Diminishing pageviews, a focus on quality journalism indicate a subscription-based future

By Rudra Kasturi

Founder and CEO

RK Consulting Group

Delhi, India

Connect

For years, news publishers believed more traffic equals more revenue. The more pageviews, the more ad impressions, and the more revenue flowing in. But this model is becoming difficult to sustain.

With declining ad rates, AI-generated content reshaping search behaviour, and changing reader expectations, publishers must decide whether to continue maximising pageviews and rely on fleeting traffic, or to prioritise deeper engagement and build direct reader relationships through subscriptions?

Some may opt for a hybrid model. Yet, one thing is clear: Subscription models are no longer an experiment. They are the foundation for long-term sustainability.

Pageviews vs. paywalls: a different business model

Pageview-driven publishers operate on volume-based monetisation. They must rely on SEO-heavy, high-volume content production; viral trends and social media spikes; and ad-supported revenue models.

Media companies worldwide are making decisions about business models based on a variety of factors.

As ad blockers rise and cost-per-thousand (CPM) rates drop, sustaining this model becomes harder.

Meanwhile, subscription-first publishers prioritise high-value, high-intent readers. They focus on exclusive, in-depth journalism AI cannot replicate and personalised user experiences to improve engagement. Additionally, they create diversified revenue through memberships, events, and direct engagement.

Two publications demonstrate these different approaches:

• The Financial Times has built a data-driven, subscriber-first model, ensuring its journalism remains valuable beyond breaking news.
• The Daily Mail, on the other hand, maximises viral engagement with ad-supported content.

The role of journalism: depth vs. volume

These two approaches also lead to two different approaches when it comes to journalism.

Pageview publishers produce short, high-volume articles optimised for virality. They focus on click-through rates and engagement metrics, and depend heavily on search engine optimisation (SEO) and trending news cycles. BuzzFeed, for example, relies on viral trends and social media-driven content to generate ad revenue.

Conversely, subscription publishers invest in long-form investigative journalism and expert-driven content. They prioritise reader trust, credibility, and originality. They also focus on direct audience engagement rather than algorithm dependency. The New York Times has built a subscription powerhouse by offering premium investigative journalism.

AI's impact: why subscription publishers have an edge

The rise of AI-generated search results is disrupting traffic-driven publishers. There are several reasons for this:

• AI-generated responses reduce organic traffic.
• Zero-click searches keep users on search engines instead of news sites.
• Low-quality AI-generated content floods search results.

For publishers relying on SEO-driven pageviews, this is a serious challenge. Subscription publishers, however, have an advantage. They provide exclusive, in-depth reporting AI cannot replicate, in addition to human insights, expert opinions, and investigative journalism. This fact-checked, premium content builds reader trust.

The Financial Times and The Wall Street Journal are both good examples of subscription-based media companies. They focus on subscriber-only content, financial intelligence, and expert-led reporting, ensuring they offer value beyond what AI-generated summaries can provide.

Technology and traffic: two pillars of subscription success

Subscription publishers don't just rely on good journalism; they leverage AI and data to enhance the user experience. This means AI-driven dynamic paywalls adjust based on reader engagement, and personalised content recommendations increase retention. Additionally, first-party data insights optimise subscription funnels.

An example of this is The Washington Post's machine-learning paywall, which optimises when and how to prompt readers for subscriptions, increasing conversions by 20%.

Traffic sources: why subscription publishers depend on more than SEO

Unlike pageview-driven publishers, subscription publishers diversify traffic sources. They focus on:

• Newsletters, which have the highest subscription conversion rates.
• Branded search, where readers actively look for their content.
• Podcasts, live events, and memberships to deepen engagement.

The Economist's newsletter strategy has generated a significant portion of its traffic from direct e-mail subscribers. This reduces its dependence on search and social media.

The future: a hybrid approach?

Subscription-first publishing is growing, but ad-based models are not disappearing completely. Many successful publishers are experimenting with hybrid models.

These models include:

• Freemium models, which offer limited free content while encouraging upgrades.
• Membership tiers, which add event access, networking, and research reports as benefits.
• AI-powered engagement tools to optimise both free and paid content experiences.

Both The New York Times and Bloomberg blend free and premium content, using data-driven paywalls and membership options to maximise revenue.

What publishers should do next: the subscription playbook

As media companies make decisions on how to move forward, there are several things they should consider and do.

It's important to invest in content that AI cannot replicate. This includes deep investigative reporting, analysis, and expert commentary, as well as exclusive interviews and industry-specific insights.

The Atlantic has done a good job with this. It strengthened its subscriber base by focusing on in-depth, investigative journalism.

Media companies must also build direct audience relationships. Own your audience with newsletters and community engagement. Use first-party data for personalised experiences.

The New York Times, for example, offers news, puzzles, games, and audio content, creating multiple subscriber touchpoints.

Finally, leverage AI for personalisation and retention. For example, media companies should consider using AI-driven content recommendations and customised paywalls. Machine learning can optimise subscription offers.

The Washington Post's AI-powered paywall, noted above, demonstrates a success story in this area, with its 20% conversion rate.

Subscription is the future, but publishers must adapt

The digital publishing landscape is shifting. While ad-supported models still exist, they are becoming increasingly difficult to sustain as AI-driven search changes how audiences discover news.

To succeed, publishers must reduce their dependence on third-party platforms like Google and social media. They must develop first-party relationships through direct channels like newsletters. Finally, they should use AI to enhance user experience, not just for traffic optimisation.

The future of publishing won't be one-size-fits-all, but subscription-first models will be the foundation for sustainable, reader-focused journalism.

YOU MUST BE A MEMBER TO ACCESS THIS CONTENT

Become An INMA Member or Log In

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

About Rudra Kasturi

Rudra Kasturi is founder and CEO at RK Consulting Group in Delhi, India. Rudra can be reached at [email protected] or @kasturitagore.

Related Articles