Hi, I'm Lennart Schneider, Founder of Subscribe Now, helping decision-makers in the subscription economy attract subscribers and keep them happy.

When I talk to newsletter creators, it usually doesn't take long before one of two questions comes up:

1) What actually constitutes a good open rate?

2) My newsletter has an open rate of 40%. That's great, isn't it?

The honest answer is: There is no such thing as a "good" open rate, and the open rate really says nothing about the quality of your newsletter. 

In this article, I want to clear up this misconception and explain when you should still pay attention to it.

I completely understand the need for benchmarking and comparability. With newsletters, you have relatively few metrics, so you try to draw as many conclusions as possible from what you do have. Often, however, you draw more conclusions than are actually useful.

Let’s start with the basics: open rate is a fraction. You calculate it by dividing the number of unique opens by the total number of recipients. So far, so simple.

However, this leads to a small detail that is often overlooked. You can increase the open rate in two ways: more openers, or fewer recipients.

The latter point is often overlooked, but it’s crucial. People who don’t open your newsletter are often the same ones. And especially with older mailing lists, you often have a large proportion of inactive subscribers who have lost all interest.

So, if you have a 50% open rate with 10,000 recipients, then there are probably several thousand among them who haven’t opened a single email in six months. Let’s say there are 3,000 of them. If you remove them from the mailing list, your open rate immediately jumps from 50% to 71.4% (5,000 opens/7,000 active recipients).

Has this improved the quality of your newsletter? Are your readers more satisfied? No!

Has the quality of your distribution system improved as a result? Absolutely!

Why would you delete valuable leads?

Admittedly, I’ve recommended this to many newsletter creators, but the enthusiasm is usually lukewarm. They’ve put a lot of money and effort into acquiring these subscribers, so why would they just delete the addresses? Perhaps the reach is even important for advertising sales (even if nobody sees the ads).

But here are a few reasons why it’s worth it:

1. If someone hasn’t opened your emails for a long time, the likelihood of them returning is relatively low
2. You increase the risk of being perceived as spam
3. Depending on the newsletter tool and contract, costs increase as you send more emails
4. Your brand suffers when customers perceive you as pushy
5. Your advertisers are surprised when clicks fail to materialize on a supposedly large distribution list, and become suspicious
6. …

Many of the world’s leading newsletters therefore place great importance on the quality of their mailing lists and remove users after a long period of inactivity. The New York Times even discloses this quite transparently:

How can I find out who is inactive?

Good question! And not so easy to answer. Since Apple’s Mail Privacy Protection, it’s often difficult to track who actually opens an email – Apple automatically opens emails before they reach the recipient, and therefore your email program thinks these users are active. Other users block tracking and are registered as inactive, even though they enthusiastically read every issue. So if you’re unsure: just ask the users.

Clicks can be tracked more reliably than opens, and if readers don’t click after (repeated) requests, you can remove them from the mailing list with a clear conscience.

Do I really need to delete them?

No. You can also pause them for now, or reduce the frequency. A good example is the sports newsletter “The Gist”. They temporarily pause inactive subscribers, and then when a major event is coming up (for example, the Olympics), they try to reactivate them.

However, you shouldn’t overdo it. If you haven’t contacted them for 1.5 years, you should continue to refrain from doing so. After that time, their consent to contact them also expires.

Even more reasons why open rate is misunderstood

Your open rate depends on numerous factors, and the quality of your content is just one of them. Here’s a (likely incomplete) list of factors that affect open rates:

Mailbox display:

• Subject lines (Do they encourage clicks?)
• Pre-header (Do you tease the content well?)
• Sender’s name (Do they trust you and look forward to your emails?)
• Sender images (Will they stand out in the inbox? Only works with certain clients)

The quality of your distribution:

• Cleanup of inactive users (Are non-openers regularly removed?)
• Segmentation (Do you always send emails to the entire mailing list or do you select recipients based on interests?)
• Preference Center (Can users configure which emails they receive and how frequently?)
• Age of the addresses (How long ago did someone sign up?)
• Lead campaigns/address origin (On which channels and with which promises were the users acquired? Did they want the newsletter, or did they just share their email to participate in a competition, for example?)

