Bloomberg just revealed its new subscription strategy to staff -- here are the key points from the memo

  • Bloomberg is rolling out a tiered paid subscription offering, charging users $US34.99 and $US39.99 a month each for access to its content.
  • The metered paywall allows users to read 10 articles a month for free, and there will be a $US10 per month trial for the first six months, according to the memo obtained by Business Insider.
  • Bloomberg is the latest big name publisher to test the paywall waters in a bid to diversify their revenues and forge direct relationships with their readers.

Bloomberg is rolling out a tiered paid subscription offering, charging users $US34.99 and $US39.99 a month each for access to its content.

The financial-news publication announced its metered paywall in a companywide memo sent out by CEO Justin Smith and editor-in-chief John Micklethwait on Wednesday. Business Insider first reported on Bloomberg’s plans for a paywall late last month.

The metered paywall allows users to read 10 articles a month for free, and there will be a $US10 per month trial for the first six months, according to the memo obtained by Business Insider.

The first tier gives readers access to Bloomberg.com, Bloomberg’s mobile and tablet apps, Bloomberg TV, podcasts, newsletters as well as videos, while the second also includes access to Bloomberg Businessweek and some BloombergLIVE events.

Bloomberg is the latest big name publisher to test the paywall waters. It joins other prominent media companies, including The New York Times and The Wall Street Journal, in making subscriptions a focus.

It also follows in the footsteps of Bloomberg Businessweek launching its own metered paywall last summer, complete with a new app and redesigned site.

The company has made several strides in pursuit of its mission to become a “digitally-led global business and finance media company” over the past few years, the memo reveals. Here are some key stats:

  • Bloomberg’s digital reach has grown 85% since 2015 to 93 million monthly unique visitors across both on-platform and off-platform digital content.
  • On-platform traffic to Bloomberg’s digital platforms has increased 30% over the last three years, with 62.5 million visitors worldwide.
  • Bloomberg’s video audience has skyrocketed 192% over the last three years and is a key driver of engagement on social media, particularly Twitter.
  • Bloomberg Businessweek’s paywall has driven a 45% increase in subscriptions through the site, and traffic to Businessweek is also up 20%
  • The company’s digital ad revenues have also grown, up 54% between 2014 and 2017.
  • In the first three months of 2018, Bloomberg.com had the highest traffic quarter on record and its consumer app had its highest monthly traffic since relaunching in 2016.

The memo noted how the paywall was a way to leverage these successes as the company entered the next stage of its digital journey. It also highlighted how the company is making further investments in digital. For example, the publication will release a new text-to-audio functionality that will read news to users on the go.

It is also planning to launch several new content hubs such as Bloomberg Deals and Bloomberg Opinion, which will join existing hubs like the Crypto and Climate Change hubs.

“Other news organisations already have proven that readers are wiling to pay a fair price for premium content,” the memo read. “It’s time for us to boldly signal to consumers the value of our journalism.”

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