The rise of subscription-based media in Finland

In recent years, Finnish media has witnessed the rise of successful subscription-based outlets such as Long Play and MustRead. These platforms have carved out profitable niches in a challenging market by offering unique and specialised content to their audiences.

Long Play, founded in 2013, is known for its focus on investigative journalism and lengthy feature articles. It has tackled topics such as the environmental issues at the Talvivaara mine and misconduct in the opera world. Such deep dives have resonated with readers, attracting over 6,000 individual subscribers, contributing to 80% of its revenue. The platform’s journey from a humble start, with minimal initial funding and no full-time staff, to a stable and profitable operation employing 4-5 full-time employees and freelancers, underscores its steady growth. Notably, 2018 marked a turning point for Long Play, enabling them to offer salaries post an investment round. The publication also supplements its income through writing workshops, and last year it reported a profit of 6,000 euros on a revenue of 296,000 euros.

MustRead, established in 2017, targets a more specific audience of decision-makers and business executives. The publication differentiates itself through email newsletters, offering 22 variations covering topics from Brussels to economic policy and welfare. The newsletters, aimed at providing concise and relevant updates for their discerning audience, have subscriber numbers ranging from 7,000 to 15,000. This unique offering has helped MustRead stabilise after a challenging start and has become the core of their operations. In addition to subscription fees, which cost 189 euros annually for private individuals, MustRead relies significantly on commercial partnerships and external content funding. These partnerships provide 60% of the outlet’s financing, blending commercial interests with their journalistic approach while maintaining editorial independence. Toinen Aatos Oy, MustRead’s parent company, reported revenues of 731,000 euros with a profit of 35,000 euros last year, indicating steady profitability.

The success of these outlets highlights the potential for niche media brands in Finland’s otherwise stable media environment. Reflecting on the growth, figures like Long Play’s editor-in-chief Ilkka Karisto and MustRead’s CEO Ari Lämsä emphasise the importance of distinctive and engaging content to attract and retain subscribers, especially in the crucial early stages.

Entering this evolving media landscape is the new subscription-based outlet Uusi Juttu, set to launch in January. The publication plans to offer a selection of two in-depth articles, a daily news summary, and a news podcast every weekday. Founded by Antti Pikkas, Uusi Juttu successfully secured its initial funding through a crowdfunding campaign, garnering over 7,000 initial subscribers. Although still short of the 15,000 required for economic sustainability, the operation is supported by the Danish firm Zetland, with an advance annual subscription priced at 100 euros.

The emergence of new platforms like Uusi Juttu, alongside established players such as Long Play and MustRead, marks a dynamic phase for the Finnish media sector, reflecting a growing demand for specialised, subscription-based content.

Source: Noah Wire Services