At the Audiencers’ Festival Montréal, Corinne Osnos, VP of Subscriptions and Marketing at Foreign Policy, shared three low-effort, high-impact tactics her team uses to bring in readers despite running one of the strictest paywalls in media.

With a hard paywall leaving practically zero articles for free, Foreign Policy prioritizes low-effort, high-impact tactics, three of which were shared at Audiencers' Festival Montréal:
> Build one segmented "win-back" email, targeting lapsed-but-recent visitors
> Test an exit-intent registration wall instead of loosening your paywall
> Turn your best columnist into a short email course for readers who aren't ready to subscribe yet

Foreign Policy was founded in 1970 at Harvard by two professors, in the aftermath of the Vietnam War, originally as a forum for views on US foreign policy that weren’t getting airtime elsewhere. Today it covers geopolitics globally rather than just American foreign policy, and its subscribers reflect that: about 60% US, 40% international, with Canada as its second-largest market.

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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.

After months of testing, Broadsheet found registration works best as a step before the paywall, building a direct relationship while readers are still deciding

> Registration selects for quality: Superfans register at 127 times the rate of casual Fly-bys, with 38% willingly authenticating

> Newsletters are the conversion engine: registered, newsletter-engaged readers hit the paywall 3.5 times per visitor against 0.1 for anonymous ones, a 35x difference

> The compounding effect: that cohort is 0.7% of the audience but drives 43% of all digital subscription conversions, an over-index of 61x. Direct offer emails to readers already warmed by daily editorial account for a further 18%

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

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At the Audiencers’ Festival in London 2026, Patrick Rademacher, Chief Strategy & Innovation Officer at Ringier Media Switzerland, shared how breaking down internal silos and calculating holistic Customer Lifetime Value (CLV) is transforming their revenue model, and informing decision making across the entire organisation. 

For the first time, the publisher has the hard data to prove that investing heavily in deep, direct user relationships is entirely worth the effort.

> Publishers have long treated one reader as two entities: the ads team chasing reach, the subs team chasing exclusivity. Ringier built a single Customer Lifetime Value combining both, and found the conflict doesn't exist

> Subscribers keep generating strong advertising value precisely because they're the most engaged. Exclusivity doesn't cost you ad revenue the way the org chart assumes

> On Blick.ch, a logged-in user is worth well over 30 times a consent-only one, and a Brand Lover over 50 times a casual reader

> But logging in isn't the magic. The value comes from what follows: more page views, and an email address that cuts churn. Ringier built "Follow My Team" so registering buys something, and doubled daily logged-in users in a year

“One reader is not two different entities” 

For a long time in the media industry, publishing teams have worked in silos. Users were treated as entirely separate entities depending on the department looking at them:

• The advertising side: Focused purely on maximising reach and ad impressions to drive advertising revenue.
• The reader revenue side: Focused on exclusivity and conversions to drive subscriptions.

This division creates a constant conflict: advertising teams demand more reach to scale ad revenues, while subscription teams countered by demanding more exclusivity to lock content behind paywalls.

However, in reality, one reader is not two different entities, it is one and the same person. A single user can generate both advertising and reader revenue simultaneously, meaning the perceived target conflict doesn’t actually exist. 

What’s more, publishers have long suspected that registered audiences hold a significantly higher value than anonymous users. But without the concrete data to prove it, this debate remains stuck in opinion-based, gut-feeling discussions. 

So, Patrick and the team set about establishing a holistic, comprehensive Customer Lifetime Value (CLV) that combines both revenue streams.

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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.

> Broadsheet Media treats advertising and subscription as complementary rather than competing, with engagement as the thread running through both

> Readers said they'd pay for quality content, but only bundled with things they couldn't get elsewhere: exhibition tickets, free coffee, and tools to curate their own Broadsheet experience

> Subscription isn't marketing's project. Broadsheet already ran 'Squads' against 90-day, one-year and three-year goals, so they formed a new audience monetization squad spanning editorial, product, data and CRM

> They launched registration ahead of the paywall, which built internal confidence before the subscription launch as much as it built the audience data

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

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Catherine Léger, Director of Performance Marketing, & Mathieu Therrien, Director of Products, at Radio-Canada share why and how they required readers to login to access their app, a gamble that has paid off.

