You run a digital magazine and publish new material to attract visitors. You offer advertising space, and get paid in return.
But there are transparencies behind the glossy exterior of digital magazine monetization.
· You might accidentally choose banner ads when the revenue opportunity suggests subscriptions · When you offer content access without any charge to readers, you kill the opportunity for back issue sales via retail partners. · You might get punished by search engines.
What seems simple can quickly turn into a headache. So why even bother?
Because once you learn the right way to monetize your digital magazine, there are huge revenue opportunities available.
Monetizing your online magazine
There are several ways to make money with a digital magazine, but it requires 'out of the box' thinking. Also, there is a need to test several monetization methods and stick to the ones that generate the most revenue.
Here are some of the most effective ways to make money with a digital magazine:
For getting the most out of subscriptions, you can aim for recurring monthly subscriptions while your readers reap the benefits of getting fresh and high-quality content on a regular basis. Consumers love the convenience of getting fresh content delivered to their and for magazine owners, subscriptions are practical solution to generate revenue while engaging readers.
When using this revenue-generation model, give subscribers control over their subscriptions. Allow them to opt out if they want to. While this seems counter-intuitive, it is actually crucial for subscription success (it churns the curiosity factor in your favor).
Also, you can even make money from non-subscribers by offering a pay-per-article subscription. Esquire magazine did this experiment; the publisher placed a fee of $1.99 on a high-interest article and enjoyed a 3 to 4 percent purchase. It shows that micropayments can be an effective part of a digital publisher’s monetization strategy.
Matomy stated in one of its updates on Facebook that video is the rising star of digital media; videos are searched for like no other digital media, and they are the key to successfully monetizing your digital efforts – be it a magazine, a blog, or a corporate website.
Consumers love watching videos online. Adding video content to your magazine will ensure your publication attracts audience and holds their attention. More people reading the content of your site means you can charge better rates for the advertising units placed on your site. Video content will increase engagement and also reduce the bounce rate of existing audience. And it is also useful for search optimization of your digital magazine.
When it comes to the revenue, video offers twice the benefit to digital publishers. It makes your magazine more wanted by publishers as visitors that spend more time reading your content will interact more with the advertisements. Moreover, video content accompanied by video advertisements like pre-rolls garner a better revenue stream and a higher eCPM rate. If you find self-produced video content costly and difficult to create, professionally-produced videos can be reached via companies that specialize in providing it.
The wide reach of digital magazines makes them ripe for sponsorship opportunities. Issues or sections within a magazine can be sponsored, or even the whole magazine itself. CEO Sponsor Concierge Hollander says that companies are spending more on corporate sponsorships. Why are they doing this? Sponsorships give them a better return than spending money on traditional advertising.
When seeking sponsors, talk about how your magazine would benefit the sponsor. Understand the sponsor’s goals and visions. You can learn more about your potential sponsors through initial contact, their social media profiles, or the sponsor’s website. You can order an annual report if the sponsor you seek is a public company.
While you talk to the sponsor, remember to inquire about their company goals, then go into your pitch and tell them how your magazine can augment their vision. Include your demographic, marketing plan and media reach in your pitch.
Your magazine offers high quality content and you’ve done well to develop a steady flow of traffic and an engaged audience. Simply you can sign up with an advertising network and place ads in multiple spaces on your magazine site. When users click on these ads, you generate revenue.
Monetization through advertising networks would be the most lucrative when you have a good amount of monthly viewership. And it’s also a good idea to start building an email list so that you can convert regular readers.
Several advertising networks can be signed up for including Google Adsense, BuySellads, and Yahoo ad network.