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, [email protected], subsummit.com
SOURCE SubSummit
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