Are you part of the Subscription Economy?

NB Team

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

If a Spotify playlist powers your morning commute, then you’re part of Britain’s 40 million-strong subscription economy. From Graze to Amazon Prime, subscription services impact almost every part of our lives. If there is an area of your life you can’t subscribe to, then the chances are a UK start-up will soon allow you, according to a new report.

‘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. It explores not just the products and services we subscribe to, but why we’ve taken to subscriptions.

The investigation reveals that a whopping four in five people across the UK have at least one subscription service. Moreover, two in five use subscriptions more avidly than they have over the past five years. While streaming media services are now commonplace, subscriptions are increasingly popular in other aspects of consumer life. For example, gaming, dining, transportation and retail. However, millennials and early adopters don’t drive the subscription economy, according to the report. In fact, almost four out of five (78%) of UK citizens aged over 55 subscribe to at least one product or service. Moreover, 15% of over 55s even say they “couldn’t live without some of their subscription services”.

Aside from the report, the UK launch comprised a series of press interviews with Zuora’s founder and CEO, Tien Tzuo. This was 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.