Execs at The New York Times have been teasing a new, less-expensive version of the paper for a little over a month now. Today, they confirmed it is indeed coming. Along with a few other things. Other than the cheaper edition, the Times wants to expand its international offerings and video production. It also plans to launch a more expensive subscription.
As we thought, the so-called “lower-priced paid product” from the Times will be scaled down. The Times said this version would “allow access to the Times’s most important and interesting stories in a convenient, media-rich package.” The paper is also planning other less expensive options that would offer readers specific sections, such as technology and opinion. Then there’s the more costly plan, which promises extras like “the ability to gift subscriptions and provide full family access, among other incentives.”
The new subscription models will start rolling out by the end of 2013. They’ll be something to keep an eye on, especially the more expensive package. There are surely some people out there who would pay more for the “extras,” so it’s smart of the Times to take advantage of that. But when it’s all said and done, will these scaled plans end up taking away from the bottom line?
What if a majority of the people who subscribe now switch to the cheaper versions? It’s tough to answer these questions without knowing more about the plans. The only thing we know for sure is that Lil Wayne is overrated and it’s going to be an interesting end of the year for the Times.