The Subscription Trade Association (SUBTA) has publicly released
its 2024 State of Subscription Commerce Industry Outlook Annual
Report, offering insights into the subscription, membership, and
loyalty sectors, collectively valued at $3
trillion.
DETROIT, July 16,
2024 /PRNewswire-PRWeb/ -- The Subscription Trade
Association (SUBTA), the first and only trade association serving
the subscription commerce economy, today announced the public
release of its highly anticipated 2024 State of Subscription
Commerce Industry Outlook Annual Report. Initially presented
exclusively to attendees at SubSummit on June 17, 2024, this comprehensive report reveals
the latest trends, challenges, and opportunities within the
subscription, membership, and loyalty sectors, now valued at an
astounding $3 trillion.
Key Findings:
- Decline in Active Subscriptions: The report reveals that the
number of active subscribers decreased by 10% between 2023 and
2024.
- Consumers Love Free Trials: Data shows that the number one
reason consumers decided to subscribe to a company is because they
were able to try it first.
- Bundling Gains Popularity: 73% of consumers say they want to
manage their subscriptions in one centralized hub.
- Customers are Monitoring Their Spending Habits: More than 70%
of individuals say they know the exact number of companies they
subscribe to.
Industry Growth and Insights:
- Streaming services remain both the most popular and most
canceled subscriptions, reflecting consumers' fluid relationship
with digital engagement.
- Reduced spending is the biggest reason for subscription
cancellations in 2024
- Social media and email marketing are two of the best sales
channels to convert shoppers into subscribers
"We are thrilled to share the 2024 State of Subscription
Commerce Industry Outlook Annual Report with the public. This
report is a culmination of extensive research and analysis, aimed
at providing recurring revenue businesses with the insights they
need to thrive in the ever-evolving subscription landscape," said
Paul Chambers, Co-Founder and CEO of
SUBTA.
Future Outlook:
- The report provides actionable insights on leveraging AI,
personalization, and influencer marketing to enhance customer
relationships from acquisition to retention.
- This year also marked a turning point for DTC brands operating
via the subscription business model: Revenue diversification via
retail.
For more information or to download the full 2024 State of
Subscription Commerce Industry Outlook Annual Report, visit
www.subsummit.com/annual-report.
About SUBTA: The Subscription Trade Association (SUBTA) is the
leading organization for the subscription industry, dedicated to
providing resources, networking opportunities, and advocacy for
subscription businesses. SUBTA's annual SubSummit conference is the
world's largest event focused on the subscription commerce economy,
bringing together industry leaders, innovators, and disruptors to
share insights, strategies, and best practices.
About SubSummit: SubSummit is the largest event dedicated to the
subscription, membership, and recurring revenue industry. It brings
together the brightest minds and most innovative businesses for
networking, learning, and celebrating the successes in the
subscription space. Each year, we bring together 2,000+ executives
and operators from established enterprises, direct-to-consumer
startups, innovative tech companies, active investors and more.
These pioneers come from across a broad range of industries,
including e-commerce, media, publishing, retail, streaming, SaaS,
digital, automotive and beyond.
Media Contact
Nadine Ghica, SubSummit, 1
248-587-8202, pr@subsummit.com, subsummit.com
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SOURCE SubSummit