FT Strategies partnered with Kathimerini, Greece’s most influential news organisation, to launch and create a sustainable digital subscription model and operations. The engagement marked a pivotal shift from early experimentation to a more structured, reader-first approach to monetising its loyal audience base.

This case study outlines how the project helped Kathimerini better identify opportunities to improve conversions, understand content performance, and optimise editorial workflows to support long-term growth. It also explores how our ongoing collaboration continues to support progress across retention, engagement, and acquisition.

 

Situation

Kathimerini is one of Greece’s most prominent news organisations, with a loyal print and digital audience. As part of its long-term ambition to build a sustainable reader-revenue business, the organisation recognised the need to evolve its digital subscription model and content strategy, shifting to a more structured, data-informed approach.

When FT Strategies began working with Kathimerini in early 2024, the publisher had already taken important steps toward digital reader revenue, becoming the first in Greece to launch a subscription model. Following the introduction of a registration wall in 2023 and several initial subscription offers, Kathimerini had laid a solid foundation. However, the model remained relatively soft: only a small portion of content was gated, and there was limited visibility into what content and tactics were truly driving conversions.

With an ambitious subscriber target and growing need to protect both traffic and brand trust, it became clear that a more strategic, data-driven approach was needed across the full subscription lifecycle.

 

Our work together

FT Strategies partnered with Kathimerini to support the next phase of its digital reader revenue journey, helping to refine not only the content strategy but the broader approach to product, access models and newsroom alignment. The nine-week engagement focused on three core questions:

  1. What types of content drive the highest engagement and willingness to pay?

  2. How should content be categorised to optimise both advertising and subscription revenue?

  3. What changes to editorial processes could unlock further subscriber growth?

To address these, we combined quantitative analysis with editorial insight. We assessed web behaviour data, carried out an editorial audit to evaluate output against audience needs and conducted in-depth audience research to understand value drivers and willingness to pay.

 

Our methodology

We applied FT Strategies’ proprietary content evaluation model, which assesses verticals based on traffic, engagement and perceived value. Each vertical was categorised as one of the following:

  • Leave free

  • Shift to premium

  • Reshape or consolidate

  • Create new

We also examined publishing schedules, user journeys, and newsletter performance to identify underleveraged opportunities for engagement and habit formation.

These insights were paired with tactical recommendations grounded in newsroom workflows, ranging from scheduling shifts to dashboard integrations, and informed the launch of Kathimerini’s revised paywall strategy in early 2024.

 

Results

Guided by the FTS  strategy work, Kathimerini’s new paywall strategy has contributed to measurable improvements:

  • Subscription growth: Subscriptions have grown consistently each month since launch, enabling the organisation to successfully reach its first-year target. 

  • Registrations: Reached over 270,000 registered users since launching a registration wall in 2023, as of August 2025.

  • Improved conversions: Subscription conversion rates rose in line with increased content locking and clearer value communication, supported by improved onboarding and engagement strategies.

Our collaboration continues through an ongoing retainer, with FT Strategies providing monthly consulting, data reviews, and subject matter expertise to help Kathimerini stay on track. The current focus is on accelerating progress toward its 2025 growth ambitions by sharpening priorities around churn reduction, new audience acquisition, and traffic optimisation.

"As the first media organisation in Greece to make a strategic investment in reader-focused revenue growth, we are proud to have collaborated with FT Strategies over the past three years at this pivotal moment for Kathimerini. This partnership underscores our long-term commitment to editorial excellence and innovation, and marks a new chapter for the organisation; one focused on building a sustainable, reader-first future while nurturing a vibrant and engaged subscriber community"

 

Lefteris Bidelas

Managing Director at Kathimerini