In an announcement, Time Inc, the publisher of more than 90 magazines, says that it is now accepting Bitcoin for select properties; thus, with the decision, it has become first big publication to do so. According to the company the integration was made possible through a partnership with California-based merchant processing services provider Coinbase.
Informing the media the publication group says that it will begin with a rollout on Fortune, Health, This Old House and Travel + Leisure starting now. Executive vice president of consumer marketing at Time, Lynne Biggar, delivered her communication to media indicated that the company is seeking to make it easier for consumers to purchase subscriptions.
Now that its popular magazines will be available in exchange of Bitcoin, the company aims to reach to new segment of users who wish to pay in the digital currency. According to Lynne Biggar Bitcoin has huge potential and she sees it as a vehicle for expanding the reach to new subscribers and for that purpose there is nothing better than revolutionary digital currency.
Biggar further said that her organization is always looking for ways to make it easier for consumers to engage with its brands and this pilot program will give Bitcoin users a seamless and simple way to purchase subscriptions. She also admitted that Time would potentially expand its acceptance to more properties “in the coming months”.
First Big Publishing Company to Embrace Bitcoin
Sharing his views Coinbase CEO Brian Armstrong said that the partnership will allow it to showcase how Bitcoin can become a viable revenue stream as the publishing industry goes digital. The decision can influence other publications to embrace the digital currency if this publication receives better response from subscribers.
The addition of Bitcoin as a payment method was expected to come next after the company brought in a value proposition recently wherein it introduced a one-click tipping tool that it framed as a revenue solution for blogs and content creators. Bitcoin has been receiving attention from various publications groups around the world but not many big ones accepted.
Nonetheless, some renowned US-based publishing companies came up with the decisions to embrace the digital currency. For instance, the Chicago Sun-Times was one of the companies that embraced Bitcoin earlier this year. The company partnered with microtransactions startup BitWall to accept Bitcoin for its subscription services.
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