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Are you part of the Subscription Economy?

Last week, Zuora launched its new report ‘A Nation Subscribed’, an investigation into what we subscribe to and why…

If your morning commute is powered by your favourite playlist on Spotify, or your evening involves catching a few (read: five) episodes of Archer over on Netflix then congratulations – you’re part of the Britain’s 40 million-strong subscription economy. From Graze to Amazon Prime, subscription services have come to impact almost every part of our lives. According to a new report released last week, if there’s an area of your life that you can’t subscribe to, then chances are, thanks to the UK’s new and emerging start-ups, you’ll soon be able to.

‘A Nation Subscribed’ is the latest consumer insights report to come from the world’s leading provider of subscription billing, Zuora. The report delves into the dynamic subscription economy, exploring not just simply the products and services we subscribe to, but why we’ve taken to subscriptions in such a big way.

The investigation reveals that a whopping four in five people across the UK have at least one subscription service and two in five using subscriptions more avidly than they have over the past five years, proving the rise in popularity of this trend. However, whilst streaming media services are now commonplace, subscriptions are increasingly popular in other aspects of consumer life, including gaming, dining, transportation and retail.

One of the remarkable insights the report provides is that the subscription economy isn’t simply driven by millennials and early adopters. In fact, almost four out of five (78%) of UK citizens aged over 55 subscribe to at least one product or service, with 15% of over 55s even say they “couldn’t live without some of their subscription services”.

Aside from the report, containing research conducted by YouGov, the UK launch consisted of a series of press interviews with Zuora’s founder and CEO, Tien Tzuo accompanied by commentary from consumer psychologist, Kate Nightingale. With the news of its release hitting titles across national, consumer and vertical press, ‘A Nation Subscribed’ has been as disruptive as the movement that it’s reporting on.

Next time you’re searching for a track on Spotify or jumping onto Steam, know that you’re in the company of tens of millions of the UK population driving the next great movement in tech backed by a wave of innovative home-grown start-ups.