At the Audiencers’ Festival in London, Arnaud Aubron, Director of Diversification at Le Monde, took to the stage to share the journey of Le Monde in English, a project that the organisation has dreamed of for 50 years. 

With technological advances and the move to digital, Le Monde in English was launched in 2022, and has since gone from strength to strength. 

Why an English version and why now?

The fundamental reason for publishing in English is simple: to speak to the world, you have to speak English. If Le Monde wanted its journalism to have a truly global impact, keeping it exclusively in French was no longer an option.

But the more pressing question was why now?

1. Reaching the glass ceiling in France

As of December 31, 2025, Le Monde ranked number one in digital subscriptions in France, boasting 602,218 purely digital subscribers. Additionally, Le Monde drove 35% of all digital subscriber growth in France in 2025.

While the publication possesses elite know-how in digital subscriptions, the French market itself is capped. The total addressable market in France sits around 3.3 million total news subscribers across all publications. With Le Monde capturing such a significant portion, the team faced a looming question: Can we hit 1 million or 1.5 million subscribers in a market this small? They simply didn’t know. To sustain further growth, they had to look beyond their domestic, and linguistic, borders.

2. The tech triggers

Two key factors finally made the project feasible in 2022:

• Artificial Intelligence: AI finally matured enough to drastically lower the financial and temporal costs of translation.
• The digital subscription model: Unlike the 1970s print attempt, which incurred immense logistics costs to print and ship copies across the UK and US without any guarantee of sales, digital distribution completely eliminates the friction of international expansion.

Aubron contrasted this with The New York Times, which launched a Spanish edition in 2016 but shuttered it a few years later. The New York Times relied heavily on manual translation without AI and built a business model dependent on advertising rather than subscriptions, a strategy that ultimately proved unsustainable.

The launch and operational workflow

Following Aubron’s appointment in September 2021, the project launched in April 2022 to coincide with the French presidential elections.

At launch, the assumption was that AI could handle the heavy lifting, followed by a quick proofread. In reality, it required much more human intervention.

1. DeepL translation: The software was used to generate the initial baseline translation. While highly rated, the technology in 2022 still required heavy editing to meet Le Monde’s journalistic standards.
2. Professional freelance translators: To ensure maximum quality for a premium subscription product, two translator agencies were brought in to meticulously review and correct the AI-generated text.
3. In-house editorial team: A dedicated team of 8 journalists was embedded directly within the French newsroom. This physical proximity allowed them to collaborate, anticipate news, and edit translations seamlessly alongside the original authors.

Article selection: quality over quantity

Le Monde in English does not create original content; it exclusively translates a curated selection of the French edition.

• 30% of French articles translated: The team skips live coverage, podcasts, and strictly local French wire stories (e.g., specific domestic politics, local school or banking issues) that hold little relevance to an international audience.
• +10 daily dispatches: They supplement translated deep-dives with roughly ten English news dispatches per day to provide hot news.

Pricing: A “second read” strategy

Because an international reader is highly likely to already hold a primary subscription to a domestic title like The New York Times or The Guardian, Le Monde in English positions itself as a “second read.”

To account for this, the pricing structure had to be highly accessible:

• Introductory price: €2.50 per month for the first year.
• Standard price: Loops up to €10.00 per month progressively.
• Average price point: As of March 2026, the average revenue per user sits at €4.66.

Aubron noted that an attempt to raise prices in 2025 stalled subscriber growth because the price increase came at a time when audience acquisition hadn’t scaled sufficiently to absorb the change. Lesson learned: a secondary read strategy demands highly sensitive, highly competitive pricing.

Four years later: audience & subscription performance

The strategy has paid off, yielding steady traffic and subscription growth since the launch 4 years ago.

• Current Subscriber Base: Hovering near 16,000 active subscribers.
• The American engine: A staggering 50% of all subscribers come from the United States. Aubron attributed this to a stark cultural difference in the propensity to pay for news: while only roughly 10% of French consumers pay for digital news, closer to 20% of Americans do. The subscriber base consists heavily of students, retirees, and individuals with an existing personal, educational, or marital link to France.
• Global traffic footprint: The platform pulls in approximately 5 million monthly visits.
  • United States: 38.5%
  • United Kingdom: 12.2%
  • Canada: 9.5%
  • France: 7.3% (although access to the English edition from France is limited to subscribers on higher-tier plans)
  • India: the fastest-growing traffic segment
  • Germany: the first non-anglophone country.

What do they read?

True to Le Monde’s core strengths, the most read sections are international news, French politics, and economy. Surprisingly, culture and lifestyle pieces perform exceptionally well; articles about new Parisian restaurant openings or art exhibitions see massive engagement from readers living as far away as Texas and Florida.

Subscriber acquisition strategies

To recruit international subscribers, Le Monde deploys a three-pronged approach:

1. Leveraging LeMonde.fr’s SEO hierarchy: Internal debates weighed whether to launch on a standalone domain (LeMonde.com) or a subdirectory (LeMonde.fr/en). Choosing LeMonde.fr proved to be a major SEO blessing, allowing the English edition to instantly draft off the massive domain authority of the main French site.
2. Paid acquisition adjustments: Google advertising is a core driver. Aubron also highlighted a massive breakthrough in their Meta acquisition costs: after peaking at an expensive €86.90 cost-per-acquisition (CPA) in late 2025, optimization strategies successfully drove that CPA down to just €9.30 by March 2026.
3. Strategic publisher partnerships: By setting up reciprocal marketing exchanges with premium Anglo-Saxon publishers (The New York Times, The Guardian, The Atlantic), Le Monde cross-promotes free trial offers directly to highly qualified audiences who are already accustomed to paying for premium journalism.

Achieving break-even

The most significant milestone of the session was the announcement that Le Monde in English has officially achieved financial break-even in 2026, a full year ahead of the initial business plan.

Revenue breakdown:

• Subscriptions: 66.2% (The core driver of the business).
• Licensing: 16.9%.
• B2B: 12.3%.
• Advertising: 4.6%.

Product evolutions: what’s new today?

Since its 2022 launch, the operational model has undergone substantial changes, heavily driven by advancements in generative AI:

AI-driven productivity gains

• The transition to ChatGPT: Le Monde migrated its primary translation workflow away from DeepL to customized ChatGPT protocols. This allowed the team to deeply bake Le Monde’s distinct editorial tone and style guides directly into the translation layer.
• Eliminating the translation layer: The quality of generative AI advancements and the know-how developed by the team of journalists completely eliminated the need for external freelance translators.
• Creating journalism jobs via AI: Instead of using tech to downsize, Le Monde redirected those cost savings into expanding its internal editorial team from 8 to 10 full-time in-house journalists. AI handles the mechanical translation, freeing human journalists to focus purely on editing, nuance, and curation.

Platform and multimedia expansion

• A bilingual app: They integrated a native toggle inside the core Le Monde app, allowing users to switch effortlessly between the French and English editions. While app users represent just 4% of total English traffic, they account for a massive 49% of all English subscribers.
• A dedicated YouTube channel: Rather than merging video content, they launched a standalone English YouTube channel. High-end video investigations have achieved breakout success: their video on Dubai money laundering garnered 760,000 views (vs. 1 million for the French original), and their documentary on the November 13 Paris attacks pulled in 2 million views (nearly matching the 2.2 million views of the French version).
• Apple News+ integration: Le Monde in English is now available directly within the Apple News+ ecosystem to capture a broader layer of casual readers.
• M International magazine: In March 2025, they went “back to paper” by launching a premium, biannual print magazine called M International (themed “The French Touch”). They distribute 25,000 copies across 350 elite newsstands in 20 countries and 37 global cities.

Key takeaways

Aubron concluded his presentation with three definitive lessons learned over the four-year journey:

• It’s not about translation: Translation is now a commoditized utility. Success comes down to content market fit, product distribution, and understanding the distinct profile of your international audience.
• Hard to imagine working in another language: Due to global curiosity around French art de vivre, culture, and global politics, in the US, the English edition works beautifully. However, Aubron noted he would not attempt to launch a Spanish or German edition of Le Monde yet, as those markets lack the critical size and same unique cross-border structural demand.
• AI can create jobs: The project stands as living proof that when publishers embrace automated productivity tools like generative AI, they can reinvest the dividends directly into hiring more human journalists to elevate the final product.

The post Inside Le Monde in English: Four Years in and already profitable appeared first on Audiencers.

At the Audiencers’ Festival in London, Ross Wilmot, Director of Reader Revenue at Broadsheet, shared how implementing a registration wall served as the cornerstone for a highly resilient digital subscription model. By transforming anonymous audiences into known, authenticated users, Broadsheet unlocked a powerful engagement framework that directly accelerated conversion rates.

