In an innovative bid to bolster support for Canadian journalism, Torstar is introducing a casual payment option for readers.
Working in partnership with Axate – and launching with the Toronto Star – the media organization can now offer non-subscribers a convenient “Pay as you go” solution.
The initiative will target people who value responsible, quality journalism and are willing to pay for access to articles on an ad-hoc basis – and it presents a new opportunity for publishers to monetize content in support of their newsrooms.
“We are the first in the country to try this – and we’re doing it because readers have said they want and are willing to pay for our stories, but they need flexibility,” said Torstar CRO, Brandon Grosvenor.
Axate allows publishers to accept reader payments through a secure digital wallet. Simple to set up, the wallet lets users manage their own funds and pay for stories based on their personal interest. It is a fully user-led option for quality news consumption.
“The Star is a high-quality paper of record, with a strong paying subscriber base. Quite clearly its news is well worth paying for. By introducing a simple casual payment option alongside subscriptions, readers can choose the payment model that suits them while the publisher can open up a new stream of revenue,” said Axate CEO, Dominic Young.
Publishers can set their own rates and parameters on the Axate platform. The Star is launching with a simple pricing structure, where readers can purchase a single article for $0.75 and a daily max-spend of $1.50 will give the user access to the full site for the day. The Star team will also leverage the flexibility of Axate to trigger premium rates for select content like exclusives.
“If a reader likes this option and uses their wallet just one day a week to access all the Star has to offer, they’re getting close to what an annual subscriber pays. And if they’re paying more frequently, we can let them know when a subscription might actually help them save. Either way, the potential for incremental revenue is pretty exciting – both for us and any other publishers who follow this path,” said Grosvenor.
“The Star is known internationally for the calibre of its content, and we both believe that responsible journalism is essential for democracy and our future. Axate’s mission has always been about empowering publishers by making it easier for them to turn more readers into customers,” added Young.
In addition to the new revenue opportunity, the Star will be able to enhance their data collection on reading habits and preferences, enabling better content targeting and personalization and even enhanced audience targeting for advertisers. Axate is live on thestar.com now for invited readers.
Anyone who would like an invitation to be among the first to try it should contact starsupport@torstar.ca.
Axate and how it works
Axate provides easy and accessible reader revenue tools for publishers, including casual payments (pay as you go), subscriptions, registration and voluntary contributions.
Axate works like a digital wallet. Readers upload money to their account and spend it as and when they want to read content. Registering and paying is quick and simple, enabling hassle-free reading for users.
When active, Axate sits on the site as a little green tab. Readers click on the tab to view the price of an article, day pass or subscription before a one-click payment.
Implementation is simple – via a plug-in to a publisher’s website – and is totally free. Publishers choose which payment options to offer readers, maintaining total control over pricing, pricing, content, product and business model.
