Subscription services are just a small aspect of the large technological boom that our society has experienced in the past decade. This model is yet another way that technology has made our lives more efficient and streamlined. Currently, subscription services are growing nearly four times faster than companies in the S&P 500, taking the U.S. and by extension the world by storm.
In the United States alone, there are well over 200 million subscriptions, equating to over 60 million subscribers. The main reason for this volume is the sheer variety of types of subscription services. From food, to sports, to television, to supplies, entertainment, and everything in between, there is a little something for everyone. Also, these models are convenient, simple, and engaging for consumers and businesses alike.
Consumers are choosing subscription models for a number of reasons. First, they are affordable and cater to a younger demographic. This younger demographic is most engaged with technology, making buying into subscription services a no brainer. The pandemic was a factor as well, helping people to receive necessary goods straight to their home during an unprecedented time. Finally, they are just plain fun! In fact, nearly 36% of consumers admit that “getting a subscription is enjoyable.” Now, because of this interest, more and more businesses are starting offering subscription packages.
No matter the interest or needs, there is truly a subscription service out there for everyone. Especially in an age when technology runs the world, these models are here to stay and will only continue to grow.