Deliverability

• Advertising tab in Gmail (Are emails from Gmail classified as advertising and not delivered to the main mailbox?)
• Spam (Do the emails often end up in the spam folder?)
• Bounces (Can the emails not be delivered? What are the different types of bounces, hard and soft?)
• Image sizes (are the images too large?)
• Email size (Will the email be truncated, for example, by Gmail, which happens from 102 kb upwards?)
• Shipping time (Is the shipping time chosen?)

Contents

• Good quality & relevance
• Diversity (do you cover different needs so that every issue contains an “aha” moment?)
• Continuity & predictability (Do readers know what to expect and why each issue is worthwhile?)

Technology

• Email tool or measurement technology (each mailing tool measures opens slightly differently, which affects the KPIs)
• Tracking Opt Out (Have users disabled tracking of clicks and opens?)
• Auto Opens on iOS (Are open rates inflated because emails are automatically opened due to privacy settings?)

So I can ignore the open rate?

Not quite. Since we don’t have many metrics, it’s still a valuable signal, as long as you’re aware of what it tells you, and what it doesn’t.

What you shouldn’t do is compare your absolute open rate with competitors who use completely different tools and whose lead generation works differently. This apples-to-oranges comparison is completely pointless.

What you can do instead:

• Observe long-term trends: Is my own open rate constant? Have there been any sudden changes I should understand? (But keep in mind that these changes could be due to technical reasons, e.g., more users with tracking protection.)
• Optimize your open rate with A/B testing: e.g., send each email with 3 different subject lines to a sample group beforehand and send the best version to the rest of the distribution list.
• Examine outliers: Were there any particular issues that were opened more or less frequently than average? What can I learn from them?
• Re-contacting those who didn’t open the email: Some companies send a newsletter a second time if it wasn’t opened the first time. I find it a bit spammy, but it seems to work.
• Use net reach (recipients x open rate) as the basis for advertising deals: This is fair to your advertising clients and you can also justify why the CPM (cost per thousand contacts) is higher if you are contacting a cleaned distribution list.
• Comparing segments: When running different lead generation campaigns, you shouldn’t just focus on the short-term cost per lead (CPL), but also consider whether the campaigns generate active recipients in the long run. A sweepstakes often generates a large number of addresses cheaply, but the open rate drops significantly after just a few campaigns.
  For better comparability, you can calculate a cost per lead after, for example, 10 campaigns. If you generate 1,000 leads per campaign for €1,000 in each of two campaigns, the short-term CPL is €1. If, after 10 campaigns, 70% of the leads in campaign A are still active, while only 30% remain active in campaign B, you get a clear picture: In campaign A, an active lead cost €1.43, while in campaign B it cost €3.33.
• …

PS: My newsletter has an open rate of 51-58%. That’s great, isn’t it?…

PPS: To hear more from me about subscription and newsletters, sign up to my own newsletter, Subscribe Now, here

This article was originally published in German on the Subscribe Now website, translated and republished with permission.

The Norwegian group Amedia started with a troubling observation: its publications had more subscribers over the age of 80 than under the age of 40. To break this deadlock, their team tested a radical approach in two local newsrooms: tailoring editorial content exclusively to the behaviors of readers under 40. The result: a product deemed more relevant for all generations and, at one of its publications, Romerikes Blad, a 30% increase in the under-40 demographic over nine months.

Why prioritize segmentation?

Segmentation can be mind-bogglingly complex and wildly impactful.

The word comes from biology, where it refers to the process of cell division from a fertilized egg to a full organism. In business, it refers to identifying the constituent parts of a whole – ideally, a set of mutually exclusive and collectively exhaustive groups of customers. It can’t be perfect by definition, but even an imperfect segmentation can massively improve your bottom line.

At its core, segmentation addresses three fundamental business needs:

• Stickier content: By clearly defining  Ideal Customer Profiles (ICPs), newsrooms learn not just what to write about, but how to speak to their readers so the content truly resonates. If you replicate your ICPs as agents and train your newsroom to use them, you can get endless customer feedback at any time of the day.
• Smarter monetisation: Without segmentation, a dynamic paywall is only based on recency and frequency – which is fine, but does not capture your full market potential. . With it, you are “fishing where the fish are,” targeting the right users at the right time.
• Better marketing: Different segments live on different channels and respond to unique triggers. Segmentation tells you exactly where to find your users and helps advertising brands connect with theirs.

