The boom in the subscription economy and how it influences changes in consumption

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The boom in the subscription economy and how it influences changes in consumption

Over the last few years, the perception of the potential possession or not according to what things has changed. Sportiy was one of the first services to play with the idea of ​​access and not with that of ownership. The consumer paid a monthly fee and thanks to this they could access the different songs in the service’s catalog. They were not his property, but he could listen to them as many times as he wanted, as if they were. The user thus had a wide library of content, even if they were not exactly his.

Now, the idea behind Spotify doesn’t seem particularly surprising, and it’s not surprising that consumers could embrace it and switch to listening to music that way. However, at the time, he was supposed to break with the custom and with what had been  uk telephone number database  done. Consumers no longer bought music (or no longer accumulated pirated downloaded music tracks) but paid per use. The subscription economy was born.

The model of that service is similar to the one that now appears everywhere and is used to access many intellectual and entertainment goods. There are systems that start from the same base to access books, for example, as is the case with Scribd , Nubico or Amazon’s Kindle Unlimited .

Although, almost without much doubt, the best known version of this system and this service is in what the VoD portals are doing, with their on-demand access system to content. Netflix is the most popular example: the user pays a monthly fee and thus can access movies, series, documentaries and other audiovisual content. They are not yours and, in fact, they are not always available (when the broadcast contracts end, they disappear from the platform), but the consumer feels that they have access to what they want and what they expect.

But since then the range of products that can be purchased using subscription models has increased significantly. Companies of all kinds have begun to position themselves by making use of these types of models and more and more types of products – and the most diverse – are trying to sell in this way and using these resources. The subscription economy is no longer just for content or entertainment, already reaching areas as exotic as grocery shopping can be.

You don’t buy a car, you subscribe
Now, in fact, they even try to sell cars. Volvo has just launched a campaign in Germany that seeks not to sell a car but to get consumers to subscribe to it.

The campaign with which they are trying to launch it uses as a claim, in fact, the “don’t buy this car”. Consumers pay a monthly fee and with it they not only have access to a vehicle but also to repairs and related expenses. “It is very transparent,” explains Hakan Samuelsson, CEO of the giant , to Bloomberg BusinessWeek . “You know exactly what it costs.”

Consumers pay between 498 and 929 euros per month, depending on the vehicle model they are accessing to. It is not a rental system, they make it clear, because it goes further. It is a new vision of accessing vehicles and Volvo expects that in 2025 it will be a very important part of its revenue. Ford is also testing the subscription model.

Reach consumers who were losing
For automotive companies, the system could be the solution to one of their serious problems in recent years: young people not only have less and less driving licenses (in the United Kingdom, among the first group of young people, 30% He has a license, which is half of the young people who had it in the 90s) and also the car is seen as much less important. The subscription model can allow them to reach a niche that they were losing.

When subscription models linked to music appeared, they served to reach consumers that companies had lost. It was the palliative before the impact of piracy.

How things are changing
And besides, it’s almost a kind of change with the times. Between the first moments in which we were trying to use the systems that worked with subscription models and today, a lot has changed. The market has experienced a bombshell. In the United States, companies that operate this type of service have grown 100% year-on-year. They have gone from billing 57 million in 2011 to moving 2,600 million in 2016. Some analysts already believe that it is the future of consumption and that it will completely modify how we access things.

“Once you get used to thinking this way, it becomes a lot easier,” explains Tien Tzuo, an expert on the matter and one of those who predicts that change. Tzuo also points out that this will make companies not have to think so much about the product when  uk telephone number database  trying to sell something, but rather about what consumers are going to do with it. That is what will mark the change and that is what will make them succeed.

In addition, subscription systems have a point in their favor for companies that other sales methods cannot develop. They can keep track of consumers’ habits, what they actually do with their purchases and with their consumption decisions, allowing them to be more efficient in planning for the future.

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