NDM: Weekly News Article - W/C 19th December (30)

Digital media's hidden payments crisis

http://uk.businessinsider.com/digital-medias-hidden-payments-crisis-2016-12

Summary

Traditional revenue sources have stagnated in the last few years, so media companies have had to become imaginative and think of new ways in which they could generate revenue, for instance through newspaper subscriptions. However, loads of consumers payments have failed when they try to subscribe and this is causing great frustration among them. Even transactions that are vaildated are being shown the door. These problems have and are resulting in huge losses for the media industry and something desperately needs to be done. Particularly, as this comes at a time when more or less all media outlets both in the UK and elsewhere are trying to modernize themselves and go digital with their content.  

Key Statistics

• 2/3 of US consumers experienced payment failer 
• Problems costing dearly combined at nearly $2 billion, which is more than combined revenue of New York Times and Times. Inc

My Opinion

I think that some companies are trying to modernize themselves a little bit too quickly with the NDM developments before ensuring that they understand their digitized models themselves. Companies need to sort through these problems fast or they are going to be facing a real crisis, we all more or less get our news online and if we cannot subscribe to our favourite news brands etc and they do not sort the problems we do not have many other viable sources to turn to for our news.