Leveraging a combination of analytical frameworks and empirical assessments, this study investigates the effects of wait-for-free (WFF) pricing schemes on the monetization of serialized, digital entertainment content, which has become increasingly pervasive on online platforms. WFF pricing is a strategy in which consumers are given the option to either wait a certain amount of time to acquire digital content at no cost or pay to consume it immediately. We evaluate the extent to which habit formation and present-biased preferences driven by the consumption of addictive stock affect individual consumers’ willingness to wait (or pay) for content, which, in turn, determines the efficacy of WFF pricing. We also examine the conditions under which consumers switch from waiting for free content to instantaneously purchasing content. Our findings indicate that WFF pricing increases the sales of serialized digital content, generating new demand from customers who would otherwise forgo participation in the market. In addition, the pricing design effectively generates sustained profits in the long run. We found that most consumers who initiate a purchase either upon initial market entry or upon switching continue to purchase as new episodes become available. Moreover, the results indicate that as a user accumulates free episodes of a specific series, given extended waiting periods, the likelihood of their conversion from a wait-for-free customer to an instant-purchase customer increases. In particular, WFF pricing effectively augments the willingness to pay of low-valuation consumers as habit formation builds up through time with the free consumption of serialized content. One free episode can elevate the likelihood of consumer purchase by up to 13%. However, as the number of free episodes consumed goes beyond a threshold, the likelihood of conversion decreases. We conclude with a discussion of managerial implications that can help content providers monetize their serialized digital content products.

中文翻译：

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免费的成本：“等待免费”定价方案对系列化数字内容货币化的影响

本研究结合分析框架和实证评估，研究了免费等待 (WFF) 定价方案对序列化数字娱乐内容货币化的影响，这些内容在在线平台上变得越来越普遍。WFF 定价是一种策略，消费者可以选择等待一定时间免费获取数字内容或付费立即消费。我们评估了由令人上瘾的股票消费驱动的习惯形成和当前偏见偏好在多大程度上影响个体消费者等待（或支付）内容的意愿，这反过来又决定了 WFF 定价的有效性。我们还研究了消费者从等待免费内容转向立即购买内容的条件。我们的研究结果表明，WFF 定价增加了序列化数字内容的销量，从而产生了原本会放弃参与市场的客户的新需求。此外，从长远来看，定价设计有效地产生了持续的利润。我们发现，大多数在初次进入市场或转换后发起购买的消费者会在新剧集推出时继续购买。此外，结果表明，随着用户累积特定系列的免费剧集，如果等待时间延长，他们从等待免费客户转变为即时购买客户的可能性就会增加。特别是，WFF 定价有效地增强了低价值消费者的支付意愿，因为随着时间的推移，随着系列内容的免费消费，习惯的形成逐渐形成。一集免费剧集可将消费者购买的可能性提高 13%。然而，当消耗的免费剧集数量超过阈值时，转化的可能性就会降低。最后，我们讨论了可以帮助内容提供商将其序列化数字内容产品货币化的管理影响。