Why the subscription economy has yet to hit its peak
Far from reaching ‘peak subscription’, services that create a feeling of value-added membership and tap into the trends in contemporary culture are headed for a bright future.
The subscription economy is a big part of our everyday lives. From Hello Fresh to Dollar Shave Club, Glossybox to The Athletic, subscriptions are fast becoming the dominant model by which we consume, engage and socialise.
Whether it’s simply a newsletter, streaming service or food delivery, we have a long list of log-ins and passwords as our increasingly cashless society becomes more reliant on smart tech and apps.
There is money to be made, especially during the Covid-19 pandemic, which has accelerated digital adoption and driven demand for services like Netflix. The streaming giant signed up 15.7 million new subscribers in the first three months of 2020, almost double the number it gained during the same period in 2019.
Ceanne Fernandes-Wong is CEO and co-founder of Cocoon, a handbag subscription service launched last year. Customers pay £99 a month to borrow a handbag of their choice from the collection.