The strategy behind registration

To pave the way for their subscription model, Broadsheet deployed a registration wall in December 2025, strategically positioning it as an essential precursor to the full paywall, which followed on 21 April 2026, both built and launched using Poool. This sequential approach was designed to achieve several key outcomes:

• Accelerating conversion: By unlocking specific engagement features, the team could efficiently increase user exposure frequency to the upcoming paywall.
• Unlocking direct channels: Secure marketing permissions during the registration process to establish direct lines of communication, which heavily influences ultimate conversion.
• Setting the tone: Introducing a clear value exchange on the site, conditioning readers to understand that completing an action is required to access premium content, ensuring a smoother transition to a paid model.
• Boosting confidence: Confirming the audience’s willingness to complete an action built immense internal confidence within the company regarding the viability of the model.
• Guiding product strategy: Capturing known user identities allowed Broadsheet to develop personalised services tailored to specific reader needs.

Five key findings from Broadsheet’s registration data

Despite being in the early stages of the paywall rollout, Broadsheet data has already yielded critical insights regarding user behavior and the reader revenue funnel.

1. Registration captures high-quality readers

Broadsheet segments its audience into four distinct engagement cohorts based on monthly session frequency: 

• Fly-bys (1 session)
• Regular Readers (2–4 sessions)
• Engaged Regulars (5–9 sessions)
• Superfans (10+ sessions)

The data reveals that registration penetration rises sharply alongside engagement. Specifically, Superfans exhibit a registration rate 127 times higher than casual Fly-bys, with 38% of them willingly authenticating. This confirms that a registration wall successfully establishes a direct relationship with the most loyal segments of the audience, those with the highest propensity to buy a subscription in the future.

2. Newsletters initiate the conversion journey

Authentication acts as the primary gateway to newsletter adoption, which serves as a massive catalyst for paywall hits.

While registered users who actively engage with newsletters account for less than 1% of the total audience, they drive a staggering 7% of all paywall exposures. This means that this specific segment over-indexes for paywall hits by an impressive 10x, successfully drawing high-intent readers straight back into premium, monetisable touchpoints.

3. The newsletter is the core conversion engine

The daily newsletter serves as a continuous, automated nudge that repeatedly invites authenticated users back to the site, where they naturally encounter paywalled boundaries.

Registered users who are signed up for newsletters hit the paywall an average of 3.5 times per unique visitor, representing a 35x higher exposure rate compared to the average anonymous reader, who sits at a mere 0.1 exposures.

4. The compounding effect drives the majority of subscriptions

When high-intent audiences are paired with a high frequency of paywall exposures, the compounding effect generates the vast majority of subscriber growth.

The numbers paint a clear picture: the cohort of registered, newsletter-engaged users, which accounts for a tiny 0.7% fraction of the total audience, drives a disproportionate 43% of all digital subscription conversions. This equates to an extraordinary over-indexing factor of 61x. Registration hooks the high-intent reader, and the newsletter sequentially delivers the repeat paywall exposure required to close the sale.

5. Registration unlocks direct offer emails

The marketing permissions captured during the initial registration step open up a highly profitable parallel conversion path: direct offer emails.

By targeting prospects who are already kept warm by daily editorial newsletters, these high-impact, immediate sales emails successfully account for 18% of all subscription conversions.

The registration flywheel

The compounding dynamics of Broadsheet’s strategy form a self-sustaining lifecycle designed to maximise reader value:

1. Register: Capture invisible, anonymous readers via the registration wall to unlock the newsletter engine.
2. Engage: Deploy targeted newsletters to consistently return these authenticated readers back to paywalled content.
3. Expose: Systematically increase the frequency of paywall exposures over time.
4. Convert: Activate premium digital subscriptions through a combination of repeated paywall prompts and direct offer emails.

Next steps for Broadsheet

To refine the registration flywheel and further optimize conversion rates, Broadsheet is focusing on five core strategic enhancements:

• Refining analytics tracking: Adjusting internal analytics tracking frameworks to compile a completely transparent picture of user engagement metrics both immediately before and after registration
• Revamping user onboarding: Overhauling the initial post-registration onboarding flow to actively encourage the early adoption of editorial newsletters across the new database
• Introducing dynamic onsite experiences: Moving away from a static, one-size-fits-all approach to deliver tailored onsite journeys based on an individual’s specific engagement cohort
• Segmenting email campaigns: Categorising and filtering direct offer email campaigns to match the specific engagement levels of different user cohorts
• Continuous A/B testing: Initiating rigorous A/B testing variations directly on the registration wall interface to continuously optimize structural conversion efficiency

The post Broadsheet’s path from reader to subscriber: The registration flywheel in action appeared first on Audiencers.

The Audiencers' team spent the first three days of June in Marseille for WAN-IFRA's 77th World News Media Congress (1–3 June 2026). Three days, one dominant question: what does AI mean for the value, and future of journalism? We sat through a dozen sessions to share a wrap-up of the event, and the conversations that mattered most.

• “Information wants to be expensive because it’s so valuable”: AG Sulzberger, Chairman & Publisher, The New York Times, opened the Stewart Brand quote the industry has been misquoting for 20 years, and laid out an 8-point plan against AI’s “original sin”
• “ChatGPT converts 17x better than Facebook and 173x better than Google Discover”: Louis Dreyfus on the Le Monde & OpenAI deal, and why 25% of the revenue goes to the newsroom
• “Your next customer won’t be a human, it’ll be an agent”: the new three-layer infrastructure (Rights, Access, Payment) that lets publishers charge the machines
• “The metric I look at every morning is the share of our content that AI cannot copy”: VG’s Gard Steiro on speedboats, and hiring “the profiles we hired in the 90s”

The AI reckoning: rights, traffic, and the first real deals

AG Sulzberger (NYT): the “original sin,” and an 8-point plan

The congress opened on its hardest line. AG Sulzberger (Chairman & Publisher, The New York Times) argued that generative AI is built on an “original sin” (the unprecedented theft of publishers’ intellectual property) and that this theft is now re-enacted “countless times every single day.” His most effective passage broke an AI model into four inputs: talent, compute, energy and data. The first three are paid for, handsomely; the fourth, books, films, music, journalism, is taken without consent or compensation. No tech CEO would ask their engineers to work for free or steal chips from an Nvidia plant; on data, “we just take” has become the norm.

“Tech giants strip-mine news websites… that otherwise would go to the news organisations that created this work.”

AG Sulzberger, Chairman & Publisher, The New York Times

He was careful to add he is not anti-AI (the NYT uses these tools internally) and that his target is the companies’ choices, not the technology.

The scale he put on the table: the NYT publishes ~500,000 original works a year for over $2bn, and remains the single largest source of proprietary data in a major dataset used to train many different models. Meanwhile the Google click is 10x harder than a decade ago, rival AI models send 96% less referral traffic than a Google search, and the largest news sites tracked by comScore have lost 45%+ of traffic in four years. His action plan came in eight points — four to defend your rights (stand up for them, deal carefully, push legislators, join together) and four to strengthen your title (use AI the right way, be a destination first, focus on original reporting, explain why journalism matters). He closed by restoring the half of the Stewart Brand quote everyone forgets:

“Information wants to be expensive, because it’s so valuable — the right information in the right place just changes your life.”

Stewart Brand, quoted by AG Sulzberger

Le Monde × OpenAI vs the SPUR coalition: negotiate alone or organise together?

The panel, “Creating an AI content marketplace where publishers can win,” moderated by Madhav Chinnappa (Reuters Institute, ex-Google), with Niamh Burns (Enders Analysis) and David Buttle (DJB Strategies / SPUR coalition), put two strategies side by side. Burns framed it: news has real value in the AI era, but mostly for B2B and enterprise use; on the consumer side, AI products are embryonic and news sits at the margins. She cited the Disney / Sora deal, pulled abruptly after launch, as a warning — you can license what you want, you have no control over the product.

Louis Dreyfus (President & CEO, Groupe Le Monde) told how the OpenAI deal began: three years ago, a French publishers’ association lamented “we don’t even have OpenAI’s address.” Dreyfus used a public Q&A with Sam Altman — “you’re in France, the country of copyright… 83% of our revenue comes from our readers; how do you expect reliable information without that?” — got an “OK, I’m willing to discuss it,” and signed after a January-to-March negotiation. The numbers: ChatGPT converts 17x better than Facebook and 173x better than Google Discover, with no cannibalisation. (An INA study presented elsewhere at the congress confirmed the visibility upside: on French editorial queries, nearly a third of ChatGPT’s outbound traffic points to Le Monde — the publisher that signed.)

“We made a choice at Le Monde: to treat the revenue from these outputs as neighbouring rights. We share 25% of it with the newsroom — every single person in it. It helps the journalists, it helps journalism, not just the publisher’s business model.”

Louis Dreyfus, President & CEO, Groupe Le Monde

David Buttle, a founding member of the SPUR coalition, made the collective case: publishers arrived in disarray to search and social, and shouldn’t repeat it with AI. His warning on the deals themselves was the panel’s sharpest:

“Most of today’s AI deals are defensive agreements, not product partnerships. You sign, and you still get scraped. It’s rational to take the money on the table — but know that we have no control over what becomes of our content.”

