During NAMIP’s knowledge-sharing session on October 15, 2024, Linda Ochugbua, Digital Sales Manager at BusinessDay, Nigeria, shared insights into their reader revenue models and paywall strategies. Linda’s presentation was framed around a key challenge that media organisations face: how to generate sustainable revenue in a rapidly changing digital landscape.
According to Linda, one of BusinessDay’s long-term goals is to establish a strong reader revenue stream by converting their audience into paying subscribers while reducing churn rates. However, the short-term focus which allows them to achieve that ambition is to increase reach, by removing paywalls to better understand their reader preferences. BusinessDay was one of the first media outlets in Nigeria to introduce a digital paywall on their web platform and one of the longest-existing media organisations to still maintain a paywall. BusinessDay temporarily suspending its paywall to understand consumer behavior, aligns with the global trend of shifting media consumption; especially as platforms like TikTok, Instagram Reels, and YouTube dominate video consumption thereby, diverting attention from traditional news platforms. BusinessDay is exploring multiple approaches to combat the pressures on the advertising market, the decline in social media traffic, and rising costs.
One of the key strategies highlighted by Linda was “Bundling”. Drawing lessons from the New York Times, BusinessDay aims to offer readers exclusive news bundled with e-copies, newsletters, videos, podcasts, and access to events. This diversified approach has shown more potential in retaining subscribers than news-only offerings.
The knowledge-sharing session emphasized three core needs that global readers expect to be met by news platforms: “Update me, educate me, and give me perspective.” BusinessDay meets these needs by focusing on commentary and analysis on finance, economics, and technology while minimizing less engaging content like listicles and fashion pieces. With this strategy, they hope to capture more value from its existing readership and grow its digital presence.
The session concluded with a focus on experimentation—testing new content formats, expanding their beats, and using data-driven insights to enhance reader engagement and revenue.
Key Takeaways:
- Removing the paywall helped BusinessDay understand audience needs.
- Bundling exclusive content with other products (newsletters, podcasts) retains subscribers.
- Focus on commentary and data-driven stories to provide value for paying readers.
- Stay agile by experimenting with content formats and using audience data to guide decisions.
These insights provide a roadmap for media organisations that plan to balance reader revenue with sustainable growth in an increasingly digital-first world.