Navigating the subscription landscape: are paywalls offering news publications a sustainable revenue?

In a world where subscriptions have become second nature—be it for music, binge-worthy shows, or even food delivery—customers have grown to paying for convenience and exclusive access. From streaming services to quick-commerce and home cleaning, businesses are vying for consumer loyalty through subscription models. But with so many choices, what sets a news platform apart to convince someone it’s worth the cost? 

This was the topic of discussion for one of the panels ‘Rise of the Paywall’ during the recent Diginews Conference 2024. The session was moderated by Satrajit Sen, chief operating officer - events, afaqs!

India is generally regarded as a tough market for subscriptions, as Indians prefer free advertising-driven content versus paying for the content they consume. However, Nalin Mehta, managing editor, Moneycontrol, believes that growing its subscription base isn’t particularly challenging. Moneycontrol Pro has around 8,60,000 paying subscribers, with a high rate of new subscriptions. It began in 2018 and claims to be the country’s largest subscription-driven platform, as well as among the top 10 globally. 

Mehta said it depends on the content. To get people to pay for it, it has to be niche-driven rather than general. 

“Coming from a general news background, I've noticed a key difference between niche business platforms like ours and general news platforms. The game changes when the audience perceives value. For general news, the market for paid content is small. People often don't feel they miss it if they stop getting it,” he said.

Mehta insists that its success lies in the quality of content. Its subscribers are investors looking to make informed decisions, and they value the combination of data, technical analysis, and news that it provides—resources they can't easily find elsewhere. 

Agrees Chitranshu Tewari, director, product and revenue, Newslaundry. “We at News Laundry understand we're not anyone's primary source of news. Nobody comes to us or The News Minute for the latest IPL score. If we did, no one would pay for it because we’d never outdo platforms like Moneycontrol or NDTV. So, as a publication, you need to be clear on what your differentiator is and which user need you're solving,” he said. 

Most publications continue to rely on an ad-based revenue model, creating more content to increase ad revenue. According to Tewari, this approach doesn't work for subscriptions. Even those pursuing a subscription model continue to tailor their content for advertising.  

Another key aspect, according to Nidhi Mahajan, deputy business head, The Quint, is in maintaining a connection with the audience, which it does through community-building, direct networking, and regular engagement, such as webinars with members, to understand what they want the publication to cover—especially around key events like elections.

“This helps us identify what they’re willing to pay for. In India, people pay for OTT platforms, but their subscription budget is limited. To stand out, we must convince them to choose us over others, which can only happen by keeping the communication channel open,” she said.

Mahajan also said that audiences are willing to pay for stories that go deep and that they care about. 

Quint does not rush to cover breaking news immediately. “Instead, we wait, find a unique angle, and present it in our signature digital-first format. But we don't stop there. We do follow-ups, even months later, when the story is no longer trending, because that's the kind of in-depth coverage our audience values,” she said.

According to Vaibhav Khanna, head of product and subscriptions, NDTV Profit, the platform’s focus is on helping people make better business decisions and, as a result, make money. 

“It's all about providing value. For us, that value comes from delivering insights that lead to smarter business choices,” he said. 

Khanna is optimistic that in the next three to five years, subscriptions will become a major revenue source for most news organisations. Citing the example of Netflix, he says when it first entered India it invested heavily in branding to convince users to pay. 

One of the preferred formats for subscription is bundling together various services; this could include OTT platforms or other news publishers.  

However, Newslaundry’s Tewari believes bundling with OTT is not a sustainable long-term solution. “As a small independent organisation, we might get a deal, but a bigger player with more resources will always get a better one, and it won’t build brand loyalty,” he said.

It has partnered with The News Minute to offer a joint subscription. Tewari said the partnership is based on shared values—both are independent newsrooms focused on original reporting. They complement each other: News Minute covers the South extensively with a network of reporters, while Newslaundry focusses on media critique and the North with more multimedia programming. 

“This makes our partnership a strong product, catering to a broader audience and offering more comprehensive coverage,” he said.

Newslaundry has been in the subscription space for over a decade. Back then, payment systems were unreliable, but its value proposition was clear: pay for independent content. Today, the market is different, with every publisher asking for money, but the number of people willing to pay is still limited. 

“Readers have to choose, and some alternate between supporting different independent organisations. For continued growth, we recognised that we needed to offer a product that was both comprehensive and aligned with our shared programming strengths. Our success, like raising Rs 70 lakhs during the elections, shows that readers recognise the need for our partnership,” he said. 

Watch the video for the detailed discussion.

We would like to thank our sponsors, MGID (Co-Partner) and Jagran New Media (Gold Partner), for their support.