Choose your lens:

To build a complete picture of a user, like “Amanda, 40, VP of Marketing,” organizations can look through several analytical lenses:

Segmentation type	Focus/use case	Signal examples
Behavioral	UX Optimization	>5 visits per month, scroll depth, newsletter opens
Needs-based	Product Development	Prefers summaries, explainers, or opinion pieces
Value-based	Revenue Optimization	LTV, subscription tier, payment history
Technographic	Paywall Optimization	Device type (Mobile vs. Desktop), OS, Referral (LinkedIn vs. Facebook)
Demographic	Ad Sales / Strategy	Age cohort, geography, seniority

> Spektrum’s evolution of audience segmentation and testing

Five tips for succeeding in segmentation

1 – Hire strong analytics: This is the “single most important lever.” You need talent that can bridge the gap between high-level business strategy and deep data modeling.

2 – Make it cross-functional: Segmentation is a “Left Brain + Right Brain” exercise. Editorial, product, marketing, and data teams must own the model together; no single department can succeed in a silo.

3 – Quantify benefits early: You must build a business case or risk losing organizational priority. Use “Napkin Math” to show the potential uplift: for example, if a newsletter with a defined audience grows twice as fast as a vague one, what could the vague one be worth with a properly defined audience?

4 – Remember the customer: Segments should feel like people, not rows in a spreadsheet. Give them names like “Jane, the CMO” or “Joe, the Sales Lead.” Talk to them, build agents around their profiles, and ask, “Would Jane actually read this?”.

5 – Keep it simple (but useful): Aim for 4–6 mutually exclusive, collectively exhaustive (MECE) segments. If your team can’t name the segments from memory, your model is too complex and will fail to be actionable. Even if your goal is to build a dynamic paywall algo – lose (human) control of complexity, and you won’t know what’s working, which means you won’t be able to adjust next time the world changes.

Real-world impact: fewer paywalls, more subscription revenue

A US publisher’s journey from a rigid freemium model to smart segmentation highlights the power of behavioral data. They discovered that just 1% of traffic drove 25% of conversions.

By analyzing attributes, they found that newsletter click-throughs and direct repeat traffic were high-value, while Facebook and Android traffic converted at near-zero rates. By stopping the paywall for near-zero segments and doubling down on high-value behavioral and technographic signals, they achieved:

• A 2x increase in conversion rate.
• 50% fewer paywall exposures, leading to a better user experience for the same number of new subscribers.

Did this publisher get it completely, fully right? Absolutely not. But the model was a dramatic improvement over the simplistic frequency and recency model they were using before.

As statistician George Box famously said: “All models are wrong, but some are useful”. Be pragmatic—start with the data you have, build empathy for your readers, and iterate until your segments drive measurable growth.

TL;DR
-> Mediahuis has built an 'essential subscription' bundling journalism with hiking apps, e-books, masterclasses and the New York Times

-> The bundle is structured around three layers — Inform, Guide and Enable — tailored by brand rather than by individual subscriber

-> Its 777 strategy aims for 70% of operational margins to be from digital by 2030, using the bundle to drive both volume growth and tier migration

-> 170,000 subscribers activated RouteYou; activated users show 26.5% lower churn, and subscribers log in 2.4–3.0 times per month on average

Key lessons: 
-> Stay within one degree of separation from journalism
-> Services that require a bigger conceptual leap tend not to stick

• The New York Times partnership sits alongside the premium titles — NRC in the Netherlands, De Standaard in Belgium, and the Luxembourg brands — where an internationally minded readership sees a natural connection.
• E-books are offered more broadly, with selections varying by brand.
• RouteYou has been rolled out for all titles, but is particularly successful in regional and Belgian brands with strong outdoor and weekend-lifestyle content, where a survey of more than 10,000 subscribers had already shown that 24% wanted a hiking and biking app as part of their bundle.

“Different bundles work better for different brands,’ van de Peppel explains. ‘We try to tailor it really around the brand and make those choices which make sense to the brand.“

The RouteYou acquisition

RouteYou is a Belgian company used by more than 15 million outdoor enthusiasts, with its strongest presence in the Netherlands and Belgium. Since the Mediahuis acquisition in 2023, coverage has expanded into the Irish, Luxembourg, and German markets, where the publisher’s titles already have deep roots. It competes in the same space as Strava, but with a distinctly local character and established relationships with regional tourism boards.