David Buttle, DJB Strategies / SPUR coalition

On Mistral, Dreyfus was precise — a nuance worth keeping exactly as he framed it. His point was not that Mistral rejects copyright, but that it has signed with the press agency AFP and not yet engaged the wider French press: “it would be a good signal for a French company, backed by the French government, to abide by copyright AND engage with all the major French publishers,” noting NewsGuard ranks Mistral as the least reliable LLM on news.

Madhav Chinnappa closed with the framework that travelled around the room: “We now have three audiences to serve — agents, bots and consumers. ABC. Build products that the foundation models will, reluctantly, want to cite. Don’t wait for regulation. And do it collectively.”

Ezra Eeman (WAN-IFRA / NPO): from “AI in media” to “media inside AI”

Ezra Eeman’s State of AI plenary delivered the conceptual pivot of the congress. AI is now a mainstream habit (ChatGPT ~2.5bn queries/day; Google AI Overviews ~8bn AI answers/day; +250% AI use among UK over-55s in a year). But it’s barely used for news: only ~10% of prompts are about current events. People use AI to do things (write, learn, decide, act); classic journalism sits in the opposite quadrant, “generic, built for mass consumption.”

“The future value of journalism is no longer the article itself. What becomes valuable is everything around it: provenance, context, your editorial judgement, the updates, continuity over time. The question is how to turn all of that into machine-readable intelligence.”

Ezra Eeman, AI in Media Lead, WAN-IFRA / Strategy & Innovation Director, NPO

His WAN-IFRA “AI in Media” survey put hard figures on the shift: 58% of publishers report falling search traffic, 72% blame AI, and only 3.5% receive meaningful referral traffic from chatbots. His user-journey framework — Finding, Feeling, Flowing — describes a world where a personal agent surfaces the news before you ask, adapts it to your mood and context, and follows you across devices. The economic warning was concrete: a fixed-price subscription versus real marginal AI costs per query. “A large media group told me last week it had a monthly budget of ~€300,000 for coding tokens. They burned through it in 10 days.” His two parallel playbooks: go upstream (a trusted ingredient inside AI systems) and downstream (own the relationship, the community, the experience).

Florent Daudens & Christophe Israël: your next customer is an agent

The opening AI session (Florent Daudens, co-founder of Mizal AI, ex-Hugging Face; Christophe Israël, AI consultant founder of OK Lab) turned the theory into infrastructure. Daudens’ core message: the value chain is broken and must be rebuilt on three machine-readable layers where publishers can finally hold control:

1. Rights & Permissions (RSL, ODRL, CC Signals — robots.txt was a gentleman’s agreement, useless against agents)
2. Access & Enforcement (OAuth + MCP, Web Bot Auth)
3. Payment & Value Exchange (x402, AP2, AgentCore Payments). Micro-payments failed for humans (mental friction) but will work for agents (zero friction) — Sam Altman has floated “an agent paying 70 cents for a summary, $1 for the full article.”

“Your next customer won’t be a human, it’ll be an agent. Move from a supplier mindset to a builder mindset — you can design a conversion funnel on the agent side, just as you did for readers.”

Florent Daudens, co-founder, Mizal AI

Mizal has a “newsroom in a box” running daily in a large public broadcaster: five agent routines fire before the 8:30am editorial meeting (competitive briefing, fact-checking the prior day’s 20 articles — it already caught a real error past the desk — grammar/style, social trend monitoring, podcast monitoring).

Christophe Israël’s counterpoint: none of this holds without governance on four pillars (Policy, Roles, Risk, Monitoring), and Daudens’ refrain for anyone deploying agentic workflows — “evals, evals, evals.” The hard question is no longer technical but cultural: how do you equip teams to be good at working with AI agents?

The newsroom of tomorrow, in an AI world, is already being built

The Future Newsrooms Study 2026 (FT Strategies × WAN-IFRA): four gaps

Lisa MacLeod (Director, FT Strategies) launched the first edition of an annual global benchmark. Its thesis: we’ve entered the “community era.” When generic content is trivial to produce, the advantage shifts to what’s hard to replicate — original journalism, trusted relationships, loyal communities. For the first time, engagement is cited as the most frequent #1 priority for the year, ahead of reach. The study names four structural gaps:

• Strategy: 25% of newsrooms don’t translate strategy into daily editorial decisions; 62% involve only 1–2 roles in setting long-term strategy
• Trust: reporters still spend 38% of their time on production vs 33% pre-publication and just 11% post-publication — “a catastrophic waste,” given how good production automation already is
• Capability: only 14% of leaders are very/extremely confident their tech stack is fit for purpose; 42% still measure AI success by “time saved”
• Skills: confidence drops from 55% today to 39% at three years; 61% of newsrooms have no formal training programme

“Maybe the KPI isn’t ‘we saved seven hours,’ but ‘we made more original stories this week.’ The right question isn’t how much time you saved — it’s what can you do now that you couldn’t do before?”

Freja Sofia Kalderén, Development Editor, Bonnier — quoted in the study

The standout adoption case was Bonnier News (~2,000 journalists, 11 countries), which built three in-house AI platforms and, crucially, solved adoption through voluntary workshops (sceptics excluded by design, then opting in once ambassadors are trained): 2,000+ journalists trained, 7,800 prompts contributed in 10 months, weekly active users +45%. MacLeod’s own obsession: commissioning. “When commissioning is done right, aligned with the business, that’s where you unlock value, but today it stays destination-based, and 45% of newsrooms only use data after publishing, to validate, never upstream to steer.”

Gard Steiro (VG): speedboats, and the only metric he checks each morning

Gard Steiro, Editor-in-Chief of VG (Schibsted, Norway, with 2 million daily users, half the country), opened with a disclaimer: “if you’re expecting clear answers, you’ll be disappointed. Our job as newsrooms is to navigate uncertainty.” VG is a container ship, hard to turn, so it launches “speedboats”: small teams that run ahead, experiment, take sharp turns and come back with transferable learnings.

“They can move faster, they can be more agile, they can make sharp turns and experiment freely without risking the entire cargo, or audience trust in our journalism.”

“And one of these speedboats is called VGX,” a project for which company tasked a small team to “rethink everything” and “challenge the way we work across VG and Schibsted.”

VGX: engineers, business developers, designers and a single reporter, mandated to rethink everything from scratch.

One such project has meant abandoning some basic tenets of news publishing, including the traditional news article format.

Instead, the VGX app has no traditional front page, instead presenting users with a feed of content. And rather than being primarily text-based, video is a natural part of the app experience.

And of course, the metrics are following suite:

“I used to look at reach, now we’ve defined a new key metric: the share of our content that AI cannot copy. It’s at least as important as traffic, conversion and churn — because that’s our future.”

Gard Steiro, Editor-in-Chief, VG (Schibsted)

This is defined as “Super Content” – articles where journalists have been outside the office to report on the story, when they’re on location where the story is being written from, or when VG has received information that is not publicly available.

“This is a key step forward … because this content is our future.”

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A big thank you to the WAN-IFRA team for three days of frank, useful conversations in Marseille — and to the speakers who shared real numbers, not just slides. See you next year.

Methodology: this recap was written for Audiencers by Claude (Anthropic), based on Trint audio transcripts of the sessions and the speakers’ slides, translated and cleaned, and (for the Future Newsrooms Study) cross-checked against the official report. Quotations in quote marks are faithful reformulations, not exact verbatims; a few proper nouns transcribed from audio were verified before publication. Sessions covered at the WAN-IFRA World News Media Congress, Marseille, 1–3 June 2026.

The post Inside WAN-IFRA Marseille 2026: the deals, the data, and the fight for what journalism is worth appeared first on Audiencers.

Rachel Shields, UK Editorial Director at The Sun, and Sarah Ransome, Principal Product Manager at The Sun, explain the commercial logic behind Sun Club, what a year of subscriber data has revealed, and where the product goes next.

TL;DR
- Sun Club launched in 2025 as a freemium membership product at £1.99 per month, layering subscription revenue and first-party reader data on top of The Sun’s existing free audience. A growing proportion of content is now members-only.
- One year in, 65% of members are women, and Sun Club has opened a route to an entirely new audience: TikTok-acquired subscribers are 85% female and 15 years younger than the average Club member, engaging with content created specifically for them.
- First-week app activity is the strongest predictor of long-term retention; the most loyal members read over 100 articles a week, almost entirely via the app.
- Sun Club has exceeded its initial targets; the team has several retention projects underway to build on that momentum and deepen early-life engagement.

Key lessons:
- Value-driven perks sit at the heart of Sun Club’s membership proposition; for this audience, they are a vital retention tool.
- A freemium model can serve advertising and subscription goals simultaneously; a known, logged-in audience is a commercial asset that strengthens both.

