How can businesses retain more subscribers? Plus news from Apple
Welcome back to Subscriptions Weekly! In this edition, we review Apple’s iPad Final Cut Pro and Logic Pro launch and the Twitter Blue, Disney+, and Warner Bros Discovery earning reports from last quarter. Additionally, we dive deeper into the retention struggle that the food and subscription industry beverage industry suffers.
Apple launches Final Cut Pro & Logic Pro on iPad with new subscription pricing
Both apps will be available for $4.99/month or $49/year. For comparison, buying Logic Pro on a Mac costs $199.99, and buying Final Cut Pro normally costs $299.99. The video and music editing apps will have enhancements specifically for iPads–making the video editing process “easier than ever.” Read more on The Verge.
More than half of Twitter Blue's earliest subscribers are no longer subscribed
Out of about 150,000 early subscribers to Twitter Blue, around 45% have stuck around and maintained a paid subscription as of April 30. However, a portion of those users that show up as subscribed may have already canceled their plans but continue to receive the subscription service for free. Learn more on Mashable.
Disney+ loses subscribers for second quarter in a row
While analysts expected subscriber growth of 163.17 million, Disney+ lost four million subscribers in Q2 2023, bringing the total to 157.8 million. The main reason behind the decline was Disney+ Hotstar, which shed 8% of its subscriber base. Many viewers in India are upset with the company’s decision to not retain streaming rights for the Indian Premier Cricket League. Read more on TechCrunch.
Warner Bros. Discovery sees Q1 loss despite streaming improvements
The loss is buffeted not only by the dynamics of streaming video that is eroding traditional media-industry economics but also by charges related to the WarnerMedia and Discovery Inc merger. The owner of HBO, TNT, and Discovery Channel said its loss of $1.069 billion included “acquisition-related intangible assets and $95 million of pre-tax restructuring expenses.” Learn more on Variety.
Food & beverage subscriptions struggle to retain members
Food and beverage subscriptions see disproportionate churn relative to other industries as consumers rethink which recurring payments they need. While these subscriptions slightly overperform in driving signups, they struggle to hold onto the customers they have. Read more on PYMNTS.
It’s a fact: 2023 is the year of retention. While the economy largely dictates consumer purchase decisions and business strategies, the unwavering popularity of recurring services proves subscriptions are here to stay. Companies should not be intimidated by the uncertainty. Instead, they should seize the opportunity to create a subscription that can’t be denied.
The State of Subscriptions report shares actionable insights and benchmarks around acquisition, growth, payments, and churn to recession-proof your business with the right strategy across the lifecycle.
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