Audience growth has slowed as major platforms deprioritise news content. Social media sites like Facebook and X have reduced publisher visibility, while Google’s shift toward AI-generated search results has made it harder to drive traffic. 

A study last fall showed nearly 50% of Google search results included AI overviews, and 60% of searches resulted in no clicks. Piano data shows that less than 1% of referrals now come from AI sources like ChatGPT and Perplexity. Meanwhile, 21% of adults — and 37% of those under 30 — now get their news from influencers instead of traditional media.

At the recent INMA Media Subscriptions Summit in Amsterdam, Piano executives Michael Silberman, executive vice president of media strategy; Karen Franken, director of strategy; and Tim Rowell, senior vice president of global publishing discussed how media companies can drive sustainable revenue growth by optimising every stage of the customer journey.

More Piano research shows that despite flat traffic since late 2022, subscription conversions have increased by 13% and overall revenue has risen by 28%, driven by better pricing strategies and dynamic terms.  

Mobile now accounts for 75% of all traffic and over half of all conversions, surpassing desktop in 2024. The decline in social media referrals — mostly mobile-based — has removed low-quality traffic, making mobile visitors more valuable. News publishers are now improving load times and personalising content to drive further growth.

More key Piano research shared by the executives includes:

• News companies are focusing on annual subscriptions, which are worth 60% more than monthly ones after three years, with 68% of annual subscribers retained after 13 months compared to 24% for monthly subscribers.
• Free trials have fallen out of favour due to low retention, with only 8% of Piano’s clients still offering them. Paid trials are more effective, with lower-priced trials working better for low-propensity users and higher-priced trials for high-propensity users. 
• About 67% of first-time visitors don’t engage with content, representing a missed opportunity. 
• Encouraging newsletter signups among high-return-potential users and offering personalised content recommendations have increased engagement and conversions.
• High-propensity users are more likely to convert with immediate paywall exposure, while low-propensity users respond better when given more content access first. Tailored trial and pricing strategies have boosted both conversion rates and customer lifetime value.

• Soft paywalls and targeted messaging have been effective for middle-tier users, who account for 30% of subscriptions and 50% of ad revenue.

• publishers using dynamic paywalls have seen a 28% increase in paywall efficiency and a 50% increase in subscription revenue without significantly reducing ad income. The ability to adjust content access based on user value ensures that publishers are maximizing total revenue while maintaining a balanced business model.

The session highlighted future strategies, emphasising cross-channel engagement through social media, email, and push notifications. Leveraging first-party data, refining content recommendations, and improving user experience were identified as key steps. 

Personalisation and predictive modeling will play a larger role as publishers shift focus from traffic growth to increasing user engagement and long-term value. Balancing subscription and ad revenue remains central to sustaining growth.

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