We thought people would pay for quality journalism, and they did

Like most news publishers, The Sun had been challenged by the decline in referral traffic. That brought the loyal core digital audience into sharper focus. The question was whether tabloid readers could be persuaded to pay for digital journalism, and what the product would need to look like to make that happen.

Rachel Shields says: “We were confident that UK readers were far more willing to pay for quality content now than they were a decade ago. At the same time, while we had huge reach, we wanted to turn those anonymous clicks into known users, and create a richer experience based on their preferences.”

Research indicates that as audiences feel swamped by AI-generated content, the perceived value of verified, quality journalism is rising. The launch of Sun Club a year ago was well timed.

“We’re still ‘the People’s Paper’ and are conscious that there is a strong proportion of our journalism which should remain free online, around big health or political stories, for example,” says Shields.

A year on, Sun Club has exceeded initial targets. Part of that success is down to the value-driven membership proposition, which combines Sun content and a raft of unique money-saving offers.

The post Sun Club at One: what The Sun learned from a year of freemium appeared first on Audiencers.

In a world of falling traffic, trust and the increasing use of AI, building relationships with readers is more important than ever. It’s the difference between a fly-by and a loyal, returning user who interacts meaningfully, feels a sense of belonging with your brand, who advocates for you and brings in new audiences.

It’s a strategy that many publishers are already benefiting from.

This article shares a few of these case studies, diving into what’s working, sharing lessons to take away and articles to dive in deeper.

1. The New York Times: reporters in the comments

The New York Times recently turned comments into an editorial product to develop relationships with readers and enhance the perceived expertise and trust in journalists.

What’s working

A new “Join the Conversation” section of The New York Times was launched earlier in 2026, creating a discussion dedicated space for Times readers and reporters.

• On the article page, a featured comment modal directs readers toward the conversation window, which includes a refreshed layout and reader profile icons
• On some articles, Times reporters have shared thread-style breakdowns of their story and reporting process, adding context for readers who jump straight to the comments. These summaries, along with new inline headshots, build on the “enhanced bylines” introduced in 2023, which were aimed at highlighting journalists’ work

• Conversations are led by a direct question, followed by a comment from one of The Times’ journalists.

• The best contributions are highlighted and surfaced

This strategy helps conversations to feel valuable, and participation feels meaningful. Instead of noise, comments become an extension of the journalism.

What you should steal from The New York Times’ model

• Reframe comments as an editorial space, designed for quality over scale
• Lead the discussion with a direct question and a trusted voice
• Involve journalists directly in the conversations, ideally with a tag (think X’s blue tick), text or photo to highlight their position

Dive deeper into The New York Times’ model

• The New York Times is becoming subscription infrastructure for other publishers
• The New York Times dynamic paywall model, analyzed

2. Financial Times: loyalty isn’t built by speaking louder, it’s built by speaking with

Communities are built on trust, and for FT, this sits at the center of the brand. What’s more, it’s specifically recognized as a business driver. 58% of subscribers chose the FT specifically because they needed a reliable news source they could trust. To sustain it, they must strike a balance between trust in what they say, through quality and credibility of journalism, and trust in what they do, through the experience delivered at every touch point.

What’s working

Commenting has been a significant part of FT’s community-building efforts, especially as those who read the comments are 11x more engaged than those that don’t, and commenters themselves are 46x more engaged than those that don’t read or write comments.

• Community guidelines are easy to find and understand
• AI-powered moderation is being used to bring up the moderation baseline, re-trained off human comments, with humans still kept in the loop
• Editorially-reviewed AI-generated question encourage readers to join the conversation and be more thoughtful in their commenting

• A live Q&A feature, designed to encourage broader participation and lift conversation into the story

The team have also worked hard to cultivate “evangelical” communities, creating spaces for “authentic” and “nerdy” interactions that go beyond standard corporate communication.

The FT Alphaville section for instance has developed a core of evangelical fans by maintaining an authentic tone that appeals to readers on a personal level.

• It’s free to read
• Journalists engage directly with readers
• It doesn’t feel corporate or that the tone is being moderated
• You can meet the journalists in real life at small, unashamedly nerdy events!

These micro-communities focus on specific niches where belonging forms most naturally.

To deepen this advocacy, the FT also launched the Trusted Voices marketing pilot in 2025.

• Personal branding: By elevating individual writers and creating personal brands, the FT encourages readers to defend and promote specific journalists, which in turn reinforces their loyalty to the parent publication.
• Broadening inclusivity: Initiatives to make the FT feel less like a “gendered entity” (moving from 80% male in 2016 to 92% non-gendered perception in 2025) have been essential in making more people feel they belong, thus empowering a more diverse group of advocates.

What you should steal from FT’s model

• Move beyond engagement metrics towards trust, belonging and advocacy
• Use AI to reduce resources needed on moderation, but keep humans in the loop in the right places to build relationships with readers
• Consider building, or making use of existing, external, micro-communities that focus on specific niches – this is where belonging builds most naturally

Dive deeper into FT’s strategy

• Smarter discussions thanks to AI-generated talking points
• Building and serving communities with Ryan Y. Kellett, Financial Times and THECITY

3. Der Spiegel: from comments to conversations

The team at Der Spiegel found that whilst commenting was a huge part of their audience engagement strategy, conversations on a single topic were happening in multiple places across the site, diluting the potential value of this feature.

What’s working

The solution: a debating product inside of their website

• Qualitative research found that users associate trust and safety with these conversations when they happen under the DER SPIEGEL branding, so clear branding and a custom design ensures audiences feel confident that they’re in a safe space
• No possibility of “disliking” a comment, only liking

• They decided against real-name commenting after research that suggested users wouldn’t feel comfortable with this. They also have an account verification process, even for free members
• The feature is promoted in subscriber onboarding to increase regular usage amongst subscribers.
• And debates are integrated into editorial content and vice versa to encourage recirculation. Notice the high visibility of premium (S+) content here to promote the value of subscription.

Mexico’s Milenio has done something similar but with video content, fostering deep discussions on everyday life topics (Mexican lifestyle and social topics).

What you should steal from Der Spiegel’s model

• Test new, innovative formats to maximize the value of community engagement and encourage more guided interaction
• Integrate community features into the registration and subscription funnel
• Even if the community isn’t commenting at the end of articles, link community to content to encourage recirculation and continued engagement

Dive deeper into Der Spiegel’s strategy

• Going further with interactive engagement: introducing the debating feature
• Audience Research: identifying Key Engagement Drivers at DER SPIEGEL

4. The Times: reader-led journalism

The leading publishers have created an eco-system where readers fuel journalism that then fuels reader conversations, and so on. This is exactly what they’ve established at The Times & Sunday Times in the UK.

What’s working

After seeing conversations spark from a certain topic or article in the comments section, The Times’ Reader Comment Journalists reply directly to readers or set up interviews to dive deeper into the topic, with the goal of creating reader-led articles.

“Reader-led articles give a direct voice to our readers, but it also improves our journalism! The piece on the right below came from a call-out at the bottom of an article that got an amazing response from people telling us about how they beat their diagnoses. We ran it as a story and it really humanized the journalism. The other piece came from the simple idea of asking why people were running the London marathon. It pulled very touching stories together, and you could see in the comments section how positive the reaction was. These reader-led articles often bring yet more valued conversation within the community.” – Peter Jackson, Reader Comment Editor at The Times and Sunday Times

Live Q&As with journalists are another important engagement tool to directly connect The Time’s readers and writers.

The Times works with polls and embedded carousels to elevate comments, and they also feature reader contributions in their journalism, such as “Reader’s recipe”. This has a positive impact on the brand, and highlights how The Times’ values its readers.

What you should steal from The Times’ model

• Make use of reader comments to fuel journalism
• Consider strategies that help readers feel part of your brand and connected to journalists
• Use polls, quiz’s and Q&As to establish 2-way interaction

Dive deeper into The Times’ strategy

• Developing community beyond commenting, with The Telegraph and The Times

5. Other publisher relationship-building strategies of note

• The Globe & Mail’s live Q&As with journalists, call-outs and reader-led content
• The Economist’s Substack experiment: “Off the charts” is a newsletter on Substack, designed to engage new audiences who are already on this platform
• Digital Spy’s forums

• WIRED’s subscription re-launch, which now focuses heavily on community-building, in particular with their exclusive, subscriber-only newsletters, each with a writer at the forefront

• Handelsblatt Circles: lessons on community from Chief Growth Officer Jan Kleibrink
• Village Media have launched “Spaces” their own chatting platform, for users to connect with others based on topics of interest or joining in on conversations

> Daily Maverick built a database of contactable readers and their expertise

> The Guardian US meets underrepresented communities where they are

And the article you HAVE to read if you’re moving towards community-building: Why the most valuable newsroom KPI is no longer reach but belonging

The post Steal this strategy: examples of publishers building relationships with readers (and how to replicate them) appeared first on Audiencers.

