Two news publishers with nearly identical markets and starting points produced dramatically different results over one year. One grew their email list at twice the rate. The other converted paid subscribers at four times the rate. Understanding why reveals the critical levers that determine subscription success.
Key Takeaways
- Paywall settings have an outsized impact on free registration rates—a “one-in-one” meter (one free article, register for the second) outperforms “two-in-two” by 2x for list building.
- Average article views per visit hover around 1.7 for most publishers, meaning a two-free-article meter often means visitors never see registration prompts.
- Newsletter frequency to free subscribers directly correlates with paid conversions—twice daily sends outperformed once weekly by approximately 4x in conversion rate.
- Free newsletters need multiple upgrade messages (aim for four per send) to drive conversions effectively.
- Related article links within content increase page views per visit, exposing more readers to registration and upgrade prompts.
- Simple, “free”-focused registration messaging dramatically outperforms walls of text.
The Setup: Two Publishers, One Year
Both publishers started from nearly identical positions: approximately 23,000 email subscribers and 1,500 paid subscribers each. Publisher A receives more traffic (436,000 monthly visitors versus 256,000), yet Publisher B signs up twice as many free registrations despite the lower traffic.
After one year, the results diverged sharply. Publisher A grew to 8,500 paid subscribers and $44,000 in monthly revenue. Publisher B reached only 2,100 paid subscribers and $12,000 monthly. Meanwhile, Publisher B accumulated 62,000 free registrations compared to Publisher A’s 27,000.
One publisher excels at building their list. The other excels at monetizing it. The differences come down to specific, actionable choices in paywall configuration and newsletter strategy.
Why the List Builder Wins at Registration
Publisher B’s superior list growth stems primarily from tighter paywall restrictions. Their meter is set to “one-in-one”: one free article without friction, then registration required for article two, which is also the last free article. Publisher A uses “two-in-two”: two free articles, register, then two more.
This matters because average page views per visit typically fall around 1.7 articles. At a two-article threshold, the average visitor leaves before ever encountering the registration prompt. They never get the chance to sign up. Tightening to one-in-one ensures most engaged readers see the registration wall.
Publisher B also drives higher article views per visit (2.1 versus 1.7) through strategic use of related content links. Every article includes mid-content “read more” suggestions and bottom-of-article thumbnails pointing to related stories. This keeps readers on-site longer, increasing the likelihood they hit the registration prompt.
The registration prompt itself matters too. Publisher B uses clean, simple messaging with “free” prominently displayed: “This story is free for you.” Email field, password field, done. Publisher A presents a wall of text that buries the value proposition. Simplicity converts.
Why the Conversion Champ Wins at Revenue
Publisher A’s paid conversion advantage comes down to one factor: newsletter frequency to free subscribers. They send two newsletters daily to their free list—morning and afternoon, roughly ten articles each. Publisher B sends once per week.
The math is straightforward. Free readers need to see upgrade messaging repeatedly before converting. Today’s distracted audiences require ten, twenty, or more exposures before taking action. Two daily emails create vastly more opportunities than one weekly send.
Publisher B made an understandable but costly mistake: treating daily newsletters as a paid subscriber benefit. Their paid list receives daily sends while their free list—62,000 strong—sits largely dormant. The list exists but generates minimal revenue because it rarely sees upgrade prompts.
Newsletter design compounds this difference. Publisher A includes approximately four upgrade messages per newsletter: a slim banner near the top and a detailed benefits-focused call-to-action at the bottom, where highly engaged readers land. Publisher B averages half an upgrade message per send, with some emails containing none at all.
The Newsletter as Revenue Engine
The free newsletter’s primary purpose is converting readers to paid subscribers. Sponsorships can supplement this, but subscription revenue outperforms network advertising significantly—especially given the collapse many publishers have seen in programmatic ad rates.
Publisher B discovered this firsthand. Their network ad revenue dropped from $8,000 monthly to $1,000, with intrusive pop-ups and slide-ins degrading user experience. Moving toward direct sponsorships aligned with content categories (sports, travel, real estate) offers better returns and cleaner presentation.
A well-built email list becomes leverage for sponsorship sales. Local and regional news publishers often hold near-monopoly positions in their markets. Advertisers seeking that specific audience will pay premium rates for newsletter placements—far more than programmatic networks provide.
The Flywheel Connection
These findings reinforce the flywheel framework. Tight meter settings drive registration. Registration builds the email list. Frequent newsletters drive traffic back to the site. On-site visits expose readers to upgrade messaging. Repeated exposure converts free readers to paid subscribers.
Publisher B built an impressive flywheel component—the list—but left it disconnected from the conversion mechanism. Publisher A optimized for conversion but leaves list-building potential on the table. The ideal combines both: one-in-one meter settings, clean registration prompts, twice-daily newsletter sends with prominent upgrade messaging.
Implementation Priorities
For list building: set your meter to one-in-one, add related article links throughout your content, and simplify your registration prompt to emphasize “free” access and newsletter value.
For conversions: increase newsletter frequency to at least daily (twice daily for news publishers), include upgrade messaging at both top and bottom of every free newsletter, and ensure your free list receives the same send frequency as your paid list—the content can differ, but the cadence should match.
The data from this case study is clean and the conclusions actionable. Publishers in early or middle stages of their subscription journey should prioritize tight restrictions and frequent sends. The list you build only generates value when you consistently put your content—and your upgrade prompts—in front of it.
