With conventional publishing having a bleak future, many brands are shifting from print to digital when it comes to publishing their magazines. There are many reasons that are giving online magazines an edge over traditional magazines. From allowing you to reach more people, to giving you an option to offer your publication in multiple languages, to opening new revenue streams, having an online magazine brings about many opportunities.
Speaking of ‘new revenue streams’, there are 5 ways to monetize your online magazine. They are:
1. Display Advertising
Display advertising is all about getting marketing messages across through visually appealing text, graphics, animations and videos. Be sure to use rich media and eye-catching imagery to get your audience’s attention. Decide on the ad size and position, and then create a section on your website labeled “Advertise with us”. This will allow advertisers to get in touch with you.
You can have either direct sales, or you can make use of a ‘middleman like BuySellAds or Adsense. The good thing about display ads is that they have a high reach and can be viewed by huge numbers of people, thus can help you build brand awareness, monetization success and promote products and services.
2. Native Advertising
A native ad is basically an ad that corresponds with the form and purpose of the platform in which it is placed. In this regard, you should make use of ads that blend in with the content on your website.
The advantage with native ads is that they get viewed almost 52% more than banner ads. Your content should not only match with the character of your website, but it should also be educational and entertaining. Remember to place a label suggesting that the native ad is sponsored content.
3. Digital Magazine Apps
Many people are constantly looking for apps to add to their devices. Create your online magazine app and integrate essential features, including support for different kinds of formats and viewing layouts, as well as embedding multimedia such as animations, gifs, and videos, etc. \Remember to have ads, just like you would for your website.
It’s advisable to offer a premium account that provides users with benefits rather than having a paid app. Find a way to distribute your app in app stores without paying hefty commissions. Remember to ask your readers to review and rate your app to boost your credibility.
Make your online magazine a trusted source of quality, educational and entertaining content, and people will be inclined to subscribe to your service. What you need to do is use a subscription model to monetize your online magazine. First publish and set a password that you will give out to your subscribers after they pay a reasonable fee.
Remember that most people like to have a preview of what they are paying for, so it’s recommended that you offer few free articles of your magazine, after which subscribers can pay to access the rest.
You can also provide high quality and engaging content on your online magazine for free while asking your readers to make donations. One sure way of motivating readers to donate is to offer incentives such as giving shout outs to those who make the biggest contributions.
Incorporate a visible donation button on each website page. Be sure to use trusted and convenient payment options such as PayPal and Pateron.
With the various possible revenue streams to count on, online magazine puts you in a win-win situation. On one hand, you’ll get money from advertisers, subscribers, donors and app purchasers. On the other hand, you’ll attract more readers who have the potential of becoming loyal customers.