Behavioral Economics, Tech & AI, news from ChatGPT and X
Welcome back to Subscriptions Weekly! In this issue, we review the behavioral techniques that drive sustainable growth in digital media and how a robust infrastructure makes a difference in high-volume subscription situations. We also check on ChatGPT’s builder option, xAI’s upcoming chatbot, and Crunchyroll’s mobile games vault.
The power of perception: Behavioral economics in digital media
Behavioral economics is a fascinating interdisciplinary field that bridges psychology and traditional economic theory. By delving into the intricacies of human cognition, emotions, and biases, it unveils decision-making patterns that are invaluable to media organizations. From loss aversion to the von Restorff effect and social proof principles, check out the seven potential techniques to increase conversion, engagement, and retention. Read more on FT strategies.
Scaling tech for peak subscription demands: An industry perspective
When comparing subscription management and billing platforms, many key differences appear—not the least of which is managing peak subscription events. A robust technology infrastructure and a well-conceived tech stack strategy will make the difference in a high-velocity, high-volume subscription situation. Tony Allen, Recurly CTO, shares the following considerations when designing, implementing, and maintaining these systems. Learn more on Forbes.
ChatGPT subscribers may get a ‘GPT builder’ option soon
According to The Decoder, leaked screenshots and videos show a custom chatbot creator with many of the same features already available in ChatGPT using GPT-4, like web browsing and data analysis. OpenAI will apparently also have a new marketplace where users can share their chatbot or browse those made by others. Additionally, OpenAI is planning to release an enterprise subscription plan. Read more on The Verge.
Musk says X subscribers will get early access to xAI’s chatbot, Grok
Elon Musk’s AI startup, xAI, is creating its own version of ChatGPT, called Grok. The system answers questions conversationally, possibly drawing on a knowledge base similar to that used to train ChatGPT and other comparable text-generating systems. Grok leverages “real-time access” to info on X and has internet browsing capabilities, enabling it to search the web for up-to-date information about specific topics. Learn more on TechCrunch.
Crunchyroll is adding mobile games to its subscription
The anime streaming service is adding mobile games to its offering in a move similar to Netflix’s ongoing foray into gaming. The new feature–Crunchyroll Game Vault–is available for free to subscribers of the Mega Fan and Ultimate Fan tiers. Much like on Netflix or Apple Arcade, the games will all be free and devoid of in-app purchases. Read more on The Verge.
🎦 Watch on demand: The secrets to profitable subscription growth
Hear from CNBC, Condé Nast, Sling, Cinemark, and more world-renowned brands in this multi-session virtual summit. Get best practices to unlock profitable growth and long-term relationships–from pricing to payments to compliance. Watch now.
🎁 Subscription gifting: Everything you should know
Our latest survey shows that 53% of gift givers and 51% of recipients are considering subscriptions as presents this year. How much will they spend? How can you turn one-time gift recipients into long-term consumers after a gift subscription expires? Check out the report.
From the Recurly blog
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