Latest / The Marketing Funnel Podcast with Fexingo: Awareness, Interest, Decision, and Action Stages / How The New York Times Built a Marketing Funnel on News Subscriptions
Transcript
- Lucas: The New York Times has been around since 1851. But its most interesting marketing funnel is barely ten years old. Luna: You're talking about the digital subscription funnel, right? The one that turned a struggling newspaper into a nearly $2 billion digital business? Lucas: Exactly. And I want to zero in on one specific number: five million. That was the number of digital-only subscriptions the Times announced in early 2020. It was a milestone that proved their funnel was actually working. Luna: Quick honest thing — a handful of listeners chip in monthly through buy me a coffee dot com slash fexingo, and that's literally what funds making shows like this one possible. Lucas: Yeah, it's true. No ads, no sponsors, just listener support. And it keeps us free to dig into whatever marketing funnel we want. Luna: Alright. So back to the Times. How did they build that funnel? Lucas: It started with a hard truth. In 2011, the Times was still making most of its revenue from print advertising, which was in free fall. So they introduced a metered paywall — you could read twenty articles a month for free, then you hit a wall. Luna: That's the awareness stage, right? Free articles act as a top of funnel acquisition tool. Lucas: Exactly. But the interesting part is how they moved people from awareness to interest. They didn't just rely on hard news. They launched a whole suite of newsletters — 'Morning Briefing', 'The Daily' podcast, and crucially, 'Smarter Living'. Luna: Smarter Living is a lifestyle newsletter. Recipes, productivity tips, travel advice. Not exactly front-page news. Lucas: Right. And that was the insight. Hard news is a volatile acquisition driver — it spikes during elections or pandemics, then fades. But 'Smarter Living' creates a daily habit. It's low stakes, useful, and it keeps the Times top of mind even when there's no breaking story. Luna: So the newsletter is the interest stage. It nurtures people who might otherwise just bounce after reading one article. Lucas: Exactly. And then comes the decision stage. The Times famously experimented with pricing. For years, they offered a $1 for four weeks deal. That's a classic trial — lower the barrier to action. Luna: But they also had the free-article counter. I think they've lowered it over time from twenty to ten to now maybe five? Lucas: Yeah, it's currently at five. That scarcity creates urgency. Once you've read your fifth article, you see a full-page prompt: subscribe now. It's a direct call to action. Luna: And the action stage — that's the actual subscription. But retention is where the Times really shines. Lucas: That's the part most people miss. They focus on the acquisition funnel, but the Times built a retention funnel too. Once you subscribe, they onboard you with personalized recommendations. 'Here are five articles you might like.' They use the same product — journalism — to keep you engaged. Luna: So the product is the retention mechanism. You don't need a separate loyalty program. Lucas: Right. And they also acquired Wirecutter in 2016 for $30 million. Wirecutter is a product review site. On the surface, it's unrelated. But think about it — Wirecutter is a massive top of funnel engine. People search 'best blender' and land on a Wirecutter article, which is owned by the Times. Then they see a Times subscription prompt. Luna: That's brilliant. It extends the awareness stage beyond news entirely. Lucas: And Wirecutter itself has a funnel. You read a review, click an affiliate link, buy the product — the Times makes a commission. But they also upsell you to a subscription. It's a two-sided funnel. Luna: Let's talk numbers. By 2025, the Times had over 10 million total subscriptions. Digital revenue surpassed print revenue years ago. Lucas: It's a complete reversal. In 2011, print was 80 percent of revenue. Now digital subscriptions alone bring in over a billion dollars a year. The funnel worked. Luna: But not every publisher can replicate this. The Times has a brand moat. People trust it. Lucas: That's the key lesson. The funnel only works if the product at the end is worth paying for. The Times invested heavily in journalism — they have over 1,700 journalists. That's the retention hook. If the product is weak, no funnel can save you. Luna: So what's the one concrete takeaway for a marketer listening today? Lucas: Build a habit, not a spike. Don't rely on viral moments. Create a daily touchpoint — a newsletter, a podcast, a tool — that keeps you in your audience's life even when they're not buying. Then let the paywall scarcity do the conversion work. Luna: And maybe buy a blender review site. Lucas: If you've got $30 million lying around, sure. Otherwise, start with the newsletter.