Mediahuis’s regional titles had long published hiking and biking content, especially in weekend editions, but the next step was always missing: readers could learn about a trail, but had nowhere to go from there. Now, a QR code in the article links directly to the route in the RouteYou app. ‘It’s a strong connection with the editorial rooms,’ van de Peppel says. “You can really make a direct connection between the content and then going out and doing something with it.’

The acquisition was not conceived purely as a bundle enhancement — Mediahuis bought a standalone business, intending to develop both sides of the business. Since then, investment in a native app and an expanded RouteYou team has driven +98% growth in standalone subscribers in 2025. 

When RouteYou access was extended to over a million Mediahuis subscribers, it immediately dwarfed the app’s existing standalone user base. Those who came through the news bundle were subscribing to journalism; the outdoor features are a welcome addition rather than the draw.

What the numbers show

The activation numbers tell part of the story. The retention numbers tell the more important one. Mediahuis tracks whether subscribers who have activated RouteYou behave differently from those who have not, and they do. 

Over a 12-week period, subscribers who had activated RouteYou were significantly more likely to remain subscribers at the end. For every 100 who had not activated, 4 had churned. For every 100 who had, fewer than 3 had churned. At the scale Mediahuis operates, that difference compounds quickly.

The perception data reinforces this. 

• Among all Mediahuis subscribers, around 52% consider RouteYou a valuable addition. 
• Among those who have actually used it, that figure rises to 82%. 

The gap between the two numbers is the central challenge: the product works, but only once subscribers try it. Getting them to that first experience is where most of the activation effort goes. Mediahuis offered exclusive webinars to help subscribers get started; 12% of readers attended, and 54% of those participants were already Mediahuis readers who engaged with the outdoor content in their titles.

Sustained usage backs up the initial activation picture. Active users log in 2.4 to 3.0 times per month on average, with 15% opening the app at least once a week, numbers that predictably spike in the spring and summer hiking season. In total, 49% of eligible Mediahuis subscribers used RouteYou at least once in the past year.

Mediahuis has been drawing lessons from the New York Times, whose bundle is a well-documented case study in how added services drive both retention and revenue per subscriber. ‘They see strong effects on retention and ARPU when people start using more services, van de Peppel says. “We are seeing the same thing, which is really encouraging.’

The 777 strategy

The essential subscription is the commercial engine behind Mediahuis’s 777 strategy: shifting 70% of operational margins to digital by 2030. Currently, the balance runs roughly the other way, at around 60% print and 40% digital.

Van de Peppel frames the mechanism plainly: it works on both Q and P, quantity and price. A more compelling subscription drives digital subscriber growth. And because most additional services are only available in the full premium subscription — not the basic tier — the bundle creates structural upward pressure on ARPU. The full subscription costs roughly twice as much as the basic tier, and as the bundle becomes more valuable, more subscribers opt for the full tier, either at sign-up or by upgrading.

‘We also see a shift from the basic subscription to the full subscription,’ van de Peppel explains. ‘Which in the end means they pay a higher price. We increase value, but of course, the value coming back is also higher.’ Volume growth and tier migration together are designed to get digital subscriptions generating the margins that print once did, and within a seven-year window.

Advice for publishers considering a similar path

Van de Peppel’s guiding principle is staying within ‘one degree of separation’ from core journalism, adding only services that connect naturally with what the newsroom already produces:

• The New York Times partnership works because Mediahuis titles already cover international affairs.
• E-books work because those titles are already reviewing books.
• RouteYou works because brands have always written about the outdoors — and the data already showed subscribers wanted it.

Where the connection has to be invented, it tends not to stick. Van de Peppel’s advice to other publishers is simple: don’t stray too far from what your newsroom already does well.

The lesson he returns to most on RouteYou is editorial embrace. Newsrooms are independent — there is no guarantee journalists will link content to the app. Where they do, the activation numbers bear it out: Belgium, with the strongest editorial collaboration, hit nearly 30% activation, compared with a portfolio average of 1 in 5. The success of RouteYou’s adoption really depends on editorial collaboration.

Van de Peppel’s target is for at least 70% of digital subscribers to regularly use at least one additional service, weekly or monthly. ‘We launched a lot last year. This year, we won’t launch as much. We will focus on what we have and really make it work.’

