In a recent MediaWeek article, which heralded the return of Paste’s co-founder Nick Purdy to the Publisher role, Purdy discussed the success of their “Pay What You Deal” where subscribers could pay a minimum of $1 for a year of Paste.

Here are the details as reported by MediaWeek…

In a Radiohead-inspired move, Paste last fall offered people the chance to name their price for a one-year subscription, usually $20 for 11 issues.

Purdy said the offer netted Paste (which guarantees a rate base of 180,000) north of 31,000 new subscribers who paid an average price of $4. He called the experiment a success, given that its cost was minimal compared with the $1.5 million he estimated it would cost to enlist that many subscribers via direct mail, assuming a response rate of 1 percent and per-piece cost of 50 cents.

Purdy said the offer benefited from its novelty and no doubt wouldn’t be as successful the second time around. Still, he said the results were good enough to warrant repeating it, adding, “the proof will be in the pudding on conversion.”