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Uncertainty-filled periods are challenging for any business to negotiate, but it's during turbulent times that reliable and stable partners show their value. for independent creators and publishers, it'll be more apparent in the coming months in the coming months which tools and platforms can best support their future success and also make their business vulnerable situations.
The global economic outlook appears to be becoming more uncertain, and business owners should be prepared to be facing challenges in the coming year as events take shape. Budgets for consumers are shrinking thanks to runaway inflation and the fallout of conflict in Europe as well as other causes revenue-related challenges are now inevitable for many businesses.
One of the benefits for businesses who are monetizing their audience through membership models is that even though subscription revenue is not immune to the effects of economic fluctuations but it's usually more secure than the revenue generated through different channels like advertising, sponsorships, or commerce. It's just assuming, that creators have selected trusted technology partners that have robust and stable businesses of their own that can position them to navigate difficult situations effectively.
As I've argued previously, anyone who is a creator or an independent publisher who wants to create a long-term sustainable membership or subscription business needs to be cautious when choosing the right tools for monetization and tech. The tendency to go with the "cheapest" option is understandable however, publishers and creators that I have worked with are usually looking to migrate to new platforms and tools due to their current partners having either fallen short of expectations and have not provided enough space for growth in terms of functionality and features they have, or provide lackluster support and guidance.
These frustrations become even more pronounced during difficult economic periods. As audience demands, market variables and economic conditions change quickly over time, the final factor creators need to be concerned about is the strategies for monetization which are holding them back. Ineffective technology, missed revenues and operating headaches are annoying in the most ideal of circumstances However, during times of instability their impact will quickly increase to the point where they create significant risk for entrepreneurs.
It's more crucial than ever that creator partners have built strong and stable businesses of their own, and won't leave customers in the lurch when they're forced to shift their product or focus in pursuit of revenue or other opportunities.
The best advice I can give to any creator company that is worried about the current economic period is to keep things simple and focus on getting the basics right. Specifically:
- Provide high-value and distinctive consistently high-quality, differentiated content.
- Make sure you have a seamless service and user experience that makes paying for and accessing that content as easy as it is.
And when it comes to technologies and tools for monetization I'd advise developers to look at potential partners closer than ever to make sure they are able to articulate clearly defined philosophies and perspectives, proven products and experience, and will stick to subscription and subscription models over the long-term.
Creators who continue to satisfy the demands and requirements of their subscribers and audiences with the latest technology and tools in place which allow the ability to do this - should be in a situation to not only be able to navigate the difficult economic environment but also emerge from the other end with a strong position.