As we covered last week, The “failing” New York Times is in reality, not failing. Online readership numbers continue to grow steadily, even across party lines. While readership grows, this doesn’t always guarantee subscribers.
Earlier this week, The Times announced a partnership with Spotify, offering digital subscribers access to Spotify Premium for just $5 a week. Could this steal, an estimated $120 saved annually, persuade online Times readers to become subscribers?
As you can see, people who listen to both paid and free online streaming services are overall more likely to read The New York Times than individuals who don’t listen to streaming services at all.
What’s more encouraging for the collaboration is the 16% of free online streamers who read NYT online, and the 20% of online readers who use both free and paid streaming services. Given the savings offered with this collaboration, The Times and Spotify may find persuadable consumers to buy into the deal.
Looking deeper, 38% of online NYT-reading Millennials use a free music streaming service. This large group of persuadable customers is reason enough to believe this partnership will take off.
Don’t forget the 16% of paying Spotify premium clients who read The New York Times online. This group might benefit from the deal as well.
At face value, it might seem there’s little intersection between online music streamers and online New York Times readers. In reality, the groups overlap, creating a natural partnership that will surely entice the on-the-fence subscriber. At a low-cost entry point, The Times and Spotify should be able to convince online readers and streamers to take advantage of the deal.