The subscription economy not only boomed, but also drastically changed over the Covid-19 lockdowns. Subscriptions were sought after not only out of convenience and, in some cases, necessity, but also for their customizable features. As consumers began to see unexpected levels of restriction in their day to day lives, subscriptions have risen to the challenge of filling the gaps caused by the unpredictability of lockdowns.
Changes in Subscription Trends
With restrictions shutting countries off from one another, access to digital news and media became increasingly important for consumers. Newspaper and online news site subscriptions grew by 110% in March to May (2020) compared to the previous year as people awaited regular updates on lockdown statuses across the world and the formulation of Covid-19 vaccines. Staying up to date with Covid updates, rules, regulations, and statistics for many became an important part of their lives, and it was tackled head on with news subscriptions.
Another hugely significant consumer trend was the rise in the online entertainment industry. Being kept in-doors meant that people had to find their own solutions for entertainment during their down-time. Although streaming media has always been a strong player in the subscription space, platforms like Disney+, Netflix and Spotify maintained the pattern of further subscription growth. Nights out at the cinema and concert halls soon became nights on the sofa, with a TV, laptop or speaker at hand.
The expected downturn in music streaming for 2020 was flipped on its head by the pandemic, causing audio streaming to grow by its biggest ever amount in the UK. A big part to play in this was the change in subscription marketing, with a greater focus on “the subscription’s savings, convenience and flexibility”. Subscription ‘deals’ were greatly appealing as many people’s working situation changed, and uncertainty in the economy caused spending habits to become restricted. The benefits of music streaming were huge for those who began to work, study and even exercise from home and needed that little bit of extra boost to brighten their days.
Staying Relevant as Subscription Trends Change
As trends begin to change, it doesn’t mean that your business will be impacted in a negative way. While the world around us is changing, the recurring revenue from subscriptions model can provide your business with a level of financial protection that will allow you to stay flexible as the needs of customers change overtime.
Why not book a discovery call with one of our billing experts and see how we can help you meet your subscription goals!