The world has come a long way from people owning VCRs, DVDs and vinyl records to Netflix, Spotify and Audible. But why is that? The subscription economy has changed the way businesses generate revenue, offering convenience, flexibility and value to consumers while driving sustainable growth for companies. From streaming services to meal kits, subscription-based models have proliferated across industries in recent years. The Rise of Subscription Models The subscription economy has witnessed exponential growth in recent years, fueled by changing consumer preferences and technological advancements. Today, consumers value access over ownership, favouring subscription-based services that offer convenience, customisation and affordability. One notable trend driving the subscription economy is the shift from product-centric to service-centric business models. Companies across various sectors, from entertainment to retail to software, are adopting subscription-based models to provide ongoing value and build long-term customer relationships. Key Strategies for Success To succeed in the subscription economy, businesses…