Max Moné is co-founder and CEO at Poool, the dynamic journey builder to boost subscription conversion, engagement, and loyalty.

This is the last episode in a 6-part series where I share what I learned from studying 100 subscription business models across 15+ industries. 
> Episode one: 100 subscription business, 15 industries, 1 moodboard
> Episode two: What’s free, what’s paid, and why it’s really an engagement trade-off
> Episode three: Why the best subscription businesses don’t try to sell on day 1
> Episode four: The subscription pricing page we've all built at least once
> Episode five: The first 100 days: why most of what we call retention is really just micro-conversions (again)

Why we’re ending with this

Over the past five episodes, we’ve gone deep into how the best subscription businesses do things to scale, using examples from the NYT, Spotify, Figma, L’Équipe, Jeune Afrique, and many others.

This last episode is different. It’s the one where we show you the weird stuff from our moodboard. The examples that made us smile, made us think, and sometimes made us wonder “wait, people actually subscribe to that?”

The answer is yes. People subscribe to pretty much anything and everything. And no matter how bizarre the product, the same principles from the previous five episodes keep showing up.

So here’s a tour of some of our favorites, organized not by industry but by what makes each one compelling for the person who’s paying. Because at the end of the day, that’s what it always comes back to: why would someone pay for this, every month, and not cancel?

“I feel good about buying this”: when the value prop is identity

Who Gives a Crap: £45.5M in UK revenue alone in 2024, over 1M subscribers globally, and over £10M donated to charities since launch. For toilet paper.

It’s toilet paper. There’s not much you can do to make toilet paper exciting. But they donate 50% of profits to sanitation charities, they have a brand identity that genuinely makes you smile, and their packaging is designed to be posted on Instagram (which, for a product you use in the bathroom, is quite the branding achievement).

The result: you don’t just buy Who Gives a Crap, you become a Who Gives a Crap customer and participate in something that is bigger than you (or at least you think you do). It’s an identity statement. You probably mention it at dinner parties (I mean, the name alone guarantees that). And that emotional connection is what makes people stay, because cancelling doesn’t just mean switching brands, it means giving up a small part of how you see yourself.

We Are Here does something similar with coffee: personalized beans, your choice of grind and delivery frequency, a custom sticker on the bag, and a donation to a different charity depending on which sticker you choose. It’s a coffee subscription that makes you feel like you’re expressing your personality every time you order.

This raises two questions that I think are worth thinking about for media:

First, are there publishers with a brand identity/voice so strong that people subscribe for what it represents, not just for the content? I can think of a few, and they’re not necessarily the biggest ones. Mediabask (you probably don’t know them) is an interesting example: people bought subscriptions before the website even launched, because of what the brand stands for and the community around it.

Second, could this become a model for media? Buy a subscription, and X% of the price (or profits) goes to a charity. Maybe subscribers even get to vote each month on which cause receives the donation. Green Got, a French bank, does exactly this with banking. Why not with a news subscription?

“I don’t have to think about it anymore”: when the value prop is friction removal

Dollar Shave Club doesn’t really sell razors, it sells the fact that you never have to think about buying razors again. And HelloFresh doesn’t sell meals, it sells the fact that you don’t have to decide what to eat or go grocery shopping.

What surprised me when building the moodboard is that even companies you wouldn’t expect are doing really sophisticated subscription work. Walmart+ and Instacart+ are grocery delivery services, but they have trials adapted to usage patterns, bundles to create lock-in effects (Walmart+ with Paramount+ and Burger King; Instacart+ with Peacock and NYT Cooking for annual members), and upsell paths that follow the exact same micro-conversion logic we described in episodes 3 through 5.

For media, the question this raises is not really about content. It’s about the experience around the content. What does a media subscription simplify in someone’s daily routine? The friction of hitting paywalls? The 30 minutes of browsing to find something worth reading? A curated morning briefing that replaces scanning 5 different sources? I think we could try build our subscription product that way as medias: what does our subscription remove from someone’s day?

“I discover things I’d never find on my own”: when the value prop is surprise

TokyoTreat sends you Japanese snacks, Kube sends you books, Le Petit Ballon sends you wine. Different products, same model: the value proposition is discovery itself.

You receive things you would never have chosen on your own, and the engagement comes from the anticipation and trust you build with the curator over time. The lock-in isn’t in the product (you could order Japanese snacks online anytime), it’s in the relationship with someone who knows your taste.

FindMyPast takes discovery in a completely different direction: you pay for access to billions of genealogy records, and every answer you find generates new questions. You discover a great-grandmother, now you want to know her parents. You find a marriage certificate, now you want the newspaper from that week. The product creates its own engagement loop naturally.

It’s the same mechanism that makes Spotify’s Discover Weekly so sticky, but applied to family history and physical goods. For publishers with decades of archives, there’s something genuinely worth exploring here: how do you turn a static archive into a discovery-driven experience that keeps subscribers curious and engaged?

“This product gets smarter the more I use it”: when the value prop is personalization over time

Strava is an app for runners and cyclists that tracks your activities, shows your routes, and lets you compare with friends. The more you run, the more valuable the app becomes, because your entire history, your segments, your social connections, your training patterns are all there. Switching to another app means starting from zero.

It’s the same personalization lock-in as Spotify (episodes 4 and 5), applied to physical activity.

Claude (the one helping me write this series, full transparency) and ChatGPT push this even further with a model that barely existed a few years ago: a base subscription with tiers, plus usage-based pricing on top. The more you use the product, the more you pay, but also the more value you get.

Two things about AI subscriptions that I think are worth watching closely for media:

First, they all let you try the product for free almost immediately, because the product is powerful enough that the fastest path to conversion is to just let you use it (everything starts with engagement). Which is exactly the registration-as-the-first-micro-conversion logic we described in episode 3.

Second, hybrid pricing (fixed subscription tier + usage-based layer) is interesting as a concept. Imagine a media subscription with a base access fee, and a premium layer that adapts based on how much you consume or which features you use. It doesn’t really exist yet in media (as far as I know), but given how fast AI pricing models are spreading to other industries, it might not be far off.

Yes, even cars

SIXT+: a car subscription from $679/month. You pick a car category, a location, a pickup date. You subscribe monthly, cancel anytime, maintenance and roadside assistance included. You can even switch to a different vehicle or pause through the app.

I’m mentioning this one not because the model applies directly to media, but because it shows just how far the subscription model has spread. And even here, the same principles show up: try before you commit (24-hour notice), one clear offer per category, flexibility to upgrade or downgrade over time (micro-conversions, again), and the value proposition is friction removal (no ownership, no maintenance, cancel anytime).

What the toilet paper confirmed (love this title)

Over six episodes, I’ve talked about the NYT’s dynamic meter, Figma’s onboarding, L’Équipe’s first-100-days data, Jeune Afrique’s dynamic pricing, Spotify’s personalization, and now toilet paper and car subscriptions.

If I had to summarize everything in one statement, it would be this:

The subscription businesses that will thrive (media included) are the ones that combine a strong brand identity, a clear value proposition, and an obsession with user engagement with an infinite loop of micro-conversions.

This is true for media. It’s true for every subscription business. Because the moment you charge someone on a recurring basis, you need to keep earning their attention every single month. There’s no way around it.

Engagement drives everything: better conversion rates, better retention, higher lifetime value, better advertising revenue. We saw it in the data from the best performers, and … we saw it in toilet paper, and coffee, and cars (it’s the last episode, let me enjoy it)!

And maybe the most practical takeaway from the entire moodboard: some of the best ideas for your subscription business will come from industries that have nothing to do with yours. A coffee company, a fitness app, a toilet paper brand. The principles are the same. The execution is just different enough to spark something new.

What we’re building to make all of this possible

If you’ve read all six episodes (thank you, seriously), you’ve probably noticed that orchestrating all of these micro-conversions, from anonymous visitor to loyal subscriber, across every touchpoint, is complex work. Registration flows, onboarding sequences, dynamic paywalls, personalized offers, engagement actions, anti-churn triggers, cancellation optimization. Across web, app, and print.

That’s exactly why we’re building the solution with Poool and Darwin CX: the end-to-end subscription platform to master each of these micro-conversions, at every step of the journey. Everything we’ve described in this series, from episode 1 to episode 6, is what our platform is designed to help publishers execute.

If that resonates, or if you’re currently thinking about your subscription platform, let’s talk.

If you have questions, disagreements, or examples that contradict what we saw, we’re genuinely interested. This has been a conversation, not a lecture.

And if you’d like to see the full analysis, you can download the complete Subscription Masterclass presentation (Link here).

PS: yes that’s actually a “book a meeting link”

The post Toilet paper, wine, cars, and what they teach us about subscription: episode 6 appeared first on Audiencers.

