The Future of Subscriptions
In the near future, almost everything will have a subscription. Video streaming services (Netflix, Disney +, Hulu, etc…), music streaming services like Apple Music, Tidal, Spotify, etc…), cell phones, home security, and the list goes on.
Are subscription services worth it?
Let’s examine Amazon Prime. Along with speedy shipping, it’s a subscription service that gives members access to a variety of Amazon perks. Benefits include expedited 2-day shipping, access to exclusive deals, and many other Amazon-centric benefits. For many consumers, Amazon Prime is a no-brainer for the shipping perks alone.
Most consumers find convenience in subscriptions because they believe they save time and money from the repeated delivery of the product or service. Yet there are others who believe it is getting out of hand.
According to the NY Times by Mint, we each spend about $640 on digital subscriptions like streaming video and music services, cloud storage, dating apps, and online productivity tools. Our spending on subscriptions will likely rise as more of our things are connected to the internet. You should anticipate this inevitable future to learn how to manage your subscription list.
There are a variety of apps that allow users to add, manage, and track subscriptions. Some apps may require that you link to a card or bank account, so make sure you’re comfortable sharing that information. Others require manually inputting subscriptions, which is more time-consuming but maybe an exercise that opens your eyes to how many recurring payments you make each month.