World print newspapers still have room to survive, digital transformation is an inevitable trend

As readers increasingly shift to digital platforms and information consumption habits change dramatically, digital transformation is no longer an option, but a mandatory requirement for print newspapers if they want to survive and develop in an ever-changing media environment.

Digital transformation is an inevitable trend

The explosion of information technology and multimedia journalism has caused the print newspaper industry to fall into crisis, with difficulties compounded by the decline in readership and advertising revenue. Many large and small newspapers are struggling to find a way out, even having to close down. Notably, The Independent , one of the UK's leading prestigious newspapers, officially stopped publishing its print edition in March 2016, leaving only its online version.

To maintain operations and attract readers in the digital age, print newspapers have been applying many measures such as developing diverse digital content, building a converged newsroom model, applying modern technology and creating new interactive experiences for print newspapers, etc. In addition, financial solutions such as charging online readers and finding new financial sources are also being promoted to stabilize revenue.

Digital transformation is an inevitable trend for print newspapers. Photo: EW.

Digital transformation is not just a change in technology, but a comprehensive restructuring of the newspaper, from form to content,... to create new values, improve operational efficiency and ensure sustainable competition in the digital age. Many famous paper newspapers in the world such as The New York Times, The Wall Street Journal (WSJ),... still stand firm thanks to their ability to adapt and turn the situation around spectacularly.

How the world's print media "survives"

In the world, many large and prestigious newspapers still maintain print publications with a clear strategy, focusing on article quality, in-depth content, regular publication and serving separate reader groups,... When the digitalization trend is inevitable, many newsrooms quickly transformed, combining print and electronic newspapers to optimize resources, retain loyal readers, attract new readers and create stable revenue.

The Wall Street Journal (WSJ) is considered a typical and successful example in implementing a paid business model for online news content, laying the foundation for the "paywall" trend in the journalism industry.

Seeing the revenue growth potential from readers' willingness to pay for high-quality digital content, WSJ pioneered online reader fees in 1997.

WSJ pioneered online reader fees in 1997. Screenshot.

From a freemium model (selected free content), WSJ has moved almost all of its in-depth, business/finance content into the paid section. When readers select a paid article, a paywall appears, requiring them to log in to their existing account or sign up for a paid subscription to continue reading the newspaper.

WSJ's in-depth, highly copyrighted articles still convince users to pay, especially among specialized readers.

The New York Times is also one of the most successful paywalled newspapers in the world.

The New York Times implemented a paywall in March 2011, with a “metered access” model – non-subscribers could read a certain number of articles for free each month, beyond which they had to subscribe. But to be more efficient, The Times switched to a machine learning model called Dynamic Meter, which personalizes this limit for each subscribed user, based on their interaction behavior.

According to statistics, in 2017, The New York Times ' circulation increased 10 times. Annual revenue from digital-only subscriptions reached 450 million USD by the end of 2019. By 2022, the newspaper will officially reach 10 million paying subscribers across both print and digital platforms.

Not only relying on the reader fee model, The New York Times also diversifies its revenue sources through e-commerce activities and collaborative content production on digital platforms, exploiting the full potential of the Internet for sustainable development.

To attract more readers and increase paid subscribers, The New York Times not only focuses on improving product quality, but also continuously comes up with innovative business strategies, such as testing completely new applications on the mobile environment,...

By 2022, The New York Times will reach 10 million paying subscribers across both print and digital platforms. Photo: uoregon.edu.

The Financial Times (FT) is one of the pioneering and prominent newspapers in applying the "hard paywall" model. Accordingly, users can only read a very limited number of free articles (usually only 1 article when registering for a trial version), or cannot read anything without an account.

The FT implemented this model in 2007, earlier than many other newspapers, and is one of the most successful examples in financial journalism.

With a readership that is mainly experts, investors, and business leaders, The Financial Times is confident that they have a real need and are willing to pay for quality, in-depth, and exclusive information, mainly about finance, investment, and global business.

As of 2023, the FT had 1.3 million paying subscribers, demonstrating the newspaper has achieved significant success from this strategy.

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