Subscriptions are not for magazines and newspapers anymore. Netflix, HBO Max, Apple Music, Spotify and countless other outlets — especially in the pandemic era — have introduced both consumers and retailers to a new way of doing business. This new model boosts bottom lines and elevates customer satisfaction, and it is fast becoming ubiquitous and undeniable.
The subscription economy is booming, too. A 2021 study showed a six-time increase — an astounding 500% — over the preceding nine years. That growth was five to eight times faster than traditional businesses.1