Hey, everyone. It's so great to see you again. This has been just such a fantastic day. One, a special shout out to all of our speakers.
I have learned so much today. It's always great to hear from some of the greatest in the space as we really unpacked everything that's, really driving profitable subscriber growth. Loved hearing about challenges and loyalty and what people are thinking about, everything from compliance, to taxes. So it's been a really robust and I hope everybody walked away with some great strategies for twenty twenty four.
It's my honor to introduce you to Dan our CEO at Recurley has been in this space for quite some time, so really looking forward to hearing Dan's thoughts. Dan, I'll let you introduce yourself.
I keep Theresa. I'm Dan Burkehart. I'm one of the two co founders of Recurly.
I've been the CEO for fourteen years. And, I agree. This was a fantastic event, and it's just really exciting and exhilarating to hear from all the industry's best practitioners here today. Yeah. And Dan, how important do you think these types of events are to the subscription industry? I'd love to hear your thoughts on that. Super important.
It's exciting for me because we, at recurly, get to surround ourselves by all of the industry leading brands. And these are people who are working on the front lines of figuring out how to optimize the subscription model, which is, complex. You know, there's a lot of dynamics and concepts that go into a lot of technology that goes into it. But hearing from all of the collective use cases and all of the best practices from these individuals has really been exciting.
Yeah. I couldn't agree more. And, Dan, what were some of the key themes or some of the unexpected things that you learned today?
Yeah. So, what we heard from a number of folks is that, you know, we're in a period of austerity that you listen to the the business news channels in the morning and every CEO that's getting interviewed is talking about how they're managing in a in a new economic climate of austerity where discretionary spending is now under probably tighter review than it was just a few short years ago. And so figuring out how to optimize for revenue and revenue growth and profitability during these times when, the companies are no longer focusing solely on growth at all They're focusing on how to grow profitably profitably and efficiently and in a self sustaining way.
And the subscription model is perfect for that because it allows for there to be a natural equilibrium and it's it's something that businesses are now focusing on how to extend their most loyal and engaged customers and make sure that they remain happy, subscribers for a longer period of time. And there's a lot of thoughts and and best practices in terms of how they go about doing that. So that was really fantastic to hear. Absolutely.
Well, great. And Dan, as we think about twenty twenty four, what are you most excited for in this industry?
Yeah. I think that, we've seen what what's most interesting is that over the course of time you see different chapters in different economic climates. And, subscription model is here to stay. It's the basis for a good healthy relationship between subscriber and provider. And I think that is the cornerstone of what has made subscription so interesting and and resilient in in this period where cons household incomes and consumer discretionary spending might be under, a bit of contraction.
So what it is forced is some innovation. How do you deliver great user experiences and great subscriber experiences in a way that provides a bit of latitude?
You see businesses out there, like, spotify that has, introduced ad supported models while raising rates for their premium subscribers, And I think these kinds of moves indicate that there's a stratification. There are premium loyal customers that are your most loyal engaged customers consuming every day. And probably have a greater willingness to spend because they're receiving a tremendous amount of value from your service. And then there's the middle of the curve in long tail where there might be more price sensitive consumers And so the challenge and opportunity for these these providers is how do you serve the broader needs of the market and meet those consumers where they are?
How do you attend to their needs and attend to these different elasticities, and it becomes, a really interesting optimization model to and challenge to figure out to deliver great user experiences to both your most loyal and engaged customers as well as the periodic customers that might be more price sensitive.
Yep. And I love the way that our speakers today are thinking through that, right, whether it's testing your plans and your prices, it's testing the duration of the offer personalization, how do you manage the infrastructure behind that? I just I I love the content that we saw today and how it really from the subscriber all the way to the implementation and the back office considerations. It's just been a fantastic day. Dan always love hearing your thoughts. Thank you so much for that.
This is a wrap for subscription sessions twenty twenty three. You will be hearing more from us soon. Of course. Thank you all for attending. We hope this was valuable. If there's anything you'd like to hear about, please feel free to reach out and let us know. We love to, be at the center of the conversation as Dan said.
And as a reminder, everything is on demand. So we'll be sending them out after the sessions so you can rewatch, share them with friends and family and your colleagues, thank you so much. If you guys have any questions, reach out, and we appreciate your time, and thank you to all of our speakers. Have a great one.
