Why a Million People Pay $99 Monthly for News

In an era where free news floods our feeds, the Financial Times has convinced 1 million people to pay S$99 monthly for journalism. That's not pocket change—it's more than many streaming services, gym memberships, or software subscriptions.

The Premium Content Playbook

The FT's success isn't just about putting articles behind a paywall. It's about creating an ecosystem of value. Subscribers get 20+ curated newsletters, exclusive podcasts, the Lex investment column, and 15+ premium expert newsletters unavailable elsewhere. They can share 20 articles monthly with non-subscribers, turning readers into brand ambassadors.

This approach contrasts sharply with many traditional publishers who simply block content and hope readers will pay. The FT has built what economists call a "premium experience"—where the subscription feels like joining an exclusive club rather than paying a tax to read news.

The Economics of Attention

The million-subscriber milestone reveals something profound about information economics. In a world drowning in content, scarcity has shifted from information availability to information quality and curation. The FT's target audience—economists, central bankers, institutional investors, academics—values time over money. They'd rather pay S$99 than spend hours filtering through unreliable sources.

This model works because the FT serves a specific audience with specific needs. Unlike general news outlets trying to appeal to everyone, the FT has doubled down on serving financial professionals who see the subscription as a business expense, not a luxury.

The Subscription Economy's New Rules

The FT's approach offers lessons for the broader media landscape. First, know your worth. The publication doesn't compete on price but on value. Second, create habits. Daily newsletters and curated content keep subscribers engaged beyond individual articles. Third, build community. The ability to share articles creates social proof and drives acquisition.

This contrasts with the ad-supported model that dominated digital media for decades. Instead of selling readers' attention to advertisers, the FT sells valuable insights directly to readers. This alignment of incentives—where the publication succeeds by serving readers rather than advertisers—may represent the future of quality journalism.

The Information Divide

Yet the FT's success raises uncomfortable questions about information access. As premium content becomes the norm, will quality journalism become a luxury good? The risk is creating an "information elite" with access to superior analysis while everyone else relies on free, potentially lower-quality sources.

Conversely, subscription models might actually improve journalism quality. When revenue comes from readers rather than advertisers, publications can focus on serving their audience's interests rather than maximizing clicks or avoiding controversial topics that might upset sponsors.