One thing’s for sure with subscriptions: something is always happening. This week, we talk about the subscription billing management growth projection. Netflix’s bounce back from subscription and revenue loss and new features from Snapchat+, Discord, Verizon, and Walmart. The new Amazon insurance store and Uber Eat offerings in the UK, plus digital payment rewards and partnerships.
Subscription billing management market is expected to reach $14.1 billion by 2028
Businesses are transitioning from static to subscription-based product offerings. And consumers are hooked. Most online buyers are engaged in subscription programs and get items on a recurrent basis. Customers like the versatility and convenience of subscriptions; companies love consistent, predictable, and recurring income.
Netflix bounces back, announces ad-backed tier, and launches profile transfers
This week, Netflix issued its Q3 earnings statement with better-than-expected results after two quarters of net loss. The brand reported 2.4 million net new paid subscribers and a 14% share increase.
The streaming service also announced the launch of its ad-supported tier next November 1. Oscar Wall, Recurly’s EMEA General Manager, states: “Remember that in most markets hybrid services from national broadcasters have been available for 10+ years, this isn't really the case of major streaming players like Netflix and Disney+ creating something new. Rather it's about moving to an already established regional model that consumers are familiar with. This, combined with inflationary pressures, makes it likely that most streaming platforms will introduce ad-tiered models to help reduce customer churn.”
Additionally, the brand launched a new profile transfer feature that allows subscribers to migrate their profile to a new account. These are all Netflix’s strategies to grow revenue and boost retention.
Is subscriber growth and retention keeping you up at night, too? Join us on November 3rd to discover upcoming industry predictions and actionable insights to stay competitive.
What's new in media & entertainment?
Not only for Netflix but it’s also been a busy week for all subscription businesses. Here are the latest features and partnerships from your favorite brands:
Snapchat: Snapchat+ has rolled out three new features that allow users to expire their stories at different 24-hour intervals, add new camera color borders, and custom notification sounds. Learn more on TechCrunch.
Discord: The instant messaging platform is launching a Nitro Basic subscription for $2.99/month alongside a new Activities feature that includes YouTube integration and casual games. Keep reading on The Verge.
Verizon: Sports fans can now enjoy NBA streaming services and get exclusive offers through Verizon’s +play platform. Learn more on Fierce Video.
Walmart: Expanding its social commerce reach, the retailer has launched a new content creation platform that allows creators to monetize shoppable products on any social media channel. Continue reading on Retail Dive.
Amazon insurance store launches in the UK
Yes. Amazon. Insurances. Property coverage. All in one store. Beyond retail, Amazon is set to streamline home property shopping and decision-making with simplified quote questionnaires, competitive rates, and transparency. The Amazon Insurance Store provides a shopping experience with like-for-like quote comparisons and integrated checkout. Learn more on PYMNTS.
Uber Eats & Iceland Foods to improve delivery in the UK
Uber’s delivery platform may succeed where ultrafast grocery startups failed. In partnership with British supermarket chain Iceland Foods, the brand promises delivery of 1,000+ products in as little as 20 minutes in London. Keep reading on PYMNTS.
With the holidays approaching, retailers are pushing discounted offers to attract and retain more subscribers. This year, nearly 70% of consumers want to give and receive gift subscriptions.
PayPal launches cash-back rewards program
The payments giant has announced a rewards program that lets users earn, redeem and manage their shopping incentives within the PayPal app. Customers can redeem their rewards points for cash back and other incentives, transfer them into their PayPal or bank accounts, donate them to charity, or send it to other users. Learn more on Retail Dive.
Thunes integrates with Visa Direct’s digital payments network
The cross-border payments startup is partnering with Visa to add more than 1.5 billion new endpoints to Visa Direct’s digital payments network–allowing consumers and small businesses to send funds to markets in Africa, Asia, and Latin America. Continue reading on Tech Crunch.
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How industry leaders are planning for 2023 and beyond. Join us next November 3rd to discuss how brands stay competitive and plan for 2023 and beyond. Save your spot.
Let’s meet at Subscription Show on November 8-10! Defeat growth blockers and find better ways to accelerate revenue potential. We’ll discuss it over a coffee; book your time.