The subscription economy is set to surge for post-Covid-19 growth, with consumers shifting to subscriptions for physical goods

DUBLIN, Mar 8, 2023 (GLOBE NEWSWIRE) — The Global Subscription and Recurring Payments Market 2023 Report Added of ResearchAndMarkets.com Recruitment.

The US market dominates the subscription and recurring payments market

Consumers around the world are witnessing the benefits of the subscription economy in the face of the pandemic. The US market is no exception to this trend. General subscription e-commerce sales in the US are on the rise and are projected to reach his US$1 billion double-digit sales by 2024.

Moreover, as revealed in the latest report, the number of digital buyers is also expected to grow steadily from 2019 to 2024, with growth remaining constant beyond 2021. Consumer spending on the top 100 subscription apps on both the App Store and Google Play will also experience a significant increase in growth between 2020 and 2021, with total consumer spending reaching record sales by the end of 2021 reached high.

By generation, millennials will have the highest number of subscriptions in 2021, indicating that most millennials subscribe for convenience and savings. Additionally, millennials were one of the demographics who prefer new introductory offers and subscription gift options compared to other age groups in 2021.

U.S. subscription video-on-demand revenue is projected to grow at a moderate CAGR from 2021 to 2024, with the average number of paid music subscriptions also showing an acceleration from 2019, reaching hundreds of millions by 2021. reached the value of 10,000. Paid subscriptions continue to grow. Popular among US consumers, more than three-quarters of his streaming revenue will come from paid subscriptions as of 2021. Surveyed subscribers had plans to increase their retail subscriptions in the future.

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Digital wallets, BNPL, one-click payments and more are trends shaping the subscription and recurring payments market, with payment processors adding new recurring payments features

With the growth of subscription-based business models, recurring payments are becoming more popular with customers and merchants. Recurring payments have boomed, largely due to the acceleration of streaming platforms like Netflix, Spotify, and Amazon Prime.

As subscription models are also becoming more popular in traditional services such as education, food and beverages, and parking, companies in these sectors are also introducing recurring payments into their operations. Consumers subscribing to various subscription services are demanding frictionless payment methods such as BNPL, digital wallets and ACH, according to a new report.

There is also growing demand for faster payment options such as biometrics and crypto payments, in addition to one-click payments and auto-renewal of subscriptions.

Questions covered:

• How many subscription OTT video services will be projected globally by 2025?

• What are the emerging trends in the global subscription and recurring payments market?

• What is the estimated market value of the global subscription economy by 2022?

• What will be the total consumer spend on subscription apps in the top 100 app stores and Google Store in 2021?

Main topics:

• Subscription Market Overview and Trends, October 2022 (1/2)

• Subscription Market Overview and Trends, October 2022 (2/2)

• Recurring Payments Market Overview and Trends, October 2022

• Market Value of the Subscription Economy (USD Billion, 2022 and 2026)

• Subscription Business Key Metrics, October 2022 (1/2)

• Subscription Business Key Metrics, October 2022 (2/2)

• Key Benefits of a Subscription Business, October 2022

• Top B2C Ecommerce Subscription Business Models, October 2022

• Percentage of Subscribers Excluding Entertainment and SVOD Categories, Percentage of Total Subscribers, by Industry, December 2021

• Dec 2021 YoY Growth in Total Subscription Customers Excluding “Entertainment and SVOD Categories” (YoY Growth, Vertical)

• Average Monthly Subscriber Growth (YoY Growth) Excluding Entertainment & SVOD Categories Dec 2021 Dec 2021

• Monthly Recurring Revenue by Industry (USD Million) and MRR Growth (%) Excluding Entertainment and SVOD Categories in December 2021

• Average order value growth (%) by vertical, excluding “Entertainment and SVOD categories” in December 2021

• % Lifetime Value Growth by Industry Excluding Entertainment and SVOD Categories in December 2021

• Share of Customer Retention Last 12 Months, By Industry, Percentage of Customers Excluding “Entertainment and SVOD Categories”, Dec 2021

• Subscription Economy annual revenue growth (%) relative to S&P 500 revenue growth, 2019-2021

• Subscription Economy Annual Revenue Growth % of S&P 500 Revenue Growth, Q1 2022 – Q2 2022

• Subscription Economy Index Quarterly Revenue Growth (%), Q1 2020 – Q4 2021

• Average Churn Rate (%) for Subscription Economy Index, 2019-2021

• Subscription Economy Index Growth by Sector, % 2021

• Consumer Spend in Top 100 Subscription Applications in 2020 and 2021 (US$ Billion, by Revenue Channel)

• Top Segments with Largest Share of Subscription Revenue (% of Global Revenue), 2022e

• Proportion of direct-to-consumer companies offering subscription services, %, 2023f

• Percentage of adults to cut if cost of living rises “Subscriptions”, % of adults, May 2022

• Percentage of Adults Cutting Streaming Subscriptions if Cost of Living Rise, by Country, Percentage of Adults, May 2022

• Percentage of adults who canceled at least one subscription vs. adults who purchased at least one subscription, by country, percentage of adults, May 2022 (1/2)

• Percentage of adults who canceled at least one subscription vs. adults who purchased at least one subscription, by country, percentage of adults, May 2022 (2/2)

• Jan 2022, Percentage of Respondents by Generation Who Canceled and Re-Signed Up for a Paid Streaming Video Service in the Last 12 Months, by Country

• Number of Users of Subscription OTT Video Services (Billions) and YoY (%), 2020-2025f

A selection of companies mentioned in this report include:

• amazon prime

• apple

• disney

• google play

• HBO

• Helsim

• netflix

• Paramount

• PayPal

• square

• Spotify

• stripe

• wave

Target country

• Australia

• Brazil

• Canada

• China

• France

• Germany

• India

• Iran

• Israel

• Japan

• Mexico

• Russia

• turkey

• England

• united states of america

For more information on this report, please visit https://www.researchandmarkets.com/r/p2prki.

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