> Radio-Canada put a hard registration wall across its entire app suite in July 2024, a global first for a public broadcaster. Internal sceptics pushed back: "we're not Netflix"

> A year on, monthly active accounts are up 83% and engaged visits up 14% excluding the Olympics, with peaks above 800,000 registered visitors a month. Reading and listening time held steady

> The feared backlash never came. Complaints about mandatory sign-in made up under 2% of support tickets, and most of those were people asking for help rather than objecting

> The bigger shift was internal: nearly 90% of teams say it advanced the company's digital maturity, and 9 in 10 already have concrete uses planned for authenticated data

The why

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As media organizations shift from volume-based traffic to value-based reader revenue models, the challenge often lies in bridging the gap between an anonymous click and a loyal subscriber. Sadly, this isn’t like Married at First Sight… this relationship won’t be built in a day, nor with a paywall alone. It takes time, energy and a variety of formats to develop. 

Milenio, one of Mexico’s most influential news groups, has well understood this. Their answer wasn’t found in aggressive paywall tactics, but in cultivating a highly engaged community within its own ecosystem.

We spoke with Chief Reader Revenue Officer Juan Manuel Nava Madrazo about how, by strategically pivoting toward conversational tools and gamified loyalty, Milenio has successfully tripled user time-on-site and established a sustainable pipeline for its January 2026 paywall launch.

> Milenio, one of Mexico's biggest news groups, ran its comments on Facebook for years. It leaked audience to a platform it didn't own, forced a double login, and let toxicity drive off the readers it most wanted

> Bringing comments in-house with single sign-on, hybrid AI and human moderation, and avatars drawn from Mexican culture changed the economics. Commenters average 4 minutes 40 seconds on site against 1 minute 48 for everyone else

> Comments became an acquisition channel rather than a cost centre. They now drive 10-11% of daily registrations, roughly 2,000 to 2,500 people a month, making commenting the fourth-largest registration source

> Puntos Milenio rewards reading, commenting and sharing with points redeemable at Starbucks and Amazon, and Milenio Plus subscribers earn double, turning the loyalty scheme into a reason to subscribe

> Milenio scores commenters as "Lovers" worth 70 points against 10 for a casual reader. Half of all registered users now qualify, and that is the pool its January 2026 paywall launched into

Moving beyond “social media friction”

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According to the 2025 Reuters Institute Digital News Report, digital subscriptions have hit a plateau. Across 20 countries, only 18% of people pay for online news, a figure that has barely budged since last year. So if you feel like you’re hitting a ceiling with your core audience, you aren’t alone.

However, in their latest report on the power of registration, the 2025 FT Strategies and Google News Initiative (GNI) Subscriptions Academy found that the most successful publishers are stoping the “anonymous-to-subscriber” leap and focusing on the “middle ground”: Registration. By converting anonymous visitors into known users through a lightweight value exchange, you aren’t just collecting emails, you’re building the resilience needed for a privacy-first, platform-fragmented market.

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Launched in 2018, Republik digital magazine belongs to no one, but to each of their 30,000 members a little bit. The team’s mission? To strengthen democracy with journalism, publishing just 2 to 3 stories per day, prioritizing the highest possible quality, and today funded entirely by subscriptions. 

I spoke to David Bauer, Head of Product Development, to hear about how they leverage editorial products for growth.

