Time Inc., announced on Tuesday it will begin accepting Bitcoin payments for certain subscriptions. The magazine publisher has partnered with Coinbase to process the transactions. Subscriptions for Fortune, Health, This Old House and Travel and Leisure are the options included. People, Sports Illustrated and Food & Wine are currently unavailable via bitcoin but may be added to the list in the near future.
Lynne Bigger, Executive Vice President, Consumer Marketing & Revenue at Time Inc, says as quoted by MarketWatch,
We are always looking for ways to make it easier for consumers to engage with our brands and this pilot program will give bitcoin users a seamless and simple way to purchase subscriptions… We hope to expand our partnership with Coinbase in the coming months to create more opportunities to provide greater value to our customers.”
As reported by a New York Times article, Time Inc. (along with the magazine industry as a whole) has been struggling in recent years with declining subscriptions and revenues. Virtual payments are hoped to introduce the company to a revitalized business model involving micropayments, allowing consumers to pay for individual articles or videos.
Brian Armstrong, CEO and co-founder of Coinbase says,
For a major publisher like Time Inc. to embrace bitcoin sends an important message to both its readers and to the broader media community… In addition to providing consumers with an easy, convenient way to pay for their subscriptions, it also opens the door for Time Inc. and publishers like it to familiarize themselves with the Bitcoin technology and explore new applications across the industry.”
Time Inc. is just one of many businesses that have chosen to begin accepting Bitcoin payments as a way of appealing to a wider range of consumers. Overstock, one of the earliest accepters of bitcoin and perceived retail leader of the virtual currency movement, has indicated higher retail sales after accepting bitcoin. Industry experts suggest this is because more payment options attract a wider range of consumers as well as the specific inclusion of bitcoin as an option that attracts the business of loyal Bitcoin enthusiasts.
Read more here- “Time Inc Becomes First Major Magazine Publisher to Accept Bitcoin,” (Pete Rizzo, Coin Desk
Olivia is a graduate of Villanova University where she studied Economics and History, minoring in Gender and Women's Studies. She also has experience working with federal legislatures on health care policy, women's issues, and Internet safety.