Excerpts from an article by Emma Boyle in TechRadar
As the new becomes old at an increasingly fast rate and our desire to keep up with the latest technology and trends remains the same, we’re seeing an increase in subscription services and a reduction in traditional ownership.
You may not really think about it but chances are pretty high you’re signed up to at least one kind of subscription service. Whether you’re in the Amazon Prime ecosystem, endlessly scrolling through Netflix, or dependent on Spotify to keep up with the latest hits you’re an active part of the rise of the subscription economy.
We chatted to consumer psychologist and founder of Style Psychology Kate Nightingale about why and how the rise of the subscription economy is impacting consumers and ownership.
The move towards a subscription economy is, in Kate’s eyes, “a really positive trend.” In recent years, she says, Western markets have become “more conscious about the amount of material possessions they own” and how owning lots of physical things is simply “not sustainable” anymore.
The world has at once become more connected and less physical. Once our physical music collections allowed us to express something about who we are as people, but now for the price of one CD a month we have access to huge libraries of music that allow us to share our taste as it develops and evolves over time without having to physically own any of the music. And we can share it with more people at once as a result.
Read the full article on TechRadar
And download Zuora’s 9 Keys to Building Success in the Subscription Economy