• by Ray Schultz , Columnist, 6 hours ago

Paywalls alone are not the best strategy for publishers, judging by a report by the International News Media Association (INMA), titled, “The Keys to Paywalls From 8 Subscription Masters.” 

That is because the business has changed. Yes, digital subscriptions are now the news industry’s big default growth engine, but the model is under increasing pressure, the report states. It also observes that acquisition is harder and retention a key constraint while discovery is fragmenting across platforms and AI-driven interfaces.

“The paywall is not the model,” says Greg Piechota, INMA researcher-in-residence, who authored the report. “It is only one part of a system publishers need to build.” 

The report is based on interviews conducted between March 2025 and March 2026 with eight senior executives and experts from the global news industry. The particpants were from

• The Economist 
• El País (Prisa Media) 
• Le Monde 
• Financial Times 
• The Guardian 
• Substack 

The report is also based on conversations with independent subscription experts Robbie Kellman Baxter and Robert Skrob 

The publishers are using a wide range of approaches, including premium subscriptions, bundled offers and creator-led platforms.

In addition, the practitioners agree that subscriptions have evolved from transactional models to relationship-driven systems. Growth will come not from paywalls alone, but from an alignment of product, audience and business imperatives in cohesive systems that drive long-term engagement, the company says in its announcement. 

Those are not the only findings. Others incude:

• The rise of creator-led models through Substack and other platforms.
• The growing importance of brand as a “destination” in a time of  fragmented discovery. 
• Editorial quality and trust are key drivers of willingness to pay.
• The need to move from funnel-based thinking to lifecycle and engagement systems.

What should publishers do?

The interviews document five consistant priorities:

• Compete on value, not access—Readers are pay for insight, context and usefulness, not just headlines. 
• Build direct relationships at scale: Publishers need first-party data and owned channels to achieve pricing power and resilience. 
• Design for frequent use--Habit and engagement are better predictors of retention than mere reach. 
• Expand beyond a single product and a one size-fits-all approach. Growth comes from portfolios featuring subscriptions, bundles, and premium offers.
• Shift your focus from acquisition to retention: Long-term value is driven by keeping the right customers, not just acquiring more.