In the talk that I gave at Manipal University, I emphasized the significance of audiences in today’s economy. Here is a piece that highlights what appears to be a counter-trend.
Yet for much of that time, the business side of culture looked under assault. The internet taught a whole generation that content was not something you really had to pay for. So for years, digital content companies — especially those in the online news business — looked doomed to pursue a scale-only, ad-based business model. They tried to reach tens of millions of readers, viewers or listeners in the hopes of getting pennies in ads per user. Not only was that unsustainable, it was also ruining culture: It left no room for small acts and subtle niches, and it turned everything into overheated clickbait. Things looked gloomy.
But now something surprising has happened.
In the last few years, and with greater intensity in the last 12 months, people started paying for online content. They are doing so at an accelerating pace, and on a dependable, recurring schedule, often through subscriptions. And they’re paying for everything.
Worth reflecting on. Will be covered in the next revision of the Manipal talk.
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