Le Nouvel Obs is one of France’s most iconic media brands, with a unique editorial legacy. But for years, its digital strategy was largely driven by audience volume. When Sandro Martin arrived as CEO in September 2024, traffic had already been declining for nearly two years. Rather than chasing more content and more clicks, the team chose a different path: fewer articles, stronger editorial choices, and a renewed focus on reader value.

In this interview, Sandro Martin explains how Le Nouvel Obs reshaped its editorial production, data culture, newsroom organization, newsletters, and reader relationship strategy to build a more differentiated and sustainable digital model.

Le Nouvel Obs is a prestigious publication with a unique place in French history, but for a long time digital strategy was based solely on audience numbers. When you arrived, those numbers had been declining for nearly two years. How did you respond?

In 2024, our digital strategy was based primarily on two metrics: overall audience and subscriber growth, with no real prioritization. However, our audience had indeed been in steady decline for nearly 24 months, and our ability to recruit new subscribers had plateaued at levels lower than those of our direct competitors.

In recent years, Le Nouvel Obs had undertaken a major overhaul of its platforms, which is already a positive step, but without completely rethinking how they align with the editorial and marketing strategy.

So, when I arrived, Editor-in-Chief Cécile Prieur and I sought to realign these three dimensions—editorial, marketing, and user experience—around shared priorities. My arrival as the new CEO allowed us to revisit issues with the editorial team and make it a central pillar of our transformation. This initiative was launched in late 2024, following a study trip to the United States, which served as the catalyst.

To get started, you brought in an outside consultant. What was the idea behind that. To get an outside perspective, or to speed things up?

We did indeed decide to work with Max Leroy, an Audience and Product Strategist. Having spent the early part of his career in the US—notably at CNN and The New York Times—and later at POLITICO Europe, Max brought a wealth of international experience. Our goal wasn’t to outsource the strategic thinking, but rather to save time, structure our approach, and objectively validate our intuitions through macro-level data analysis and international benchmarks.

This collaboration allowed us to quickly identify our true priorities and rule out several false leads. Four central objectives emerged:

• Showcase our editorial value-add more effectively in the digital space, where the flood of breaking news often diluted our core offering
• Support the evolution of editorial production to better meet our readers’ changing needs
• Strengthen reader relationships by moving beyond the mere logic of traffic and pageviews
• Evolve our organization to focus more energy, expertise, and decision-making power on digital platforms

We opted for a highly pragmatic approach that combined data analysis, team feedback, and strategic planning workshops. The goal was to arrive at actionable outcomes and shared decisions in order to begin implementation.

The post Fewer articles, more value: Le Nouvel Obs’ transformation to reconnect with its readers appeared first on Audiencers.

Broadsheet, Australia’s leading cultural publisher, is embarking on a bold new chapter. Founded 16 years ago, the brand has become synonymous with the best in food, drink, fashion, and design across Melbourne, Sydney, Brisbane, Adelaide, and Perth. Now, they’re taking their successful model to London whilst also moving towards a reader revenue strategy.

We sat down with Nick Shelton, Founder & Publisher of Broadsheet, and Ross Wilmot, Director of Reader Revenue, to discuss their international expansion strategy and the development of a subscription revenue stream, layered on top of their advertising model.

A consistent lens for diverse markets

For Broadsheet, the move from Australia to London is built on a repeatable editorial framework. Nick Shelton describes Broadsheet’s core product not as a list of recommendations, but as a specific lens that can be applied to any global city.

“The way we think about Broadsheet editorially is that it’s a framework,” Nick explains. “What you see through that lens differs depending on the city, but the values of the lens itself – quality, celebration, and curation – remain constant.”

Rather than relying on local intuition alone, Broadsheet uses this framework to solve a universal problem for urban audiences: the paradox of choice. By applying the same rigorous standards in London that they do across Australia, they maintain brand integrity while respecting local nuances. This city-agnostic strategy allows the brand to:

• Curate rather than catalog: Instead of exhaustive listings, they use a highly curated approach where they “don’t write about things we don’t like.”
• Prioritize the premium enthusiast: By maintaining high editorial standards, they attract a specific high-value audience cohort regardless of geography.
• Operationalize local reporting: By treating London as just another “market” within a proven system, they can scale quickly without reinventing their brand identity.

“We learned this lesson in Australia long ago,” Nick notes. “Sydney and Melbourne are fundamentally different markets with different behaviors. Going into London wasn’t about having expectations of what the city would look like; it was about reporting on it through that consistent, high-definition lens.”

Engagement: the common thread between ads and subscriptions

One of the biggest challenges in the publishing industry today is the perceived conflict between advertising and subscription revenue. Broadsheet, however, sees these models as complementary, with engagement being the common thread. 

“We’re not a traffic-based model, we don’t sell programmatic advertising. It’s not about more people equals more money; it’s about the depth of engagement. And we’ve long had the muscle and mindset in the business of engagement. The better engaged the audience, the better we do as a business, something that applies across both advertising and subscription revenue goals.” 

In short: by focusing on engagement, everybody wins. 

Ross, Director of Reader Revenue at Broadsheet, who recently joined Broadsheet after working at a legacy media publication, explained that by moving even a small subset of their flyby audience into a medium-engaged cohort, they see an exponential increase in page views, the currency of traditional commercial models. This approach is useful for showing teams the clear benefit of engagement to the advertising side of the business while simultaneously building a base for subscriptions.

Whilst they measure a collection of engagement metrics, focused very much on quality over scale, frequency is their most important, north star metric. 

The five pillars of a successful subscription strategy

Broadsheet’s transition to reader revenue is built on five key pillars, as outlined by Ross:

• An audience-centric approach: A laser focus on the most engaged readers, understanding their motivations, pain points, and what adds value to their lives.
• Compelling value proposition: Ensuring the subscription product addresses the needs of engaged readers. Initial research at Broadsheet showed that their readers would be prepared to pay for high-quality content, but that it needed to be combined with unique experiences like exhibition tickets, and perks like free coffee as well as tools to help them curate their Broadsheet experience.
• Cross-departmental alliance: Moving beyond a traditional marketing-led view of subscriptions to ensure buy-in across the entire business, from editorial to product, data, and CRM. At Broadsheet, they already had established ‘Squads’ associated to 90-day, one-year and three-year goals, so when moving to subscription, a new audience monetization squad was formed.
• Culture of test and learn: Continuous experimentation with subscriber journeys, funnels, pricing, and offers to drive sustainable growth.
• End-to-end lifecycle marketing: Delivering the right message to the right audience at the right time, supported by a robust data infrastructure and access to the right platforms.

“There are of course many other aspects to consider, but in my opinion, these 5 are the ones that move the dial the furthest”

Building a value exchange through registration

A crucial component of Broadsheet’s reader revenue model is the registration wall. Launched in Australia in December 2025, a few months before their subscription model, the registration wall has already outperformed industry benchmarks: 

Specifically, a conversion rate (% of unique visitors who encountered the reg wall and converted) of 5.5% on the registration wall, compared to the industry benchmark of 3-5%.

“Registration serves us on several different levels,” Ross says. “It gives us the ability to communicate more directly with our most engaged audience, gather insights into their needs, and personalize their experience. And of course, it helps us reduce the reliance on third party platforms for our audience, which is going to be more and more crucial.”

Crucially, the registration wall introduces a clear value exchange on the site. “Previously, people were completely free to browse the site as they wished,” Ross explains. “The registration wall helps set the tone for the eventual introduction of a paywall, ensuring it’s not a shock when certain content becomes paid.”

Registration has also built confidence internally ahead of their paywall launch

“The insights from our research proved that there was definitely an appetite to pay as long as it’s the right proposition and that a subscription adds significant value to an individual’s life. And that’s where we’ve been focused on these three aspects of the subscription proposition, the content being the inspiration, the experiential side of things, and the utility aspects as well, pulling all those different ingredients together.”

Nick added that, ultimately, the team believed in the strength of their brand. 

“We’ve been running this for 16 years. We know we have a strong brand. We know we create a product worth paying for. So let’s do it. Having a reg wall in place was valuable for validating our assumptions on conversion rates through the steps in the funnel. We exceeded every single one of those assumptions. Of course, more people provide data for registration than handing over a credit card, but we consistently exceeded benchmarks since the launch, so we didn’t feel we needed to wait around for subscription. We just had to go for it, with confidence.”

London: building a cultural footprint, Australia: Broadsheet digital subscription

Currently, Broadsheet’s London operation is focused on audience acquisition and brand awareness. Before switching on monetization features, they are busy establishing themselves as the ultimate London city guide.

While London is about growth, Australia is the testing ground for the brand’s most ambitious move yet: Broadsheet digital subscription. Launched just days ago (April 2026), this membership program represents the official transition from a free-to-read model to a premium value exchange.

