The Wirecutter is a consumer product review website that The New York Times bought. It's not hard to see why a publisher as rich as the Times would want to get their hands on such a high-margin content generator. A site like The Wirecutter would add much-needed diversity to the digital subscriptions of The New York Times.
The Wirecutter's mission is to review consumer products and focus on technology. However, you can imagine that some of its offerings might be worth a closer examination. The company has made some small but significant changes to the way that it does business, aside from being a relatively simple review site. First, it now has a bright new office space. Although it is still early in its career, the Times is trying out new ways to make money and increase subscriptions. Among those is a new subscription model, which will allow members to access some of the site's best content.
Marketing-wise, the new subscription model is being introduced in stages. The site's newest category, mobile devices, will be the first to get the new subscription model. Up until recently, it was difficult to obtain a smartphone without spending a lot. However, with the new model, you can buy a phone at a variety of companies.
The Times has also launched a new paywall system that allows consumers to pay $5 per week for full access. This isn't necessarily bad, but it doesn’t provide the newsroom with the ad revenues they desire. However, this deal is a significant step forward for the paper's efforts at diversifying its revenue sources. While the Times is on its way to becoming a national newsbrand, it's too early to know if this deal will make the difference.
