International news agency Reuters has become the latest media company to adopt a paywall strategy, announcing the move on its website Thursday.
Reuters will still be free for a preview period of five stories, but users will then have to register for access and pay $34.99 per month to continue reading. While that may seem steep, the subscription fee is comparable to those charged by the Wall Street Journal ($38.99 per month) and financial news rival Bloomberg ($34.99 per month).
In an emailed statement, Reuters’ chief marketing officer Josh London called the move “the largest digital transformation at Reuters in a decade.”
Reuters is headquartered in London and employs about 2,500 journalists and 600 photojournalists in nearly 200 locations around the globe. It attracts around 41 million unique visitors each month, per the announcement.
Reuters did not specify when the paywall will go into effect.
“Professionals need direct access to industry knowledge, data and insights from expert sources, and Reuters is pleased to offer our trusted, impartial and accurate news coverage through a premium offering,” London added.
Reuters was founded in 1865 by German-born British entrepreneur Paul Reuter. Thomson Reuters acts as the news agency’s parent company today.