The business models of media corporations and organisations have undergone a pronounced transition that has resulted in significant change in the last decade, shifting from a model based on advertising revenue and printed copy circulation to a subscription-based model. As this article shows, legacy media is currently experimenting with 'various mixes of paywalls.' Among the models that media companies are switching to is the subscription economy model, i.e. the practice of charging audiences for access to online content which, until recently, was unlocked and/or freely available. Incidentally, the collapse of the 'advertiser model,' together with the consequences of the global recession, has brought about significant economic uncertainty for traditional media, pushing it to seek new business strategies for sustainable journalism, while also triggering a reflection on the overall future of media. The aim of this article is to delineate and present the actual changes in the media landscape in relation to subscription economy based on a literature review. Thus, we conducted a systematic literature review including terms as follows: 'subscription economy' 'digital media,' 'theory of decision' and 'motivation theory' which yielded 145 results of relevant scientific and research articles published in the last 15 years. The main findings revealed that the media landscape is changing rapidly, in particular in terms of the new digital tools being developed and implemented, and accordingly there is rapid growth in the 'non-conventional' competition to the conventional media, new generations' needs and their behaviour, and the urgent need for various new business models.
Key Words: subscription economy, digital media, theory of decision, motivational theory
jel Classification: L82, L86
Poslovni modeli medijskih korporacij in organizacij so doživeli izrazit prehod, ki je v zadnjem desetletju povzročil pomembne spremembe, saj so se z modela, ki temelji na prihodkih od oglaševanja in naklad tiskanih kopij, preusmerile v model, ki temelji na naročnini. Kot je pri-kazano v tem članku, tradicionalni mediji trenutno eksperimentirajo z »različnimi mešanicami plačilnih zidov«. Med modeli, na katere pre-hajajo medijska podjetja, je tudi model naročniškega gospodarstva, to-rej praksa zaračunavanja občinstvu za dostop do spletnih vsebin, ki so bile do nedavnega odklenjene in/ali prosto dostopne. Mimogrede, pro-pad »oglaševalskega modela«, skupaj s posledicami svetovne recesije, je za tradicionalne medije povzročil znatno gospodarsko negotovost in jih spodbudil k iskanju novih poslovnih strategij za trajnostno novinar-stvo, hkrati pa sprožil razmislek o celotni prihodnosti medijev. Na pod-lagi pregleda literature je cilj pričujočega članka opisati in predstaviti dejanske spremembe v medijskem prostoru v povezavi z naročninskim gospodarstvom. Tako smo izvedli sistematičen pregled literature, ki je vseboval naslednje izraze: »naročniško gospodarstvo«, »digitalni mediji«, »teorija odločanja« in »teorija motivacije«. Dobili smo 145 rezulta-tov ustreznih znanstvenih in raziskovalnih člankov, ki so bili objavljeni v zadnjih 15 letih. Glavne ugotovitve so pokazale, da se medijski prostor spreminja hitro, še zlasti glede na razvoj in implementacijo novih di-gitalnih orodij. V skladu s tem pa hitro naraščajo »nekonvencionalna« konkurenca konvencionalnim medijem, potrebe novih generacij in nji-hovo tozadevno vedenje ter nujna potreba po različnih novih poslovnih modelih.
Ključne besede: naročniško gospodarstvo, digitalni mediji, teorija odločanja, motivacijska teorija
Klasifkacija jel: l82, l86
Introduction
The business models of media corporations and organisations have undergone significant change in the last decade - due also to increasing dig-italisation, which drives companies to digitalise and consequently internationalise their processes (Ojala, Evers, and Rialp 2018) - shifting from a model based on advertising revenue and printed copy circulation to a subscription-based model.
Subscription economy which Ritter and Schanz (2019) consider to be a part of the sharing economy (a crucial part of the transition to sustain -ability), refers mainly to the practice of charging audiences for access to online content, which, until recently, was unlocked/freely available (Kam-mer et al. 2015), transforming readers into users. This could be connected to the finding of some scholars, specifically Kim, Jeong, and Ghani (2014), who in their work prove to some extent that relevant news is closely related to stock price movements in the market (Besimi et al. 2019), which could be understood as meaning that new-age readers use news to follow the economic information needed for their work.
