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53% consumers are willing to pay for news in future, up from 16%: Highlights for publishers from the World Economic Forum

What's New in Publishing 09 Apr 2020 06:55

A vast majority (96%) of consumers read, watch or listen to media content (including news) for almost 24 hours a week, according to a new report from the World Economic Forum. What’s more, “almost 60% have gone through some form of registration process to consume news or entertainment – either free or paid.”

Source: World Economic Forum

The report, “Understanding Value in Media,” examines the concept of value in media from the perspective of consumers, media businesses and advertisers. It provides an overview of news and entertainment consumption in leading markets and analyzes the implications for business models.

It presents findings from surveys of more than 9,100 consumers across China, Germany, India, South Korea, the UK and the US. It also includes inputs from six workshops with around 100 executives from across the media industry. 

Here are highlights for publishers:

Willingness to pay is rising

Although media engagement is high, less than 20% pay for news; 44% pay for entertainment. However, willingness to pay is rising – the proportion of people saying they would be willing to pay for media in the future is greater than the proportion of people who currently pay. For news, 53% would be willing to pay in the future, up from 16% who pay today. For entertainment, 70% are willing to pay, up from 44% today. 

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