Behavioural model of content monetisation (Round 5)
Summary
To ensure a free and independent future for the media, it must be profitable. A lack of a sustainable economic model is therefore the Achilles heel of traditional media striving to survive in the digital age. To convince readers to pay for quality content, media outlets must know more about what they like and don't like. This project will apply the methods of Nobel-winning behavioral economics to test Czech consumers' media preferences. Based on behavioral testing, they will formulate new economic models of content monetization, then build a prototype and test it in real life. The final behavior-based model could be later replicated and scaled.
The solution
Behavioral economics can help media outlets better understand the preferences of their customer segments. At the core of this project is the basic assumption that news outlets underutilize readers' willingness to pay for quality news content. While some subscription or pay-for-article systems have gone through market testing, they often lack in-depth designs aimed at targeting specific and irrational barriers to purchase. This project wants to pilot a new way for the whole industry by focusing purely on the customer.