The collapse of the 'advertiser model,' along with the consequences of the global recession, has brought about significant economic uncertainty for traditional media, pushing it to seek out new business strategies for sustainable journalism, while also triggering a reflection on the future of media (Franklin 2014).
Since no business model seems to be able to generate reliable revenue streams for online news services, many publishers turn to the subscription model as a last resort for survival (Chyi 2009). This raises the question posed in Alexander Manu's Transforming Organizations for the Subscription Economy: Starting from Scratch (2017): 'If you were designing your organization today, how would you design it? In other words, how would you create the future from the ingredients of the present alone?'
Furthermore, there are two modes of thought according to Kahneman (2012): system 1, which is fast, instinctive and emotional, and system 2, which is slower, more deliberate and more logical. Kahneman argues that our decisions, be it everyday decisions or more demanding cognitive processes, such as long-term planning of important home or work strategies, come from the intertwining of these to modes of thought.
According to Thaler (2019), behavioural economics begin with simple observation and continue with data gathering, so in this article, we present an overview of previous research in the field of subscription economy, digital media, theory of decision and motivational theory, in order to illustrate the changes in the media landscape in relation to subscription economy, which is recognised as a fundamental business model for future specialised digital media.
The emerging present is a rapidly changing context for existing organizations, especially in segments of the market where online behavior is replacing physical proximity, and users engage with digital platforms to acquire products and services. These platforms allow users to behave, to leave a mark and to participate in the community of others, which are the values that the people are looking for now (Manu 2017).
This brings us to our main research question, which is as follows: How and what changes have occurred in the media landscape and how have these changes affected business models? The aim of this article is to offer a systematic literature review that will offer answers to the above questions. Additionally, it aims to present the actual changes in the media landscape due to the subscription economy.
Methodology
For the purpose of this article, we conducted a systematic literature review. In order to find relevant scientific articles, we used the Science Direct database (https://www.sciencedirect.com), which widely supports the subject. Using the keyword 'theory of decision produced 615,194 hits, using the keyword 'digital media produced 180,290 hits, and using the keyword 'subscription economy' produced 10,151 hits (the searches were conducted between 9 and 24 November 2020). When we entered 'subscription economy' and 'digital media and 'theory of decision into the search bar, there were 808 results.
In order to solidify the previous research on the subject, we added the keyword 'motivation theory' resulting in the search term: 'subscription economy' and 'digital media and 'theory of decision and 'motivation theory This search produced 145 results of relevant scientific and research articles. Our aim was to gain the most up-to-date and relevant insight into the field, which we examined in detail, focusing on the papers whose date of publication did not precede 2004, so those published in the last 15 years. We thus focused on the period between 2004 and the time of our searches (9-24 November 2020).
We present the research in the same order as given in the Science Direct database. We observed that the largest number of publications was found in the Journal of Cleaner Production (7) and Information & Management (7), followed by the International Journal of Research in Marketing (3), the Journal of Retailing and Consumer Services (3), Futures (3) and the International Journal of Research in Marketing (3), whereas the rest of the journals each feature one article from the selection of our results (see table 1 in the appendix).
