As monetization strategies shift from advertising (where Google and Facebook take the lion’s share) to reader revenue, there is an important distinction lost on many publishers: subscriptions vs. memberships. Simply put, subscription is a one-size-fits-all approach. It treats all customers the same, no matter their income level or engagement. Many publishers do more than publish news: they host events, offer discounts, even sell merchandise. A tiered membership strategy allows the publisher to reconfigure those offerings into different bundles that can appeal to different audience segments that have varying levels of price-sensitivity. However, pulling this off requires a precise strategy and deep understanding of the audience. To quote the Harvard Business Review: “Subscription is a pricing structure. Membership is a mindset.”