Researchers say that eight in ten adults use subscription services and consumers continue to seek more streamlined and convenient ways to access the products and services they need. The shift toward experiential consumption Luxury vehicle subscription which allows you to drive a certain distance based on monthly payments. Subscription box models such as a monthly wine box selection. Content as a subscription such as PlaystationPlus. Software as a Service (SaaS) such as Adobe. Streaming services such as Spotify and Netflix. There are many examples of subscriptions. The subscription model is based on a recurring revenue model in which customers pay a weekly, monthly or yearly fee in exchange for access to a product or service over time. The concept of subscription economy refers to the trend of companies shifting their traditional pay-per-product model to a subscription business model. It seems like the subscription economy is more than a passing trend and is here to stay.
It is expected to grow even more by reaching a market size of $1.5tn by 2025. Industries have seen an explosive demand for subscription-based services over the last few years, leading the subscription economy to thrive.Īccording to T he Subscription Economy Index report the subscription economy has grown by a remarkable 435 percent over the last decade. If you think you don’t belong to this group you might be one of the 42 percent of consumers who are currently paying forgotten subscriptions that they no longer use. According to Subscription Service Statistics and Costs research an average consumer spends $133 a month on subscriptions which amounts to about $1,600 a year.
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