Welcome back to Subscriptions Weekly–your one-stop newsletter for industry news! In this edition, we dive deeper into ad spend forecasts and how marketers for global brands are fighting uncertainty. Check out new pricing for Apple’s subscription offerings, Spotify’s Q3 growth report, Lyft’s monthly plan relaunch, and Amazon’s partnership with Venmo.
Brands can’t afford the risk of a spray-and-pray approach to campaigns
With the downgraded ad spend forecast for this and next year, marketers are embracing new technologies and accounting for every penny of spending to fight uncertainty. However, advertising investment is still set for growth. Oscar Wall, Recurly’s EMEA General Manager, states:
“Due to rising inflation and the cost of living crisis, global VOD platforms are starting to offer ad-tiered services to make content more accessible for households looking to cut budgets. This hybrid offer has created a unique opportunity for advertisers to reach new audiences and for global VOD platforms to personalise subscription offerings.” Keep reading more on Performance Marketing World.
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.
Apple increases subscription prices for U.S. consumers
Joining various other companies that have increased their prices this year, the brand is raising Apple TV+, Apple Music, and Apple One bundle fees:
Apple TV+'s new pricing is $6.99/month or $69/year.
Apple Music’s individual plan will now be $10.99/month, and the family plan will be $16.99/month.
For Apple One–which includes Apple Music, Apple TV+, Apple Arcade, iCloud+, Apple News+, and Apple Fitness+–the new prices for the individual, family, and Premier plans are $16.95/month, $22.95/month and $32.95/month. Learn more on TechCrunch.
Spotify hits 195 million paid subscribers in Q3
The media streaming company has closed Q3 with 7 million new paying subscribers, hitting a total of 195 million–expecting to reach 200 million by the end of 2022. However, its gross profit margin was two points lower than last year. Spotify’s CEO is not definitive on pricing increases, but Apple’s decision has opened the door for price hikes across the industry. Read more on The Verge.
Lyft relaunches Lyft Pink at half its original price
While prices continue to increase for streaming brands, ride-hail giant Lyft has relaunched Lyft Pink, its monthly subscription plan, at half its previous price. For $9.99/monthly or $99/yearly, the membership offers perks like free priority pickups and a discount of at least 5% on Preferred, Lux, and XL rides. Learn more on TechCrunch.
With the holidays approaching, brands are pushing discounted offers to attract and retain more subscribers. This year, nearly 70% of consumers want to give and receive gift subscriptions.
Amazon rolls out Venmo payment option
The retail giant has announced that it will start accepting Venmo as a payment method for U.S. customers. The payment choice will be available to all U.S. shoppers by Black Friday through Amazon’s website and mobile app. Keep reading on Retail Dive.
Join Recurly at these exciting events:
Learn how industry leaders plan 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.
Let’s have breakfast at our London Office. Join us next November 17 for an intimate conversation with Greg Jenkins, ecommerce and product strategy lead at Findmypast, and learn effective strategies for global expansion. Save your spot.