The Next Gen News Report 2 (NGN2), a collaboration between FT Strategies, Medill Knight Lab, and the Google News Initiative, provides a roadmap for news organizations to reach younger audiences. The core of the report is the 7 Modes of Engagement, which distinguishes how "next gen" consumers (ages 18-25+) discover, consume, and share news.

 The vibe: passively encountering news whilst browsing social feeds
 The energy: engagement is often spontaneous and fleeting, shaped by the emerging news producers they follow and platform algorithms.
 The strategy: intentionally create content that feels native to the platform and find patterns that break through to capture fleeting attention in the few seconds before viewers scroll to the next post

Mode 2: Seek

 The vibe: actively looking for information on a specific event or topic
 The energy: a highly intentional mode of engagement, where consumers look for efficient, information-rich content that delivers depth and relevance without distraction
 The strategy: anticipate information needs and make depth accessible without friction, ensuring that credibility, clarity and efficiency guide every interaction.

How to win at Seek mode

• Guide discovery
• Deliver curated briefings
• Offer live formats that capitalize on immediate interest.
• Create seamless, intelligent discovery experiences (such as Ask FT or Ask The Post)
• Design intuitive interfaces within owned and operated platforms
• Provide high utility & control, such as personalization and tailored formats based on preferences, such as listening or watching

Case study: Particle News. Using AI, Particle gives readers the option of discplaying a news story in 6 different ways, including the 5 Ws, opposite takes on the same story or “Explain like I’m 5”

Mode 3: Subscribe

 The vibe: receiving news from trusted, curated sources (newsletters, podcasts, SMS) they have deliberately chosen
 The energy: people expect timely, important or novel updates from sources whose judgement they rely on and do not want to miss
 The strategy: timely, important or novel updates from reliable sources

How to win at Subscribe

• Sync with daily habits: design delivery around audience routines and preferences, not output cycle, and consider offering personalized delivery
• Make subscribe content dense and easy to complete
• Standardize the skeleton for instant scanning
• Keep it short, but provide options to go deeper

Case Study: The Edinburgh Minute. Short paragraphs, plain language, softer tone in the introduction. A long list of key stories, each with two sentences max, along with an emoji to introduce the topic, and a follow-up link.

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2. The “Consumption” Modes: how news is processed

In consumption modes, users have chosen to explore a subject, topic or piece of content more deeply.

Audiences are more likely to engage further when a story feels personally relevant, emotionally resonant or sparks their curiosity. How they first encounter that story does not dictate what happens next. Differing motivations shape how individuals choose to go deeper, whether by verifying facts, exploring context, or interpreting different perspectives.

The 2025 findings reinforce the three modes we previously identified that capture how audiences engage more deeply with the news once they move beyond sifting. These modes are:

Mode 4: Substantiate

 The vibe: verifying if a story is true or finding the "raw" facts.
 The energy: an individual has found a piece of information and wants to quickly and credibly confirm it
 The strategy: create content that is promptly delivered after a breaking news event, focusing on main claims and facts, with simple, clear and digestible evidence at its core

How to win at Substantiate mode:

• Meet your users where they are
• Prioritize accuracy and relevance over speed or volume
• Push information directly to audiences
• Lead with facts
• Create quick, easily digestible formats 
• Show your working: stitch primary source materials into the content and show the process

Case Study: UnderTheDeskNews. They often presents sources behind the presenter, such as maps of military facilities, to promote substantiation. These successful news producers clearly annotate from where information has come using overlays on videos or references in text, and they include links in captions and bios

Mode 5: Study

 The vibe: going deep to master a topic of personal or professional interest
 The energy: a desire to learn, upskill and be inspired. For some, Study mode is a pleasant distraction
 The strategy: producers can create long-form, information-dense content that has high-production value to keep engagement high, while showcasing their lived experience as a means to draw users into the story.

How to win at Study mode:

• Bring the story to life through immersion.
• Show interest
• Open with the motive, not just the topic
• Use mini-brands or shows as a creative sandbox
• Start with a learning goal to orient the audience and prime attention
• Favor evergreen or under-explored themes
• Build concepts progressively and go deep
• Bring it to life: gather original evidence, showcase it in original ways and develop a signature form

Case study: HowTown. 15-plus-minute long-form videos that have clear chapter markers and distill key information while allowing users to easily go back or skip specific sections.

