How Facebook Reader Revenue Accelerator Supports Publishers
Written by: Amala
Facebook, also known as Meta, came up with a program for 15 select publishers, called the Facebook reader revenue accelerator. In partnership with International Center for Journalists (ICJ), this was an intensive training program for individuals, which was funded to help individuals fully understand how to master reader revenue.
The Facebook reader revenue accelerator program provided an opportunity to explore facebook’s solutions. Facebook did this with the coaching team at Blue Engine collaborative. In the sessions, there were 10 tactics discussed to help increase reader revenue.
1. Use funnel approach
Analyzing the state of the publisher's subscription funnel. What is the weakest part and what is the solution planned for the same.
2. Obsess over user experience
Questioning if the readers are struggling to get to parts of the publisher's website. If so, what can be done to improve the user experience?
3. Get the tech stack right
Publishers must look into the tech stack with clarity. Focusing on the tech that would make the most difference and lean into those.
4. Make data-inspired decisions
How publishers are making use of analytics and data. What are the benefits observed?
5. Test, test and test. Operate like an e-commerce company
Publishers should test new strategies with the readers in order to see if the users respond positively.
6. Treat subscribers like gold
Once a subscriber is earned, publishers need to work extra hard to keep them loyal and for them to keep paying for the content.
7. Maximize returns across the demand curve
Is there a singular approach to all subscribers? Publishers need to gain maximum revenue from whatever margin of support they are on the receiving end of. This could mean diverse subscription plans.
8. Truly listen and take action
Are publishers engaging with their active audience? Staying in the loop of the common consumer demands, the feedback, the reaction to topics and stories is crucial to sustain subscribers.
9. Deliver value
Publishers must always deliver content that is of essence to their community. The subscribers will always respond to valuable content.
10. Get everyone in the canoe
Creating a sense of community in newsrooms is important. This helps keep multiple newsrooms alive.
The accelerator consists of a global community working towards a sustainable business model for local newsrooms. It aims to provide solutions for challenges publishers are facing in the industry. The program conducts workshops, weekly calls with coaches, grant funding for projects, and a community.
Facebook aims to bring publishers together and engage experts from the industry to empower a community of local news leaders. Together, the community will aid in growth of local news and also deliver financial support.
Positive results from the program :
$60 million in customer lifetime value
200K+ new paying supporters
$2.5 million new registered audience members
Benefit of the program :
The Facebook accelerator program was built to help publishers look into their weaknesses and strengths. It was an attempt to save the journal of local news across various regions like the US, Canada, Thailand, Brazil, etc. Through the ten lessons mentioned above, the program helped publishers figure out where they stood and where they needed to go.
This was a program done by a community of publishers who had a single goal in mind - improving newsrooms. A global effort, supported by facebook to create a platform where experts discussed journeys that could assist the newer digital media publishers.
Media publishers were encouraged to score their present performance and shown how to reach the goal they all desired in terms of reader revenue.
A community such as this ensures that more publishers can stay relevant and support growth within the media industry. Smaller publishers get a fair chance at representing their target audience. Bigger publishers get a fair competition. And the essense of journalism is maintained and empowered.