We live in a world in which access to news is practically unlimited. The problem isn’t finding it, it’s finding the time to consume it.
For many news publishers, that generate income from subscriptions, the number one reason readers gave for canceling their subscription was that they never found the time to read them. It’s what Denise Law, Product Manager at The Economist, described as the ‘unread guilt-factor’.
At SpeechKit we are building automated audio publishing tools to help news publishers better engage their existing audiences and reach new ones. This means giving your readers the power to listen to a news article the same way they would listen to a podcast but right from the article itself.
For news publishers this means: better engagement; increased subscriptions; reduced churn; better return on investment; greater access to new audiences; and new ad opportunities.
1–4% of news readers will choose to listen to an article when audio editions are available and will spend on average 3m 44s doing so. For the Daily Maverick, who are already using SpeechKit, 43% of news article audio consumption happens on mobile.
The benefits to readers offered by unlimited access to audio editions can incentivise them to become paying subscribers. The Reuters Institute Digital News report found that consumers are more likely to pay for online audio than they are for online news. Furthermore, 84% of audio content listeners would pay for a subscription to avoid advertising products.
Many news subscribers cancel their subscription because of the ‘unread guilt factor’ mentioned earlier. Audio editions can lead to lower churn as readers find new ways to get value out of their subscription with audio.
Better return on investment
Unlike The Economist, most news publishers don’t have the financial luxury or time to be able to produce recorded audio editions of all their stories. The instant and cost-effective nature of automated audio can offer a better return on investment compared to other forms of audio.
Greater access to new audiences
According to the Reuters Institute the younger generation is embracing content at a time and in a format that works for them. 48% of people aged 18–34 have listened to a podcast in the last month. 34% of those podcasts being news related.
New ad opportunities
With advertising spend on podcasts in the United States rising to $220m. Audio could offer a significant commercial opportunity for publishers as well as a route to attracting hard-to-reach millennials. Unlike podcasts, on-demand audio served alongside news articles can include display ads for better ad attribution.
Automated audio toolkit for news publishers
We’ve developed an all-in-one automated audio toolkit for news publishers that makes embracing audio editions effortless.
News publishers can use SpeechKit to automatically compose the best automated audio available for their news articles and newsletters using our carefully engineered natural language processing algorithms designed for news prior to speech synthesis.
Our end-to-end distribution interface makes it effortless to circulate audio editions to your web apps or curate audio feeds for smart speakers and other podcast apps.
Analytics across your entire audio distribution spectrum are available from one place and audio ads can be inserted using our self-serve audio ad platform and display ads managed by our advertising partners.