Mode 6: sensemake

 The vibe: looking for context to understand why a story matters and what to think about it
 The energy: exploring different viewpoints to form opinions. This mode is driven by curiosity and a desire for co-learning spaces
 The strategy: create spaces that invite perspective and transparency, helping audiences process disagreement and find orientation amid uncertainty

How to win at Sensemake mode:

• Create open conversations 
• Create open spaces for honest conversation where producers and audiences can think aloud
• Clearly disclose your intention, bias or viewpoint
• Orient and include the audience: vary show formats to deepen engagement and reach audiences across information needs
• Use livestreams to transform news into a shared, real-time act
• Use satire wisely (it should stimulate critical thinking): build recurring inside jokes to make complex topics feel approachable and foster a sense of belonging

Case Study: Morning Brew. Always linking to the original business story to anchor it to one company and how it’s being covered. Satire is created through the use of props, funny captions and over-the-top personas or characters.

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3. The “Social” Mode: how news is shared

Mode 7: Socialize

 The vibe: sharing news to connect with others, express identity, or start a conversation. Sharing news is less a discrete consumption habit and more of a long-term relational action to be considered in its own context.
 The energy: there is no more valued, trusted source than friends and family, and often these connections help cut through content overwhelm.
 The strategy: build for sharing!

How to win the Social mode:

• Make sharing a “product feature” that makes the action effortless for readers
• Create content that people want to send to their peers
• Leading news producers tell human stories
• Consider using memes to condense meaning and inject humor

The takeaway for publishers

The “Next Gen” consumer is suffering from information overwhelm. To win, publishers must transition from being “content factories” to “mode-specific service providers.” Whether it’s winning the first two seconds of a Scroll or providing the deep-dive tools for Study, success in 2026 and beyond depends on meeting the audience exactly where they are.

1. Bundling & Family Plans

We’ve seen a significant shift toward high-value bundles over the past few years, combining both national and international brands to reduce the need for a user to pay for multiple subscriptions. 

• News Corp brought together three of its best-known publications in October 2025, enabling subscribers of The Australian to also be able to access The Times of London and The Wall Street Journal
• A number of European publishers (Politiken in Denmark, El País in Spain, Italy’s Corriere della Sera and The Irish Times in Ireland) have partnered with The New York Times to offer subscribers access to the NYT’s suite of content
• Le Figaro worked to reduce password sharing, both by limiting simultaneous sessions and developing alternative sharing options, such as Family Packs: “A subscriber to one of these two packages now has the possibility to link 2 to 4 user accounts to their subscription.”

But don’t overcomplicate – as Subscrybe’s Morten Suhr Hansen puts it, “over recent years, many subscription businesses have added layer upon layer: products, pricing models, campaigns, systems, and channels. In 2026, the ability to simplify becomes a competitive advantage. Companies that do not have a clear value proposition, a strong understanding of their core customer segments, and clarity on their key value drivers will struggle – regardless of how much AI they implement.”

> Gain clarity on your purpose with this workshop

> And perfect your value proposition with these 2 frameworks

2. The dynamic paywall

One-size-fits-all is (finally) being left behind for dynamic acquisition models that adapt experiences to a reader’s profile or context. Solutions like Poool, used to put these dynamic strategies in place, are more accessible than ever, built for marketing teams to have autonomy from tech.

What can you adapt to?

• Level of engagement
• Source of traffic
• User status (anonymous, registered, ex-subscriber…)
• Content type / topic
• User location

What can you adapt?

• The type of wall: registration wall, paywall…
• How “tough” the wall is: closable, anti-scroll, full-page, partial-block
• The messaging on the wall
• Introductory offers or pricing proposed
• Currency

A few examples:

• ELLE Magazine’s contextual paywalls, adapted messaging and design to the content type, increased conversion rates by 20%
• Jeune Afrique doubled conversion rates by adapting the paywall messaging and pricing to a user’s level of engagement and location 

3. Flexibility and an end to “locking in” 

A successful retention model isn’t one that prevents readers from leaving. It’s one where audiences are saved before they even consider cancelling, where unsubscription isn’t the end of the relationship, where alternative, more flexible options exist, and where we accept that people will come and go. Ending the relationship badly doesn’t do us any favors (in fact, it only reduces trust and potentially helps prevent acquisition due to bad past experiences).

