“After struggling to find a sustainable business model and sizable user base, The New York Times today announced it will shut down its news summary application NYT Now.”
“Originally, the app offered $8 per month subscriptions, which was around half the price of the lowest-cost digital subscription. However, last May, The NYT dropped the subscription model altogether, and turned to brand sponsorships as a replacement.”
According to a company spokesperson, the NYT admitted that NYT Now had “not seen the number of subscriptions we were hoping for…We’ve learned that we need to spend sufficient time building the audience for a new product before full monetization.”
The reality is that while there are obvious opportunities to monetizing content, there are very real challenges as well. A media company can’t just expect to slap a subscription on content and expect it to be successful.
Read the full article at: techcrunch.com
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