Paid Digital Subscriptions Grow
The latest figures I have seen shows there has been good growth in digital subscriptions in Australia, most of this coming from The Sydney Morning Herald, The Australian and The Age.
I know that I get a lot of my news in the form of a digital subscription, but this is tied to a physical weekend delivery where the 7 day digital subscription is offered free. I wonder if this is how they manage to report increases in readership and uptake of digital subscriptions? As much as an 86% from last years figures apparently !
What does this all mean? It tells me that consumers are getting their fix in many different ways, absorbing news and entertainment through a multitude of media. So, in order to stay relevant to our consumers we need to adapt our offerings to them to include all different means of delivering their daily or weekly fix.
How do you do this? A good question isn't it? The problem is being able to offer a variety of solutions efficiently and economically. if you are expecting me to have this solution today, I will sadly disappoint, however I strongly believe there is "more than one way to skin a cat" (as they say) and opening conversations and news ways of thinking could bring many of these solutions together.
I also note from the same article I read that the two major weekly magazines, Woman's Day and New Idea have experienced substantial increases in circulation, which is a great news story showing that print media is not dead yet. In fact, niche magazines continue to buck the trend and have steady readership increases. Interestingly this does not surprise me. Although I am happy to get my news digitally (SMH App) I much prefer a magazine for special interest and dare I say it... gossip.
Reality TV helps with magazine readership too, Better Homes & Gardens being the best example I can think of where a TV show promotes the magazine and the magazine the TV Show. Brilliant marketing !
Although I have not focused much on solutions here, I would like to close with a couple of observations.
Support the Weekly magazine titles in your store with good placement and displays.It makes a lot of sense to support a brand/product that is doing well in the market.
Seek new innovations and products to ensure your retail store appeals to the changing consumer. This can be as simple as selling iTunes cards, gift cards and the like through your electronic terminals, right through to stocking E-Readers and tablets, or smart phones.
The next step is to encourage the publishers to provide Digital Subscription packs to sell at a retail level. What better place than the same store consumers use to buy their newspapers and magazines today?