Financial Times to change its paywall

The Financial Times is to change the way it charges readers for digital content, according to various reports.

The newsbrand’s chief executive officer, John Ridding, has said that it is to roll out a one month trial service for $1, 1 euro or £1 that will give subscribers total digital access to the Financial Times website; however, readers will be required to pay for a full subscription after the month is up if they want further access.

The Financial Times has been behind a metered paywall since 2007, allowing users to access eight articles before needing to become a paid subscriber. The company expects the changes to increase subscription rates from 18% to 29%.

“How do you build a habit with a limit?” Ridding said in an interview on Thursday.

“Everything is fragmenting. There is a much more diverse source of news and opportunities. The home page is declining in importance.”

The news comes as the company reports solid profits for 2014, driven largely by growth in subscription and digital revenues.

While the Financial Times‘ circulation grew 10% year on year to almost 720,000 across print and online, FT.com subscriptions grew by 21% to a little under 504,000. According to the report, digital now represents 70% of the newsbrand’s total paying audience, with mobile driving almost half of total traffic.