‘It’s a relationship’: Why Quartz is leaning on community for its first membership product
Excerpts from the article by Max Willens on DigiDay
Publishers looking for consumer revenue are realizing that unlimited access to content, or an ad-light experience, often isn’t good enough. That’s why Quartz is hoping to build a community around a new membership program that includes events, exclusive content and regular conference calls with Quartz staffers.
On Tuesday, the recently-acquired business news publisher announced the launch of a paid membership tier, which costs $14.99 per month or $99 per year; the price for the annual tier will increase to $150 per year in 2019. Separately, Quartz also launched a new, free app that adds a layer of community interaction to news, with Quartz staffers as well as a stable of business luminaries, including Sir Richard Branson, able to provide comments and commentary on stories shared within the app.
The membership is built around a mixture of content and community features including weekly, in-depth reports on hot-button business ideas called field guides, the ability for members to suggest questions for Q&As and regular conference calls between members and Quartz journalists. The publisher will also begin hosting exclusive member events starting in 2019.
Quartz’s membership joins an increasingly crowded field of consumer offerings being brought to market by digital publishers, ranging from exclusive products like The Information, which can cost up to $749 for an individual subscription to incremental add-ons from legacy digital players like Yahoo, which announced it would be launching a paid version of Yahoo Finance in 2019.
Most of the most expensive publisher offerings focus on skills. “The clearer it is that your membership solves a real problem for readers, the more you’re going to edge toward that higher price point,” said Rob Ristagno, the founder of Sterling Woods Group. “You’ve got to make them more skilled at their job, or you’ve got to make them more successful at something they’re enthusiastic about.”
The Quartz offering splits the difference, delivering in-depth looks at important business topics aimed at readers unfamiliar with them, while adding community dimension as well.
“We chose the word ‘membership’ deliberately,” said Zach Seward, Quartz’s chief product officer. “In addition to the content you get, it’s a relationship with Quartz.”
Quartz was already on the growing list of publishers trying to increase consumer revenue. It produced and sold a hard cover book at the end of 2017, and at the end of August, it launched Quartz Private Key, a newsletter about cryptocurrency and blockchain, which has amassed “hundreds” of subscribers and has surpassed the publisher’s early revenue targets.
Read the full article on DigiDay