> Republik, the Swiss member-owned magazine with 30,000 subscribers, used to block browsing on its own site while giving away any article reached by a direct link

> They flipped it. You can now browse everything, but content sits behind metered registration, and new accounts get a week to explore before the subscription ask. Every story became a landing page

> Email courses turned out to be the strongest acquisition product. "Bye-bye Big Tech" took 2,500 registrations in two hours and 12,000 in three weeks, a third of them people Republik had never reached before

> The logic is problem then solution: the journalism explains what's wrong, the course offers something to do about it. David Bauer: "what better moment to offer a solution than when you've just pointed out the problem?"

> Courses are free and send nothing else while they run. The pitch comes at the end and stays in context, selling the magazine as keeping an eye on powerful tech companies rather than as general news

A bit of context: From April 26 to May 31, 2017, Project R, a non-profit cooperative, ran a crowdfunding campaign to launch a digital magazine in Switzerland. It was an overwhelming success: over 13,000 supporters, together with the Project R development team, aimed to make a significant difference in the media landscape. The magazine, named, “Republik” launched on January 14, 2018 – uncompromising in quality, reader-funded, ad-free, and without any unnecessary frills. (source: Project R)

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Engagement, visibility and a touch of frustration; here’s a list of strategies to successfully convert your free registered members into paying subscribers.

1. Increase engagement

Successful conversions are all about balancing frustration and engagement. You can block members with a paywall all you’d like, but if they aren’t engaged, and if they don’t believe in your value proposition, they won’t convert.

Increasing engagement is therefore an essential part of moving free members down the funnel. Of course, this should be done through the classic techniques – quality content, a variety of formats (games, newsletters, app…) etc. – but you can also consider the below strategies, specifically for registered users.

Onboard new members

Just as you (hopefully) do for paying subscribers, you should lead new members through an on-site onboarding journey to deliver immediate value, increase engagement and personalize a user’s experience.

Importantly, they should be designed according to what a “valuable member” means to you.

The New York Times, for instance, recently implemented a new onboarding journey for registered users and it tells you exactly what’s valuable to their wider strategy.

Based on this onboarding journey, it’s clear that for the NYT a valuable user:

• is engaged in multiple verticals – news, cooking, sport, audio, games, reviews
• is signed up to one or more of their newsletters, an important content format for building habits and bringing readers back to the site
• plays games, something proven to form habits and bring in new audiences (think of the Wordle trend, where those who didn’t play daily felt left out of conversations). Interestingly, they even added a “Go to games” link at the end
• downloads and uses the app

Plus, they’ve added a banner on-article to promote their paid offering directly after someone creates their account.

The lesson to remember: Onboarding is essential, but should be adapted to your audience – what features, content or benefits are the most valuable to you (often calculated based on engagement/retention)?

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Regular commenting below articles has always been a frequently-used engagement feature on DER SPIEGEL. In fact, Product Manager Laura Badura shared that at the peak 1.7M comments were left in a month… too much for AI and human moderation to manage and too much for users to read . 

Not only this, but conversations on a single topic were happening in multiple places across the site, diluting the potential value of this feature. Debates on the US elections for instance took place in the comments section of several articles covering the topic a day. 

So, when the time came to review the feature and evaluate tools used, Laura and the DER SPIEGEL product team decided to run some user research to understand the popularity of comment sections, why users turned to DER SPIEGEL for debating instead of X or Reddit, and find ways of improving the feature.

> DER SPIEGEL peaked at 1.7 million comments a month, beyond what moderation could handle or readers could read, with the same argument scattered across several articles a day

> Research found only 5% comment regularly, and that non-participants, women especially, wanted a safe space. So dislikes were dropped and real names were not required, though accounts are verified

> The Times went the other way, moving real-name commenting from 37% to 98%. Toxicity fell, attacks on writers dropped 25%, and comment volume rose. Two credible publishers, opposite conclusions

> Reading a debate needs only a free account. Commenting, reacting, seeing the vote split before it closes and proposing topics are all subscriber-only, so participation itself is the paid product

> Ten thousand people logged in within seven hours of launch. The first year brought 900 debates, three million votes and 400,000 comments, with the comment acceptance rate rising slightly

A lot of research later… 

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