How much do Brits spend on subscriptions?
Welcome back to the best monthly newsletter for subscription content in Europe. In this issue, we discover the total cost Brits spend on subscription services and dive deeper into Findmypast’s digital transformation with Recurly.
We ask ourselves, how far can AI go in the music industry or fighting payment fraud? We review audio streaming news and share the latest subscription services by Luma and Eco Green Living.
The total cost Brits are spending on subscription services revealed
The average Brit pays out nearly £500 every year on subscription services. Even though 77% are comfortable with the amount they spend each month on their subscriptions, 45% admit they have signed up for a plan using an introductory offer with the intention of cancelling as soon as it ends. Learn more on Independent.
From DIY to 515% ROI: Findmypast’s digital transformation with Recurly
Findmypast, a London-based genealogy website, helps families find long-lost stories and revive precious memories. Initially, their only service was locating records–a one-time purchase. But the digitisation of records made Greg Jenkins, Head of Product at Findmypast, realise that the business must do more to stay competitive.
UK Finance: How far can AI go in fighting fraud?
Much is being said about the potential of new technologies like artificial intelligence (AI) and machine learning in transforming fraud detection and prevention across industries.
According to UK Finance, the jury is still out on their full impact. Regardless of using advanced technologies, as long as fraudsters can convince victims to give them access to their personal information, it’s back to square one. Learn more on PYMNTS.
Are older listeners the key to unlocking streaming’s growth potential?
Digital platforms increasingly combine music and non-music content to keep listeners engaged and make the apps more attractive to subscribers. As online listening growth slows and smartphone ownership is nearly ubiquitous, podcasts and audiobooks stand out.
Streaming companies tend to target young consumers, but the growth opportunity appears to lie in older age groups. According to Edison Research, last month:
89% of users from the 12-34 age group listened to audio, and 55% to podcasts
81% of users from the 35-54 age group listened to audio, and 51% to podcasts
53% of users from the 55-and-over age group listened to audio, and 22% to podcasts
Music industry makes $26bn but wants streaming prices to rise
The success of artists like Taylor Swift and BTS helped global music revenues rise to $26.6bn (£21.7bn) last year–largely driven by streaming, which accounts for 67% of the industry's earnings.
The UK's largest streaming service, Spotify, hasn't increased its prices since launching in 2009, with an individual subscription set at £9.99. However, Simon Robson, president of international markets for Warner Music, said, "It would help if music subscription pricing could reflect the realities of inflation.” Learn more on BBC.
Yes, AI is the future of music–but not in the way you’d think
Technology has always played an important part in transforming how we produce, record, and consume music. Endel, a sound wellness company headquartered in Berlin, takes inputs from a user’s movement, time of day, weather, heart rate, location, and other factors and then uses AI to generate personalized soundscapes that adapt to changes in real-time. Read more on Music Business Worldwide.
Pill subscription Luma uses AI and 3D printing for personalised menopause support
Menopause affects everyone differently, and Luma understands that. Luma’s subscription service works with an app that tracks subscribers' symptoms, lifestyle, and preferences, then uses AI to analyse the data and create a personalised recipe for each user. That formula is 3D printed into a single pill, making taking the ingredients easy and convenient. Read more on Trend Watching.
Eco Green Living makes eco-friendly life more accessible with new subscription offering
Eco Green Living understands that an eco-friendly lifestyle can be unrealistic for families with busy lifestyles. They’re offering a revolutionary one-stop pack enabling customers to make eco-friendly choices available– delivered straight to customers' doors as often as needed. Learn more on Yahoo!
Join Recurly at these exciting events
On-demand: How to navigate subscription revenue recognition. Learn how Recurly automates ASC-606 and IFRS-15 compliance with its revenue recognition engine, built to handle your most complex subscription contracts and pricing configurations. Watch now.
On-demand: The 2023 State of Subscriptions webinar. Set your team up for success with insights from more than 2,200 global brands. Learn the upcoming industry trends and consumer demands. Watch now.