The Economist's Bold Move: A Podcast-Only News Source
In an era where media consumption patterns are rapidly evolving, The Economist, a stalwart in the world of journalism, is making an innovative stride. The publication is launching a new subscription tier exclusively for podcast enthusiasts, named "Economist Podcasts+." This bold move represents a significant shift in the way news is delivered and consumed, catering to the growing demand for audio journalism. Starting in mid-October, audiences will be able to access The Economist's full slate of nine podcasts through this dedicated subscription service.
Podcasts have witnessed an unprecedented surge in popularity over the past decade. What started as a niche medium for independent creators has now become a mainstream source of news, entertainment, and information. The Economist recognizes this shift and is strategically positioning itself to tap into the vast potential of podcasting.
Economist Podcasts+ is priced at £4.90 a month or £49 a year (about $6.66 USD and $66.61 USD, respectively.) There are other subscription tiers that involve other kinds of content, such as the standard digital subscription (£19.90/$27.05 a month or £199/$270.54 a year) and the print plus digital subscription (£26.50/$36.06 a month or £265/$360.64 a year) tiers. This tiered approach allows customers to choose the amount and format of content that best suits their needs, whether they are podcast aficionados or prefer a more traditional reading experience.
Bob Cohn, the president of The Economist, expressed confidence in the new podcast subscription model. He believes that many subscribers to Economist Podcasts+ will eventually upgrade to a full Economist subscription. "We’re excited to be among the first publishers that we know of to introduce a podcast subscription. And we think it's important to be consistent with our commercial strategy across all platforms: we produce quality journalism, distribute it globally, and charge a fair price."
Key to this strategy is the recognition that the podcast audiences are not a monolith. Some may prefer podcasts as their primary source of news and analysis, while others may enjoy a more comprehensive subscription that includes print and digital access. By offering distinct tiers, The Economist caters to a diverse audience with varying preferences and consumption habits. "Over the last couple of years we have produced four new limited series podcasts (The Jab, The Prince, Next Year in Moscow and now Boss Class) and we aim to continue to invest in this area to provide engaging and interesting journalism in podcast format,” said Cohn. “Economist Podcast+ allows us to really focus our investment and resources in this area."
The Economist boasts 1.2 million print and digital subscribers, indicating a substantial existing readership base. The podcast landscape opens the door for the publication to reach 5 million unique listeners. These numbers are a testament to the growing appetite for audio journalism. Bob Cohn emphasized: "Audio has become our fastest-growing platform and has proven to be an essential way to bring our journalism to new and diverse audiences."
Economist Podcasts+ allows the publication to focus its resources and investment on delivering compelling, in-depth journalism in podcast format. It's an acknowledgment of the medium's potential for storytelling and in-depth analysis, which can engage audiences on a personal and immersive level. By offering a dedicated podcast subscription, The Economist can allocate resources more effectively to enhance the quality and diversity of its audio content.
It's important to note that The Economist is not requiring subscriptions to access all of its podcast content. The weekday episodes of the publication's flagship program, The Intelligence, will remain accessible to non-subscribers. Sample episodes of weekly shows and limited series podcasts will also be available for those who want to get a taste of what Economist Podcasts+ has to offer.
