Nalin Mehta reveals the strategy behind Moneycontrol’s success

New Delhi: Network18’s Moneycontrol recently announced that the platform crossed 10 crore visitors in October, nearly a month after its premium subscription-based product Moneycontrol Pro crossed 1 million paying subscribers.

Speaking with BestMediaInfo.com, Nalin Mehta, Managing Editor at moneycontrol.com, termed this achievement a paradigm shift in user consumption in the news space.

“The 10 crore milestone is a huge achievement not just for Moneycontrol, but for the entire business and financial news space,” Mehta said.

“This number represents a paradigm shift in user consumption and market trends, far surpassing the leadership numbers of old print newspapers. More importantly, it has more than doubled our audience in less than a year, reflecting the growing demand for our content,” he added.

As far as 1 mn paying subscribers are concerned, Moneycontrol is now competing with major international media platforms such as Financial Times and Barrons.

Revealing the strategy that helped Moneycontrol hit the 1 million subscription mark, Mehta said, “Our readers seek content that helps them invest their money wisely, and as a financial and Business Intelligence platform, we provide valuable expertise. Our specialised research, market analysis, business intelligence, and data tools assist readers in managing their finances and making informed investments.”

Secondly, Mehta added, “We study specific stocks in particular industries and offer comprehensive insights adding significant value that helps them invest better.”

On touching the 100 million unique visitors mark, Mehta said, “The Indian reader, much like the Indian voter, is highly demanding and discerning. Digital publications may resort to tricks like clickbait and SEO spamming, but ultimately, the quality of content is what truly matters. The fact that over 10 lakh readers have subscribed to MC Pro, our subscription service, reflects their confidence in the value of our content.”

“Unlike in the past, feedback now comes directly from users through their subscriptions, so we can not put out sub-optimal content. Sustaining this audience requires consistently delivering high-quality content, as there are no shortcuts,” he added.

Proving his point as to why content is king, Mehta said, “The significant time spent on our platform, with users averaging over ten minutes per session compared to about one minute on most big general news platforms, highlights the quality of our content. 

In an age where people scroll through their phones and move on from Facebook videos in just three seconds, maintaining an average of eight to nine minutes consistently month after month is remarkable. This demonstrates that our content is engaging and valuable, ensuring that users are willing to invest their time in it.”

Addressing the industry-wide concern of a sluggish subscription market, Mehta said, “Making money from content is challenging, especially in India, where people are not accustomed to paying for it. However, our subscription numbers place us in the top 15 global media platforms, alongside credible brands like The New York Times, The Washington Post, and Financial Times. 

The common factor among these brands is the credibility and engagement of their content with core audiences. If readers don't find our content valuable, they won't read it. This responsibility drives us to consistently deliver high-quality content. We are humbled by the trust our readers have shown through these impressive numbers,” Mehta said.

Talking about how Moneycontrol diversified its revenue stream. Mehta said, “When MC Pro started five years ago, people doubted we'd reach 30,000 paying subscribers, but we hit that number within a month. Soon, we reached one lakh subscribers and quickly doubled it. Now, we have 1 million subscribers, or 10 lakh.”

“Subscriptions are core to us, and we aim to grow this audience further. Additionally, we offer a strong suite of data tools for transactions, loans, FDs, bank account tracking, and ratings. We also have regular advertising, providing a full range of offerings and opportunities,” added Mehta.

When asked if he sees players like Zerodha as competition, Mehta said, “Moneycontrol stands in a category of its own due to the sheer size of our audience and subscription volumes. No other platform is even in the same ballpark. Our readers have shown great confidence in our offerings, which in turn gives us the confidence to keep innovating further. Right now, Money Control is in a class of its own, unmatched by any competitor.”

Diving deeper, Mehta mentioned that Moneycontrol already operates in English, Hindi, and Gujarati and that he is upbeat on the Hindi market. 

“We are also planning to expand our offerings in the Hindi market, as the Gujarati market is stable but our Hindi audience has seen a huge uptick in demand,” Mehta highlighted.