It’s time to try micropayments again. “Again” rightly implies that micropayments have already been tried (and failed). In particular, the idea of using micropayments for accessing content on the internet is a time-worn idea. In my view, there are two sets of guiding questions one must answer in determining if now is any different:
I have a hard time believing that micropayments will work in media.
It is harder than selling ads, and the output wouldn't be different because the incentives are roughly equal. "Is this headline worth my time?" and "Is this headline worth my $0.05?" are very similar propositions.
Instead, what would be great is making long term subscriptions more convenient. Writers would be able to do research, thinking hard about what they write, and spending time editing. They can invest their time and money because their funding is much more reliable. Quality cannot flourish when all that matters is page views. It demands a stable ground.
I think the problem with micropayments is that they're doubling down on a losing proposition. The technical aspects are more or less understood. Even intermediaries can be cut down from the process.
People simply don't want to read something cheap. They only want what is free or expensive.
I have a hard time believing that micropayments will work in media.
It is harder than selling ads, and the output wouldn't be different because the incentives are roughly equal. "Is this headline worth my time?" and "Is this headline worth my $0.05?" are very similar propositions.
Instead, what would be great is making long term subscriptions more convenient. Writers would be able to do research, thinking hard about what they write, and spending time editing. They can invest their time and money because their funding is much more reliable. Quality cannot flourish when all that matters is page views. It demands a stable ground.
I think the problem with micropayments is that they're doubling down on a losing proposition. The technical aspects are more or less understood. Even intermediaries can be cut down from the process.
People simply don't want to read something cheap. They only want what is free or expensive.