Ross highlights that early data from Australia has been “very strong,” already exceeding industry benchmarks for conversion. The model isn’t just about a hard paywall but rather an integrated experience:

• Exclusive experiences: Members get early access to ‘Readers’ Preview’ dinners at the city’s hottest new restaurants
• Perks and rewards: The program includes ‘The Vault’ (high-value giveaways) and daily rewards like free coffee or discounts at local partners
• Journalism access: Unlimited access to Broadsheet’s trusted journalism for A$1/week

The current content access model is a static meter, where audiences have access to a set number of articles per month before being asked to register and then subscribe, but the goal is to move towards a dynamic model adapted to a reader’s level of engagement via Poool.

What’s next?

Of course, the launch is just the beginning! Ross shared that the team is already focusing on:

• Identifying optimisation opportunities that exist within their key conversion journeys and subscription checkout funnel
• Leveraging those insights to inform a cross-departmental working group focused on CRO, building a roadmap of experimentation and executing
• Introducing new forums to share actionable insights with editorial: what content is driving conversion (last click and participation) and engagement to inform content and commissioning strategy; identifying opportunities to potentially convert a higher proportion of readers below the superfan engagement cohort 
• Building CRM muscle through talent acquisition and data engineering: unlocking capabilities within their Customer Engagement Platform (Braze) and Customer Orchestration Platform (Poool) to become more personalised and dynamic across owned channels 
• Building further value into the subscription proposition through product development of utility tools

The post From Melbourne to London: how Broadsheet is scaling culture and reader revenue appeared first on Audiencers.

The line between subscription and membership is blurring, but that doesn’t mean membership is just subscription with a different name.

Subscription is a transaction. Membership is a relationship.

It’s the difference between “Pay to access content” and “Support something you care about, and be part of it”

To help you build a successful membership model, this article shares 4 publisher case studies, with strategies to steal from each. One of these publishers, The Guardian, would likely say they have a supporter model over membership, but the strategies built around conversion are very membership-like, meaning there’s still plenty to take away from their success.

1. The Guardian: turning readers into supporters

The Guardian’s journalism is free to access for everyone. But even without a paywall, over 1 million readers support them on a recurring basis.

What’s working

Although there are some concrete benefits to supporting The Guardian (such as exclusive newsletters, less ads and access to their app), supporters aren’t paying for access, they’re supporting and participating in The Guardian’s mission. It’s this emotional layer that’s paying off.

Messaging around gaining support is built around the 10 ‘supporter motivations’:

1. Editorial independence  
2. Protect the free press  
3. Investigative journalism  
4. Trustworthy, factual, high quality  
5. Holds power to account  
6. Open for all, no paywall  
7. International perspective 
8. Financial challenges in media  
9. Better understand world events  
10. It’s only fair to pay

These are then integrated into homepage banners, end-of-article ‘epics’ and emailing, where messaging is continuously tested, iterated and updated, often making use of current news events:

Every public-facing module is reviewed by an editorial eye to ensure the tone is a seamless extension of the journalism, not a jarring commercial break. This plays an important role in building relationships with readers.

In the US, this year-round messaging and UX testing helps to inform the team for their annual end-of-year campaign, running from early November, through Giving Tuesday and on to midnight on December 31st, the most critical window in their financial calendar.

In their most recent EOY campaign (2025), the final numbers were staggering: 

• Total raised: $3.1 million in liquid cash by Dec 31st (exceeding their $3M goal).
• Lifetime Value (LTV): The estimated total value of the campaign (including recurring commitments) is $8.6 million
• Year-on-year growth: This represents an 83% increase in campaign value compared to the 2023 “standard” year (because a presidential election year – as 2024 was – is usually an outlier).

What you should steal from The Guardian’s model

• Understand reader motivations for supporting or subscribing to you
• Continuously test messaging and offers, integrating supporter motivations
• Experiment with innovative ‘asks’, like The Guardian’s article count
• Bring the reader onboard with your mission, so they really see that their support is valuable to you

Dive deeper into The Guardian’s model

• The Guardian: reader revenue growth & proposition development
• Behind The Guardian’s record-breaking US End of Year campaign
• Relaunching The Guardian app: changing reader habits means we must also evolve

2. The Kyiv Independent: humanizing the newsroom

The Kyiv Independent is a young, English-language media, launched in a context of war, who has transformed from a 18-person startup into a globally recognized authority with over 27,000 paying members and 3 million monthly readers.

What’s working

The team has successfully built a mission-driven membership model with a community of supporters around a shared cause. Part of this success is thanks to building trust with their audience, something that is done between people, meaning they work hard to humanize their newsroom.

Instead of hiding behind a corporate brand, the Kyiv Independent puts its journalists at the center of its marketing:

• They don’t shy away from talking about themselves: their work, almost never say no to interviews, a lot of commentaries and opinion articles…
• Marketing communications are built around journalists and their personalities

• Membership is a community, not a transaction. It’s not a key to a locked door, but a way to keep information free for everyone
• Communication is always transparent, giving a glimpse into the behind the scenes and creating visible experts through personality-led journalism

However the team doesn’t shy away from campaigns asking for support. Countdowns to reach their target, birthday campaigns, country-specific campaigns… these have been a vital part of their growth strategy, creating urgency but with purpose and identity.

What you should steal from The Kyiv Independent’s model

• Be openly transparent on your funding, editorial choices, impact…
• Translate what you stand for, and what would be lost without you in messaging
• Bring the newsroom along with you, putting them front and center in marketing campaigns
• Build channels for journalists and readers to connect, whether that be through Q&As, reader-led articles or discord communities
• Ensure supporters are valued as individuals whilst also helping them feel part of something bigger

Dive deeper into The Kyiv Independent’s model

• How The Kyiv Independent is growing membership through relationship-building
• Inside The Kyiv Independent’s membership model

3. Condé Nast: building a premium membership layer

Condé Nast already had strong brands and a mature subscription model, but wanted to build belonging amongst their most loyal audiences. The team therefore created a ‘Membership’ tier that sits above subscription.

What’s working

This new membership layer represents a fundamental pivot from serving passive recipients to active participants. 

This clearly differentiates it from subscription.

Whilst their traditional subscription represents a scale/volume tier…

• Audience: Broadly focused on volume
• Value Exchange: One-way (passive recipient absorbing content)
• Goal: Volume and scale-based value – content for scale

…Membership is the niche, high-value tier

• Audience: Caters to a very specific segment of the audience.
• Value Exchange: Two-way. Members are active participants contributing data, feedback, and engagement. They expect to belong to a community.
• Goal: Engagement and high retention, not volume – content is focused on the funnel.

This focus on belonging is reflected in their metrics, measuring loyalty and engagement over volume. The most critical metrics include ARPU (Average Revenue Per User), Renewal Rate, Recency (how recently they engaged), and Feature Engagement (which features are “stickiest”).

What should you steal from Condé Nast’s strategy?

• Don’t be scared of putting membership and subscriptions alongside each other, but make sure to clearly differentiate them
• Membership means moving beyond access to an elevated experience. For high-value tiers, Condé Nast commits to a white-glove treatment. This involves building dedicated membership teams trained to provide high-touch service. At industry events, these teams are equipped with “face sheets” to know members by name and be aware of their recent professional achievements, fostering genuine, human-to-human relationships instead of brand-to-consumer transactions.
• Measure membership differently – belonging and advocacy aren’t easy to define, but they definitely go beyond traditional engagement
• Segmentation matters: one size of subscription tier doesn’t fit all, and you’re potentially leaving money (and advocates) on the table by not creating a higher tier for them

Dive deeper into Condé Nast’s model

• When is a subscriber more than a subscriber? How Condé Nast is evolving its audience strategy with membership
• How Condé Nast is growing the “happy middle” of the audience funnel

4. Daily Maverick: involving members in journalism

The South African publisher, Daily Maverick, is an outstanding example of a successful membership model.

What’s working

One of their unique strategies that’s contributing to this success is a growing database of contactable “Insiders” (Daily Maverick members), providing expertise on every topic imaginable.

“You’re part of this community – it’s more than just a subscription and we need your help. We don’t know everything and there are experts amongst you. Be a part of Daily Maverick, share your expertise.”

Via a 3-step survey in the email onboarding series, Daily Maverick asked Insiders for their name, email address, phone number, job and other areas of expertise, their ‘superpower’ as it became known internally.

By sharing these details, an Insider could be contacted by the Daily Maverick team to participate in their journalism, provide expertise on a certain topic or even be invited to join a panel session at one of their events. 

It’s an impressive way of making a member feel like they’re directly supporting and involved in your journalism.

According to the reader revenue team, every newsroom should be looking for this sense of belonging, the feeling of being proud to be “a Daily Maverick reader”. And this “superpower” strategy, where community members are put at the centre of journalism, will help achieve exactly this, ensuring Insiders are a part of Daily Maverick.

