The US is in the midst of a subscription addiction. Year-over-year, there are more than 20 million subscriptions sold annually, which totals $10 billion in revenue and an increase of over 10%. The amount of people subscribing to services such as Netflix, Amazon Prime, Spotify, and Hulu has grown by 2 million subscribers each year since 2010. This is an interesting trend to keep an eye on because as this continues, we have compiled a list for you of some interesting stats for these types of subscriptions.
1) Netflix has 125 million memberships globally, with 50% being outside the US;
2) Spotify had 60 million paid members worldwide as of December 2017;
3) One out of every four Americans subscribes to either Netflix or Amazon Prime;
##What is a subscription box service, and how does it work:?
A subscription service is where you pay a monthly or annual fee to receive boxes of items, typically centered around one theme. These could be beauty products, food items, stationery supplies, and other unique gifts and goodies. This is like getting a birthday gift every month!
Most subscriptions offer different levels of payment per box – from the most basic that includes just samples up to ones with full-sized products for all sorts of budgets. The savings can really add over time if you enjoy many different types of goods.
Boxes are delivered on a schedule. For example, you might get one box per month or every other month, depending on your plan and needs. You may also be able to pause the deliveries when you’re not ready for new items yet if there’s an upcoming family vacation or birthday party coming up!
##My personal experience with 3 different types of My Subscription Addiction services
In the past year, I’ve spent more time than ever exploring subscription services. In this article, I’ll discuss my experience with three types of subscriptions: music streaming services like Spotify and Apple Music; online video streaming services like Netflix and Hulu Plus; and magazines/newspaper subscriptions such as The New Yorker or National Geographic. I will explore how each type of service has changed what it means to read, watch TV (or movies), listen to music, or be informed about world events over the last decade.
I have been a subscriber for many years now – using Pandora’s internet radio from 2005 until 2017 when iTunes Radio shut down permanently in favor of Beats One that is available only through an app on your phone. When they shut down, I switched to Spotify.
##How to get started with your own My Subscription Addiction service:
-Find a niche with high demand for your services.
-Build out the content and build an email list of potential customers. This also builds trust because people like to be on lists.
-Make sure you have enough time in your schedule to carry this off without impacting other commitments or relationships.
-Create a pricing plan that is profitable but not too expensive when compared with competitors’ prices or what buyers are willing to pay (can use survey tools).
-Get feedback from friends and family about the price point before releasing publicly.
-Launch your product.
##The pros and cons of My Subscription Addiction:
Pros And Benefits:
There are a lot of benefits to subscriptions. I can buy multiple products at once and not worry about running out or forgetting what I need to get next, plus my shipping will be consolidated, so it’s cheaper! Plus, most companies offer free return privileges if you don’t like anything in your order.
Having the convenience of a subscription service and knowing your needs will always be met is worth it. You can buy something you need without thinking about what else you need, and there are options for all budgets now that major companies have expanded their lines to include more affordable items. Plus, when I’m in doubt or indecisive (see cons), this helps me pick out just one thing for myself instead of two!
Knowing exactly what you need when it’s time to shop for a present, event, or even just yourself (think about how much money and hours you would save if someone else did the work for you!)
When I’m in doubt or indecisive, this helps me pick out just one thing instead of two! It can also be helpful when shopping with friends because they’ll see something that may not have caught my eye before. Plus, there are options for all budgets now that major companies have expanded their lines to include more affordable items.
You don’t have to think about your needs again until the next delivery date, and customers know they will always get what they want from the online store.
If you’re a parent, I know how hard it is to keep up with what your kids want all the time, and having a subscription helps out in this scenario because they don’t need anything other than their next subscription box!
You get an email reminder that tells me when my items are coming so I don’t forget about them or not have enough room for storage at home.
It’s like living vicariously through someone else who knows exactly what products will make me happy every month!
Cons:
The cons list is longer. There’s such a thing as too many choices; this might make me indecisive when picking out things for myself because now I have an infinite number of items that could suit my needs (or wants). It also becomes difficult to keep track of everything you’re spending on–that icky feeling after buying yet another monthly subscription even though we’ve been trying to cut back.
##Tips on how to save money when subscribing to multiple boxes at once:
Sign up to be notified when a box is back in stock. Some companies let you sign up for notifications through email, but it’s also possible to use an app like Rinse or Tracktorio.
If you have too many subscriptions and want to cancel one, check if your payment method can be transferred first. Then just transfer the subscription & purchase history over with that card on your new account.
Please note that this advice does not apply if the company doesn’t allow transfers of any kind! Double-check before canceling by contacting them.
##Final Words
It seems that the US is a bit addicted to subscription-based services. We are signing up for new memberships and subscriptions at an alarming rate, but it’s not all bad news. As long as we keep our credit card information safe, these monthly fees can be a good thing! I’ll end this blog post with my favorite Netflix show, which might just convince you to sign up for your own account too!