With services like Netflix and iCloud, subscription models might seem new to a lot of people, however, they’ve always been there. Think newspapers and magazines, and how following such a model ensures that businesses have a constant and recurring source of revenue along with customer loyalty. But what was only limited to newspapers and magazines in the past has now spread like wildfire domains such as finance, tech, AI, health, entertainment and virtually any other field one can think of. The subscription economy is fairly simple to understand and implement for any business. Instead of charging customers a one-time fee or a hefty one-time purchase, subscribers are created and they pay small and recurring fees on a regular basis. So why are so many startups and established companies switching to this business model, and why does it work so well? 1) Highly Convenient for Customers Who doesn’t want a hassle-free…
