Brands offer subscriptions, users love them: News from X, Snapchat & Disney
Welcome back to Subscriptions Weekly! This time, we review the potential X subscription service, Disney+’s subscriber shortfall, Roblox's new in-experience subscriptions, Snapchat+’s user growth, and Revel’s successful fundraising for car subscription expansion.
Twitter, now X, is moving to a small monthly subscription
Elon Musk discussed his plans for X–he said the social network is “moving to having a small monthly payment” to combat “vast armies of bots.” The CEO did not say how much a new plan would cost or what other features would be included in the service. Read more on BBC.
Snapchat+ now has over 5M paying users
Snapchat’s subscription service has topped 5 million subscribers. The demand for the product has been growing over time as Snapchat+ added more features, including early access to Snap’s latest AI products like its My AI chatbot and Dreams, a generative AI selfie feature called Dreams. Learn more on TechCrunch.
Disney+ faces subscriber shortfall after price hikes
The streaming giant has reportedly encountered obstacles in meeting its subscriber targets. The company's goal of reaching 215 million to 245 million subscribers by 2024, is now expected to fall short. One of the primary reasons is the loss of customers following price increases. Learn more on PYMNTS.
Roblox is rolling out in-experience subscriptions
The video game platform is rolling out the ability for developers to create subscriptions within their experiences. Developers must have verified their account, and only experiences made in Roblox Studio before September 1st will be eligible for subscriptions. Roblox users, however, won’t be able to buy subscriptions until sometime in November. Read more on The Verge.
Spanish startup Revel raises $125M for car subscription platform
Digital car subscription service provider Revel has reportedly raised 115 million euros (about $123 million) in a funding round. The money will accelerate the company’s expansion plans and further develop its car subscription. This model appeals to people who would have been looking at leasing but find that this option, while in some ways similar to leasing, offers more value. Read more on PYMNTS.
📣 Save your spot: Subscription Sessions
Join industry leaders from The Washington Post, Twitch, WorldPay, Cinemark, Toolkits, and BakerHostetler in this multi-session virtual summit for brands focused on profitable growth. Uncover the latest strategies to unlock profitable growth and long-term subscriber relationships. RSVP now.
📣 Holiday promo prep: What you need to know about gift subscriptions
Our latest survey shows that 53% of gift givers and 51% of recipients are considering subscriptions as presents this year. Learn what gift subscriptions consumers want, how much they are willing to spend, and how to turn one-time gift recipients into long-term subscribers after a gift subscription expires. Get the report.
From the Recurly blog
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