Results and Discussion
Subscription economy and subscription services, two elements of the sharing economy which is a crucial part of the transition to sustainabil-ity (Ritter and Schanz 2019), are at the heart of some of the key findings of this review of previous research. As noted by Kumar, Lahiri, and Dogan (2019), 'sharing economy services are mostly adopted by Generation Y, whereas other generations are still in the early phase of adoption,' so it would make sense to invest in the 'relationship between sharing economy firms (service enablers) and customers' Additionally, Liu et al. (2019) argue that entering the third decade of the new millennium,' the millennial generation, which is 'in substantive ways unlike all earlier generations,' is entering its most productive stage of life, so the authors 'urge researchers to explore the unique characteristics of millennial entrepreneurs, their influence on entrepreneurial motivation, orientation, opportunity discovery and exploitation process and the global ambition of their entrepreneurial ventures'
Additionally, in our review, we often come upon the concepts of circular economy and digital intermediation - also in relation to branding (Gielens and Steenkamp 2019) - as well as information economy, where personal data is the most valuable asset (Spiekermann and Novotny 2015). According to Rhue and Sundararajan (2014), different digital technologies have varying effects on individual freedom while affecting its diffusion via different political networks, and that the related changes in civil liberties can be affected by both media freedom and internal political institutions. This provides a basis for further exploration of the changes in the media landscape in relation to subscription economy.
While Venkatesh and Chatterjee (2006) argue that online content effectively complements printed content and that the wider the product line, the higher the prices of individual offers, Hong, Nam, and Kim (2018) note that once an online portal becomes a platform for the distribution of news to users, a conflict arises between the portal and newspaper companies regarding the value of the content provided by one and the other.
Furthermore, as Chyi (2009) found in her empirical study on the viability of the subscription model and willingness to pay for online news, since 'no business models seem to generate reliable revenue streams for online news services, many publishers see the subscription model as a last resort for survival although little evidence suggests users are ready to pay for online news at this moment.' The author discovered, on the basis of a random-sample telephone survey of 853 Hong Kong residents, that 'very few users actually responded to paid content and most had no intent to pay in the future.' Moreover, regression analysis also revealed that age and newspaper use are related to paying intent, while income is not. Chyi (2009) therefore urges publishers to consider the economic implications before adopting the subscription model.
However, let us allow for the possibility that the social mindset, that is, the current mentality and stance of online users will change over the years, driven by the increasing popularisation of digital culture. After all, digital culture empowers people to deliver results faster, whereas companies risk transformation failure by ignoring it (Hemerling et al. 2018). Additionally, according to Lokuge et al. (2019), the emergence and proliferation of digital technologies could increase the innovation potential of most organizations.
As noted by Kammer et al. (2015) in their research article, 'after more than a decade of giving online news away for free, legacy newspaper organisations in many Western countries have recently begun charging audiences for access to online journalistic content.' Focusing empirically on the case of Denmark, the article uses one survey (n = 1054) and two focus groups to examine the audiences' attitudes toward paying for online news. The analysis shows that the audiences' general principles regarding paying for online news have a greater effect on their willingness to pay than the size of the subscription fee. Furthermore, the analysis reveals that younger audiences' willingness to pay increases if they can combine content from different news providers, thus individualising their news products. According to the researchers, this can have practical implications - either by offering a way forward for economically challenged legacy newspaper organisations, or by compromising the democratic ideals of journalism (Kammer et al. 2015). This has also been observed by Pickard and Williams (2014), who say that paywalls or the subscription model can contribute to a 'democratic deficit' by using 'the ability to pay to gatekeep exclusion from quality news'
A problem also arises when there is no discernible improvement ('no added value') in the quality or uniqueness of the published - and paid for - news stories compared to those that are freely available else-where online, making the rationale for 'paying for news' inexplicable, as noted by Frankin (2014) in 'The Future of Journalism.' Franklin (2014) also finds that there is no real agreement within the journalism industry or the academy about the appropriateness of particular alternatives to the advertiser model, as legacy media experiment with various mixes of pay walls (Myllylahti 2013; Pickard and Williams 2014), advertising on mobile devices (Nel and Westlund 2012; Reynolds 2014), selling newspaper apps (Franklin 2014), crowdfunding, crowdsourc-ing and co-creation (Aitamurto 2013), hyperlocal business models (van Kerkhoven and Bakker 2014), not-for-profit models which secure funding for journalistic projects from international non-governmental organizations (ngos), private foundations and think-tanks (Requejo-Aleman and Lugo-Ocando 2014), using a mix of public funding, sales and subscription to finance minority language journalism (Zabaleta et al. 2014), efforts to monetise hyperlinks (Doherty 2014) and even the expansive provision of machine- or robot-written news (Clerwall 2014).
