Subscription services have taken the U.S. economy by storm. In fact, they are currently growing nearly four times faster than companies in the S&P 500. To date, there are 225 million subscriptions in the United States alone. This is equivalent to 61 million subscribers, averaging out to nearly four subscriptions per person.
There are endless different types of subscriptions, catering to the diverse needs of people all around the world. The current subscription model is convenient, simple, and engaging for all who take advantage of it. Because of these characteristics, consumers and business owners alike continue to buy into the model. Studies show that currently, younger generations are more likely to subscribe to digital and physical subscription services. However, baby boomers and generation x are still getting in on the action.
Whether its plants being delivered to the door, digital newsletters to the inbox, or essential supplies to the office, subscription services have quickly become the one stop shop for all person or business-related needs. There is clear potential for upward growth, and the future is bright for this helpful business model.