What you should steal from Daily Maverick’s model

• Give readers opportunities to be involved in your work, whether than be through this form of database, commenting, debates or call-outs. Membership becomes real when people can do something, not just support something.
• Create direct channels between readers and journalists
• Build this into your value proposition – it’s a benefit for members, not just for your membership model

Dive deeper into Daily Maverick’s model

• Learning from Membership models: Daily Maverick’s superpower database
• Boosting membership conversion at Maverick Insider with FAQs

The post Steal this strategy: 4 membership models succeeding for publishers (and how to learn from them) appeared first on Audiencers.

Max Moné is co-founder and CEO at Poool, the dynamic journey builder to boost subscription conversion, engagement, and loyalty.

This is the fifth in a 6-part series where I share what I learned from studying 100 subscription business models across 15+ industries. 
> Episode one: 100 subscription business, 15 industries, 1 moodboard
> Episode two: What’s free, what’s paid, and why it’s really an engagement trade-offf
> Episode three: Why the best subscription businesses don’t try to sell on day 1
> Episode four: The subscription pricing page we've all built at least once

The cycle doesn’t stop when someone becomes a subscriber

In episode 1, we introduced the idea that the best subscription businesses don’t follow a linear journey (attract → convert → retain) but an infinite cycle of micro-conversions, where each step has one goal and unlocks the next. In episodes 3 and 4, we looked at what happens before the first paid conversion: how these businesses use registration, onboarding, and pricing to guide the user step by step.

This episode covers what happens after someone becomes a subscriber.

And what we observed is that the journey really doesn’t change in nature once the user has paid. After someone subscribes, the next micro-conversion might be signing up for a newsletter. Then downloading the app. Then discovering podcasts or games or a specific section of the product. Then, when the subscriber is ready (and when you know enough about their usage), you can propose an upsell or bundle.

Acquiring a subscriber isn’t the end of the funnel. It’s just one more step in the infinite cycle we described in episode 1. And what most people call “retention” is really just the continuation of the same sequence of micro-conversions, except now you have data about the user and can be much smarter about what you propose next.

The problem is that most of this work needs to happen fast.

Why you have about 100 days (and probably less)

INMA data shows that a quarter of subscribers cancel in the first month, and half are gone by the fourth month. And a Nieman Lab study on The Wall Street Journal’s data showed that the probability of adopting a new habit drops dramatically after about 100 days.

Half of your new subscribers are gone within 4 months, and after about 100 days the window to build a new habit narrows significantly. If you don’t manage to execute enough micro-conversions during those first few months (newsletter signup, app download, feature discovery, habit formation), the probability of keeping that subscriber drops, regardless of how good your anti-churn campaigns are later on.

(I know this isn’t the most cheerful insight we’ve had in this series, but it’s what the data consistently shows.)

What this looks like in practice: L’Équipe after the Olympics

This is where the theory gets concrete. L’Équipe (a Poool client), speaking at The Audiencers’ Festival in 2025, shared how they built 12 post-subscription projects after the Paris 2024 Olympics, which had generated a huge spike in new subscribers, subscribers they needed to keep. I won’t go through all 12 (the full article is worth reading), but the ones that stood out to me are the following.

Their data analysis revealed something I found really striking: what a subscriber does after paying has more impact on M+1 churn than what they did before subscribing. When Fabien Mulot showed this at The Audiencers’ Festival, it was one of those moments where you think “of course, that makes total sense” and at the same time you realize that most of the industry’s energy is still focused on acquiring subscribers, not on what happens once they’ve subscribed.

Based on this insight, they focused their onboarding on one specific goal: getting new subscribers to read at least two paid articles within the first three days. Their data showed that each paid article read during those first 72 hours reduces the following month’s churn by about 5 points, so two articles in three days already makes a meaningful difference on the curve.

The onboarding sequence they built follows the same micro-conversion logic we’ve been describing throughout this series:

• first, welcome the subscriber and showcase what their subscription unlocks;
• then encourage them to personalize their experience (alerts, newsletters, favorite topics);
• then immediately serve them paid content tailored to their interests. Each step has one job.

The cumulative impact is significant.

• Simply being exposed to this onboarding journey reduces churn by 7 points at M+1.
• Completing the onboarding journey while also activating an action (turning on alerts, signing up for a newsletter) reduces churn by 20 points at M+3
• The more micro-conversions a subscriber completes in those early weeks, the less likely they are to leave.

Beyond onboarding, L’Équipe continued the logic with a newsletter strategy (a monthly preview of upcoming content, plus journalist-led newsletters across four sports verticals where subscribers can ask questions directly to editorial teams), and a new “Games” vertical to expand consumption into other formats. Each of these is another micro-conversion in the sequence, another reason for the subscriber to come back tomorrow.

El País and FT Strategies confirm the pattern at a broader scale

L’Équipe’s data is specific to sports media, but the pattern holds across other publishers.

El País shared at a 2024 INMA conference that subscribers who use editorial newsletters churn 24% less, app users churn 15% less, premium newsletter users churn 29% less, and loyalty scheme users churn 30% less. Each one of these is a micro-conversion that happened after subscribing, and each one reduces churn by 15 to 30%.

FT Strategies ran some very complementary work, analyzing the impact of each product feature on engagement vs. the percentage of subscribers who actually use it. The features with the highest impact (multimedia, interactive content, games) are also the ones that fewer than 30% of subscribers use. The gap between impact and adoption is where the biggest opportunity sits.

What happens when you get the micro-conversions right: lock-in effects

When the micro-conversion sequence works well over time, you eventually reach a point where leaving becomes genuinely hard for the subscriber. This is thanks to long-term engagement and relationship-building.

But of course, there are other strategies to keep your subscribers retained, ones that can be used in conjunction with the micro-conversions detailed above. When combined, they’re powerful for developing loyalty.

During our benchmark, we saw three main types of lock-in across the 100 businesses:

• Personalization – we talked about Spotify in episode 4, but the principle applies to any product that gets smarter with use, adapting the product to the user
• Multi-accounts – Netflix profiles, Blinkist’s partner account where you sometimes keep the service for the other person
• Bundling with external services – Canal+ with Netflix, Amazon Prime combining shopping, streaming and delivery, Walmart+ bundling grocery delivery with Paramount+

(You can read more about lock-in effects here)

Funnily enough, each of these is really the result of many successful micro-conversions accumulated over months and years. The lock-in is earned, not imposed.

Anti-churn: necessary, but it’s the safety net

And then there’s anti-churn, which is what happens when the micro-conversion sequence hasn’t worked well enough and the subscriber is about to leave.

L’Équipe has been methodical about this too. Their cancellation form (which handles two-thirds of all unsubscriptions) was redesigned through A/B tests: they added an intermediate screen summarizing the benefits the subscriber would lose (+2% retention), and tested personalizing the message with the subscriber’s first name and a specific discount percentage (+1.2 points on conversion). Small changes, but measurable impact at scale (source).

Unidad Editorial took a different approach by building a churn propensity model that predicts which subscribers are about to cancel, triggering personalized actions before they reach the cancellation page. Result: a 25% reduction in churn in three months.

These are well-executed tactics. But in the broader picture, they’re the safety net.

The real strategy is everything that happens before the subscriber even thinks about leaving: the onboarding, the feature discovery, the newsletter signup, the app download, the habit formation. All of those micro-conversions that, together, make the product too valuable to walk away from.

What you can take away from this (and test tomorrow)

Map the post-subscription micro-conversions you want your subscribers to make. Newsletter signup, app download, podcast discovery, games, alerts configuration, etc. based on their value. Then ask yourself: do you have a sequence designed for this, or are you hoping it happens on its own?

Focus on the first 3 days and the first 30 days. L’Équipe’s data shows that each paid article read in the first 72 hours reduces the following month’s churn by 5 points, and a completed onboarding with an action reduces churn by 20 points at M+3.

Check the gap between feature impact and feature adoption. FT Strategies’ framework is a useful lens: if your most impactful features are also the least used, that’s your biggest opportunity. And El País data shows that each additional touchpoint is worth 15 to 30% less churn.

Treat anti-churn as a safety net, not as a strategy. If the majority of your effort goes into save campaigns for subscribers who are already about to leave, you’re fighting the battle at the wrong end of the timeline.

And if all of this sounds like a lot to orchestrate (because it is): that’s exactly the kind of problem we’re solving with Poool and Darwin CX. From onboarding sequences to engagement actions to anti-churn triggers, across web, app, and print. Orchestrating micro-conversions at every step of the subscriber journey is what we do. If that resonates, or if you’re currently looking at your subscription platform options, let’s talk.

Next week, episode 6, the last one: toilet paper, Japanese snack boxes, razor blades, wine, and genealogy. The most surprising subscription models we came across, and what they confirmed about engagement (because at this point in the series, I think you already know what the answer is going to be).

The post The first 100 days: why most of what we call retention is really just micro-conversions (again): episode 5 appeared first on Audiencers.