However, according to Franklin (2014), Picard (2014) remains optimistic, celebrating the diversity of business models and revenue streams. He concludes (Franklin 2014, 484):
What is clear is that news providers are becoming less dependent on any one form of funding than they have been for about 150 years. Multiple revenue streams from readers and advertisers, from events and e-commerce, from foundations and sponsors, and from related commercial services, such as web hosting and advertising services are all contributing income. It is too early to assess fully the efficacy and sustainability of these sources, but they provide reason to believe that workable new business models are appearing in news provision.
Additionally, Peekhaus and Proferes (2016) find that open-access scholarly publishing has grown steadily in academia in the past few decades as an alternative to traditional, subscription-based journal publishing, whereas Boissy et al. (2012), while examining whether publishing as a 'big deal' is dying, found that most participants (of their survey) believe that it is not dead yet, whereas some think it may never die completely.
Conclusion
In our literature review, we focused on conducted research on subscription economy, the theory of decision and digital media. The aim of this paper was to search and present what research in the field of the subscription economy, digital media, the theory of decision and motivational theory has revealed so far. When conducting further research, however, it might be useful to expand our thinking and relate it to Kuzmanic (2019), who states: 'The problem of our time in the sense that our current problems and crises are not at all possible to seriously grasp in economic terms, but primarily in the chrematistic categories and the possibilities of that new paradigm of thinking.'
Based on the conducted literature review, we reviewed in more detail 145 papers that focus on the subscription economy and users' behaviour in terms of digital media. The main findings revealed that the media landscape is changing rapidly, in particular in terms of the new digital tools being developed and implemented, and accordingly there is rapid growth in the 'non-conventional' competition to the conventional media, new generations' needs and their behaviour, and the urgent need for various new business models. In addition, we also learned that search engines, such as Google and Yahoo! Search, are more than just portals and information tools. They are - and probably will be for a while more - the agents of transformation in the changing media landscape, which actually make the business environment more transparent and competitive (Rangaswamy, Giles, and Seres 2009), with blogs also playing a part (Wohlmann 2012).
With all this in mind, as well as the findings of the literature review, including behavioural patterns and new generations, as mentioned by some researchers (Kumar, Lahiri, and Dogan 2019; Liu et al. 2019), even bloggers (Wohlmann 2012), we conclude by quoting the well-influenced thinker and author Rifkin (2007) who once wrote: 'Science explores, technology executes, man conforms,' and so the fundamental conclusion of this paper, in which we examined the findings of previous research in the field of the subscription economy, digital media, the theory of decision and the motivational theory, is that the age of media transformation is already well ongoing.
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Abstract
The business models of media corporations and organisations have undergone a pronounced transition that has resulted in significant change in the last decade, shifting from a model based on advertising revenue and printed copy circulation to a subscription-based model. As this article shows, legacy media is currently experimenting with 'various mixes of paywalls.' Among the models that media companies are switching to is the subscription economy model, i.e. the practice of charging audiences for access to online content which, until recently, was unlocked and/or freely available. Incidentally, the collapse of the 'advertiser model,' together with the consequences of the global recession, has brought about significant economic uncertainty for traditional media, pushing it to seek new business strategies for sustainable journalism, while also triggering a reflection on the overall future of media. The aim of this article is to delineate and present the actual changes in the media landscape in relation to subscription economy based on a literature review. Thus, we conducted a systematic literature review including terms as follows: 'subscription economy' 'digital media,' 'theory of decision' and 'motivation theory' which yielded 145 results of relevant scientific and research articles published in the last 15 years. The main findings revealed that the media landscape is changing rapidly, in particular in terms of the new digital tools being developed and implemented, and accordingly there is rapid growth in the 'non-conventional' competition to the conventional media, new generations' needs and their behaviour, and the urgent need for various new business models.