team is using AI to serve the right email or in-product message at the right time, and to analyze audience data. Ahmed said that the old lines between teams are blurring, and that the publisher wants people to work beyond their current remits to come up with new ideas.
The Times plans to meet readers where they are, with more short-form video and newsletters on Substack. The publisher wants to reach multi-platform audiences who are younger and more female, and who may not stick with a long-term subscription. Ahmed said that the goal is to bring these readers back to the Times' own properties, and to keep them engaged through events and other content. This article is based on reporting by Digiday.
Questions and answers
What is the difference between macro payments and micropayments?
Macro payments involve selling specific content at the moment a reader wants it, while micropayments charge readers a little for each article.
How will readers pay for macro payments?
The Times is considering a day pass or a week pass, but has not yet made a decision.
Why is the Times testing macro payments?
The publisher wants to reach readers who are willing to pay for individual guides or moments, but not a full subscription, and to build a business that can thrive in a world where traffic is declining.