What should you do instead?

• Pause functionality as a standard: the ability to pause a subscription instead of canceling permanently is an extremely effective retention mechanism. French publisher Le Monde already has this in place

• Easy cancellation is the new retention strategy: simple unsubscription is a necessary foundation for building trust, improving CX, and ultimately turning your pool of ex-subscribers into your biggest future growth opportunity. This is exactly what Nat Geo Kids is proving. 

4. Subscriptions as relationships, not contracts

The lines between transactional “subscriptions” and missionary “memberships” are blurring. By developing a community, publishers add an emotional layer to the relationship, making readers more likely to remain loyal and participate thoughtfully.

• Condé Nast has created a “Membership” tier that sits above subscription to build belonging amongst their most loyal audiences. The value exchange here is two-way: members are active participants contributing data, feedback, and engagement. They expect to belong to a community. And the strategy is paying off: a member has an LTV (Lifetime Value) up to 50 times higher than a subscriber, amongst other benefits listed below
• The South African publisher Daily Maverick is perhaps the poster child for these types of membership models, with 40% of its revenues generated by member-driven support. Styli Charalambous, Daily Maverick’s co-founder and CEO told Pugpig in late-2024 that “after three years, 85% of people who start as a member are still there.”
• At The Kyiv Independent, membership means that journalism remains free. With a membership, a reader can support from $5-$100 a month, getting a few benefits in exchange, which have of course evolved over the years. With members based around the world, they’ve worked hard to bring members together, such as through a community map. 
• A variety of publishers are creating “clubs” for subscribers, such as DIE ZEIT‘s “Friends of Zeit”, Handelsblatt‘s Circles, The Economist Insider, amongst plenty others.

5. Innovative acquisition channels 

Just like revenue streams, acquisition channels are being diversified to reduce reliance on the traditional funnel.

• Referrals at Zetland: Tav Klitgaard, Group CEO and Co-founder, shared how important referrals are for them.

“At Zetland, we have for several years focused on leveraging existing members for acquisition. This is by far the most meaningful way for us to grow, because it builds stronger relationships with both the new members who join through personal recommendations and the existing members who help spread the word about a service that makes a difference in their own lives.

The “contracts” generated by our member-get-member campaigns are far stronger than any ad could ever be.“

• Daily Maverick tackles low conversion rates with a targeted Q&A mailer, significantly enhancing member acquisition and engagement. The initiative addresses the gap between interest and action, providing detailed answers to potential members’ questions, which has led to a notable increase in conversions
• The Times & Sunday Times has been testing an open weekends each year as a way of offering non-subscribers a chance to discover the premium content they have on offer

• Whilst Daily Maverick tested the opposite, proving the importance of their work and helping to finance it

• And learning from other industries such as ecommerce businesses who have abandoned shopping cart notices. The below example from Texas Monthly

> Fancy being inspired by 45 acquisition channel ideas? Well you can, just here.

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“Other sources” as the new core?

Perhaps the most shocking finding is the rise of “Other Sources” (events, content services, etc.). This bucket now makes up 25.4% of revenues, almost doubling since 2021.

Events continue to be the main area of activity in this area, with 32.2% of respondents identifying them as an important revenue source, followed by B2B services content and partnerships with platforms (both 16.1%), according to WAN-IFRA’s report.

The secret to building these alternative revenue strategies well? Understanding audience needs, building streams around this and continuously innovating to serve evolving needs.

Panos Sarlanis, Co-founder of IamExpat Media, spoke about this at our 2024 Festival in London. 

The question they kept asking: “What essential needs can we solve with new products or services?”

• This led to the launch of directories, helping users find trusted professionals, from tax advisors and language schools to English-speaking dentists, lawyers and career coaches. These have become a significant part of IamExpat’s business model.
• Recognizing the challenges of finding accommodation and employment in new countries, IamExpat also launched a housing platform (aggregating rental properties from partners) and a job board specifically tailored for their international and multilingual audience. 

These “classifieds”—directories, housing, and job boards—now account for a considerable part of their revenue. Directories contribute the most, and this highlights the high value and conversion rate of these specialized services that focus on user needs.

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The direction is clear: To succeed in 2026, you can’t rely on content access alone. Publishers should build an ecosystem with the audience at the center, where subscription is the gateway to a community, not just a library of text.